Wolverine World Wide, Inc. (WWW, Group) on Thursday reported total revenue for the first quarter increased 11.0 percent year-over-year (y/y) to $457.6 million. Growth was again driven by the company’s Active Group, which includes the Merrell and Saucony brands, and the company’s consolidated International business, which grew in strong double digits for the period and represented 54.5 percent of total sales for the first quarter ended April 4, or 410 basis points higher share than Q1 last year.

  • Active Group revenue increased 13.7 percent y/y to $371.6 million in Q1.
  • Work Group revenue increased 1.2 percent y/y to $75.7 million for the quarter.
  • International sales jumped 20.1 percent y/y to $249.6 million.
  • Domestic sales inched up just 1.6 percent y/y to $208.0 million.

Income Statement Summary

Profitability
Gross margin was 47.6 percent of revenue for the first quarter, flat versus the year-ago period. Results reportedly reflect a favorable mix shift toward more full-price sales and the positive impact from recent price increases, offset by higher U.S. tariffs.

Operating margins rose 230 basis points to 7.4 percent of revenue in Q1, compared to 5.1 percent int he 2025 Q1 period.

WWW delivered a double-digit increase in the bottom line numbers as Adjusted diluted EPS increased 31.6 percent y/y tp 25 cents and constant-currency diluted EPS increased 15.8 percent to 22 cents in the quarter.

Balance Sheet Summary
(at April 4, 2026 compared to March 29, 2025)

  • Cash and cash equivalents were $120 million, an increase of $13 million, or 12.3 percent y/y.
  • Inventory was $280 million, an increase of $1 million, or 0.4 percent, year-over-year.
  • Net Debt was $519 million, a decrease of $85 million, or 14.1 percent, year-over-year.

Full-Year 2026 Outlook
The company’s outlook is said to reflect the impact of foreign currency. Additionally, fiscal 2026 is a 52-week year and fiscal 2025 was a 53-week year, which will affect annual comparisons.

For fiscal year 2026, the Wolverine Worldwide currently expects:

  • Revenue to be approximately $1.960 billion to $1.985 billion. This range is unchanged from the previous outlook and represents growth of approximately 4.6 percent to 5.9 percent compared to 2025, constant-currency growth of approximately 3.8 percent to 5.1 percent, and constant-currency growth of approximately 4.5 percent to 5.8 percent excluding the impact of the 53rd week in 2025.
  • Gross margin to be approximately 46.4 percent, down 90 basis points compared to 2025. This compares to the previous gross margin outlook of approximately 46.0 percent.
  • Operating margin to be approximately 9.2 percent, up 120 basis points compared to 2025, and adjusted operating margin to be approximately 9.5 percent, up 50 basis points compared to 2025. This compares to the previous operating margin outlook of approximately 8.8 percent and adjusted operating margin of approximately 9.1 percent.
  • The effective tax rate to be approximately 18.0 percent, unchanged from the previous outlook.
  • Diluted earnings per share in the range of $1.39 to $1.54 and Adjusted diluted earnings per share in the range of $1.43 to $1.58. This compares to the previous outlook for diluted earnings per share in the range of $1.31 to $1.46 and Adjusted diluted earnings per share in the range of $1.35 to $1.50.
  • Diluted weighted average shares of approximately 82.0 million. This compares to the previous outlook for diluted weighted average shares of approximately 81.5 million.

Image courtesy Wolverine World Wide, Inc.