Wolverine Worldwide Q2 sales drop but online revenues grow 96 percent

Wolverine World Wide, Inc. reported revenue of 349.1 million dollars, down 38.6 percent versus the prior year. On a constant currency basis, the company said in a statement, revenue was down 38.3 percent versus the prior year, while company-owned ecommerce revenue grew 96 percent versus the prior year.

“The company’s second quarter results were much stronger than expected, despite the negative impact of unprecedented global market conditions and significant retail store closures for much of the time period,” said Blake W. Krueger, Wolverine Worldwide’s Chairman, Chief Executive Officer and President, adding, “Our brands excelled online, with nearly triple-digit owned ecommerce revenue growth, benefiting from strength in key product categories that are resonating with consumers and the digital capabilities we have invested in over the last several years.”

The company’s reported gross margin was 42.2 percent, compared to 40.5 percent in the prior year, while reported operating margin was 2.1 percent, compared to 9.8 percent in the prior year and adjusted operating margin was 5.1 percent, compared to 11.1 percent in the prior year. The company added that reported diluted loss per share was 2 cents, compared to earnings per share of 45 cents in the prior year, while adjusted diluted earnings per share were 8 cents, and, on a constant currency basis, were 9 cents, compared to 52 cents in the prior year.

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