Merrell, Saucony Revenue Growth Powered By Accelerated Digital Strategy

Wolverine World Wide, whose portfolio includes names like Saucony and Merrell, said its reported revenue in the first quarter of 2021 climbed by approximately 16 percent from the prior year.

“In the first quarter, Merrell revenue grew nearly 25 percent, and Saucony revenue was up nearly 60 percent compared to last year, powered by our accelerated digital strategy and big new product stories that are resonating with consumers,” Chairman and CEO Blake W. Krueger said in an announcement.

Krueger also noted that the company’s continuing investment in digital powered eCommerce growth of 84 percent.

All in, Wolverine World Wide posted 40 cents in adjusted diluted earnings per share for the first quarter of 2021.

The company also reported that adjusted gross margin was 44.3 percent, up 2.9 percent from the prior year. In addition, it reported that adjusted operating margin was 10.2 percent, up 3.3 percent from the prior year.

Wolverine World Wide said it had $720.4 million in total debt at the conclusion of the quarter, or $505.7 million less than the prior year, and $1.2 billion in total liquidity at the conclusion of the quarter.

“Our brands are well positioned in trending, performance-oriented product categories like running, hiking, and work; and their momentum remains strong. We anticipate growth to continue to accelerate moving forward,” Krueger said in the announcement.

Wolverine World Wide, which was established in 1883, is a marketer and licensor of shoes and clothing. Beyond Merrell and Saucony, its portfolio includes Stride Rite, HYTEST, Bates, Chaco, Keds, Wolverine, Hush Puppies and Sperry.

The news comes as shoe and fashion accessory firm Steven Madden reported that revenue increased 0.5 percent from Q1 2020 to Q1 2021. In addition, Steven Madden reported that retail revenue soared by 27.5 percent from Q1 2020 to $67.5 million in Q1 2021 and was powered by strong performance in the online shopping business.

Steve Madden designs, sources and promotes footwear, accessories and apparel for women, men and children. It markets products under its own labels like Dolce Vita, Betsey Johnson and Steve Madden, while it is also licensee of various brands.