In the first financial quarter, Saucony turned out to be Wolverine’s best brand. Nevertheless, the revenues of the US group have been decreasing by 15.6% compared to the previous year. As regards profitability, it proved better than expected. The American company, which expects things to get even worse in the second quarter, has shaken up its management while striving to boost, at the same time, its online business channel.
Down 15.6%
In 2020 first quarter, revenues announced by Wolverine World Wide Inc. amounted to 439.3 million dollars, therefore dropping by 16.1% at current rates of exchange and declining by 15.6% at fixed rates of exchange. Yet e-commerce sales, achieved on the channel owned by the group, have been increasing by 17.5%. Consensus, issued by FactSet, was expecting sales to reach 455 million dollars.
Good news from Saucony
As reported by Footwear News, Blake W. Krueger, Wolverine Chief Executive Officer, praised Saucony performance. Such good trend “lies in the combination of innovative products and attention to connections with buyers through e-commerce, as online sales have been going up in double figures. In so doing, the brand could enjoy again its forward momentum”.
Management shake-up
Wolverine appointed Joelle Grunberg as president of Saucony, Keds and TheWolverine Kids Group brands. Chris Hufnagel, president of Merrell, will also be in charge of CAT Footwear, Chaco and Hush Puppies. Tom Kennedy, president of Wolverine brand, is about to take the same office at Bates, HYTEST and Harley-Davidson Footwear as well. According to Footwear News, Gillian Meek, president of Keds, is going to quit allegedly. Likewise, Greg Tunney, Hush Puppies chairperson, is about to resign. Kate Pinkham will take over.
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