Wolverine Worldwide continued to see its turnaround efforts bear fruit in the third quarter.
The Rockford, Mich.-based footwear company said total revenue in the third quarter of 2025 was $470.3 million, up 6.8 percent from $440.2 million the same time last year. Ongoing total revenue in Q3 – which excludes the results of the Sperry business, which was sold in January 2024 – was also $470.3 million, an increase of 6.9 percent from $440.1 million the prior year period.
Net earnings in the quarter were $25.1 million, up from $23.2 million the same time last year. Diluted earnings per share in Q3 were 30 cents, up from 28 cents the prior year’s period.
These results were above the guidance Wolverine Worldwide, FN’s 2025 Company of the Year, laid out last quarter, which called for net sales in Q3 between $450 million to $460 million, representing growth of approximately 2.1 percent to 4.4 percent. Diluted earnings per share in Q3 are expected to be in the range of 24 cents to 28 cents.
By brand, Saucony and Merrell led the way in Q3 in terms of growth. At Saucony, net sales in the period were $133.1 million, a 27.0 percent increase from $104.8 million the prior year. At Merrell, net sales were $167.3 million, a 5.1 percent increase from $159.2 million just a year ago.
At the company’s namesake Wolverine brand, net sales declined 8.2 percent to $45.3 million in the third quarter from $49.4 million the same time last year. And at Sweaty Betty, net sales decline 3.9 percent in Q3 to $44.5 million from $46.3 million.
The company’s international revenue was up 13.5 percent to $242.7 million compared to the prior year, while its direct-to-consumer revenue was down 5.0 percent on a reported basis to $106.8 million. Net debt at the end of the quarter was $543 million, down $20 million, or approximately 3.6 percent, compared to the prior year.
Chris Hufnagel, president and chief executive officer of Wolverine Worldwide, said in a statement that the company’s third quarter results “exceeded expectations.”
“Our disciplined execution, coupled with another record gross margin quarter, delivered better-than-anticipated earnings per share,” Hufnagel noted. “While we are pleased with our progress, we recognize there is still more work to do. Our teams remain focused on executing our brand-building model at pace while navigating a dynamic environment.”
Looking ahead, the company said it expects revenue for the full fiscal year to be between $1.855 billion and $1.870 billion, representing growth of approximately 6.0 percent to 6.8 percent compared to the 2024 ongoing business.
“As we approach the end of a pivotal year for Wolverine Worldwide, I’m encouraged by the improvements we’ve made across the enterprise – new strategies, new talent, new capabilities, new processes, new culture – all aimed to help us build awesome products, tell amazing stories, and drive the business in the relentless pursuit to make every day better and deliver value to our shareholders,” Hufnagel added.
