Wolverine World Wide, Inc., owner of the Merrell, Saucony, Chaco, Sweaty Betty, Hush Puppies, Wolverine, Bates, Hytest, and Stride Rite brands, and licensee of the Cat and Harley-Davidson brands for footwear, reported revenues for the 2025 second quarter increased 11.5 percent to $474.2 million for the three-month period ended June 28. Revenues were up 10.3 percent in constant-currency (cc) terms and up 10.4 percent on an ongoing constant-currency basis.

  • Merrell brand sales increased by 10.7 percent (+9.0 percent cc) year-over-year (y/y) for the quarter to $157.9 million.
  • Saucony brand sales jumped 41.5 percent y/y to $144.3 million, representing a 40.0 percent cc increase for the quarter.
  • Wolverine brand sales declined 7.5 percent y/y to $37.1 million.
  • Sweaty Betty brand sales decreased 6.1 percent y/y to $41.3 million, representing an 11.0 percent cc decline.

“Our second quarter results exceeded our expectations, which led to the strongest revenue growth we’ve seen in several years,” said Chris Hufnagel, president and CEO, Wolverine Worldwide. “This growth, coupled with another quarter of record gross margin, helped more than double our earnings per share year-over-year. We’re executing our new brand-building model at pace, and we’ve made meaningful strides in improving the profitability of the business, along with strengthening the balance sheet. I remain confident in the things we can control as we navigate continued uncertainties due to the global trade and consumer environment. We’re building a new company, and we’re driven by our vision to make every day better, focused squarely on our consumers and delivering value for our shareholders.”

Second Quarter 2025 Financial Summary

Gross Margin improved significantly in the second quarter due to a healthier sales mix, lower promotional activity, and the benefit of supply chain cost initiatives, with minimal incremental impact from U.S. tariffs.

Inventory at the end of the quarter was $316 million, up $19 million, or approximately 6.4 percent, compared to the prior year.

Net Debt at the end of the quarter was $568 million, down $99 million, or approximately 14.8 percent, compared to the prior year.

Third Quarter 2025 Outlook
Following strong financial performance in the first half of 2025, the company said its outlook for the third quarter reflects the expectations for continued momentum in the business.

  • Revenue to be approximately $450 million to $460 million, representing growth of approximately 2.1 percent to 4.4 percent compared to the third quarter 2024 ongoing business revenue and constant currency growth of approximately 1.5 percent to 3.8 percent.
  • Gross margin to be approximately 47.0 percent, up 170 basis points compared to third quarter 2024 gross margin.
  • Operating margin to be approximately 7.3 percent, down 70 basis points compared to third quarter 2024 operating margin, and adjusted operating margin to be approximately 8.3 percent, up 60 basis points compared to third quarter 2024 adjusted operating margin for our ongoing business.
  • Diluted earnings per share in the range of 24 cents to 28 cents and Adjusted diluted earnings per share in the range of 28 cents to 32 cents per share for the period.
  • Diluted weighted average shares of approximately 81.3 million.

Full-Year 2025 Outlook
Due to uncertainty around tariffs and related macro-economic conditions, the company reported that it is not providing a full-year 2025 outlook at this time.

Image courtesy Saucony / Wolverine Worldwide, Inc.