Wolverine World Wide revenue totaled $665 million in the fourth quarter of 2022, up 8.4% in constant currency compared to Q4 of 2021.
In the company’s newly organized Active Group, brands Merrell, Saucony, Sweaty Betty and Chaco reported $397.6 million in revenue in Q4, up 16.8% from the same period last year. The group reported $1.57 billion in revenue for the entire year.
Merrell saw $193.9 million in revenue for the quarter, up 27% year-over-year. For 2022, revenue for the brand amounted to $764 million, up 18% from last year. The company expects mid-single digit growth for the brand in 2023.
Saucony’s revenue totaled $121.3 million for Q4, up 24.8%. For fiscal year 2022, revenue for the brand reached $505 million, up 6% from last year.
For 2022, Wolverine World Wide’s revenue totaled $2.68 billion, an increase of $14.1% in constant currency from the prior year.
However, the company reported a net loss of $361 million for the fourth quarter of 2022, compared to a loss of $14.6 million in the same period in 2021.
Wolverine World Wide projects company-wide revenue for 2023 will be in the $2.53 to $2.58 billion range.
“During the first half of the year, gross margin will continue to be impacted by expense timing of higher transitory supply chain costs from 2022 and the sell-off of end-of-life inventory,” the company said in a statement.
“As a result of the proactive work started several months ago, we expect profitability to improve meaningfully in the second half of the year as supply chain costs and inventory levels normalize.”
In January, Christopher Hufnagel, global brand president for Wolverine World Wide, said the company sees growth potential for its Saucony and Merrell businesses as it divests slower-growing brands such as Keds.
Bart Schaneman can be reached at email@example.com.