Wolverine World Wide Reports 6.8% Revenue Growth to $470.3 Million in Q3 2025

Wolverine World Wide, Inc. reported a revenue of $470.3 million for the third quarter of 2025, marking a 6.8% increase from $440.2 million in the same quarter of 2024. Year-to-date revenue also rose to $1.356 billion, up 7.7% from $1.260 billion in the previous year. The company's gross profit for the quarter was $223.2 million, a 12.3% increase compared to $198.7 million in the prior year, resulting in a gross margin of 47.5%, up from 45.1%. Net earnings attributable to Wolverine World Wide increased to $25.1 million, or $0.30 per diluted share, compared to $23.2 million, or $0.28 per diluted share, in the third quarter of 2024.

The company experienced significant operational changes, including the divestiture of its Sperry® business and the transition of its Merrell® and Saucony® brands in China from a joint venture to a licensing model. These strategic moves are part of Wolverine's ongoing efforts to streamline operations and focus on core brands. The Active Group, which includes brands like Merrell® and Saucony®, saw a revenue increase of $34.1 million, primarily driven by strong sales in the U.S. and EMEA channels. However, the Work Group, which includes Wolverine® and Harley-Davidson® brands, reported a revenue decline of $3.2 million, attributed to decreased consumer demand.

Operationally, the company reported a decrease in direct-to-consumer revenue by $5.6 million, or 5.0%, compared to the previous year. The total number of retail stores remained stable, with 120 locations across the U.S., U.K., Ireland, and Italy, alongside 39 direct-to-consumer eCommerce sites. The company’s total assets as of September 27, 2025, were $1.707 billion, with total liabilities of $1.316 billion, resulting in stockholders' equity of $391 million.

Wolverine's cash flow from operating activities was negative at $6.2 million for the first three quarters of 2025, a significant decline from $97.7 million in the same period of 2024. The company attributed this to increased working capital requirements, particularly in inventory and accounts payable. The company’s total debt increased to $676.4 million, up from $648 million at the end of 2024, primarily due to higher borrowings under its revolving credit facility. Looking ahead, Wolverine World Wide anticipates continued revenue growth driven by its strategic initiatives and brand performance, while managing operational costs and working capital effectively.