Wolverine World Wide (NYSE:WWW) sails past expectations as the Merrell and Saucony brands both achieved all-time record quarterly revenue.
Direct-to-consumer revenue was up 17.5% during the quarter and up 68.8% from the 2019 level.. Owned e-commerce revenue was down 2.7% from last year and up 90.7% from two years ago. Owned stores revenue increased 380.5% from a year ago and rose 19.2% from two years ago.
Looking ahead, Wolverine World Wide guides for FY21 revenue of $2.34B to $2.40B vs. $2.24B to $2.30B prior and $2.28B consensus. The company also sees EPS of $2.20 to $2.30 vs. $1.95 to $2.10 prior and $2.12 consensus.
CEO Blake Kruger: "Our strategic shift over the last several years together with ongoing category tailwinds has resulted in two-thirds of our revenue positioned in trending performance categories like hiking, running, and work. We are bullish about the future, have raised our growth expectations for 2021, and are planning for sustained accelerated growth over the longer-term."