Q1 2025 Wolverine World Wide Inc Earnings Call Transcript
Key Points
- Wolverine World Wide Inc (WWW) delivered a sequential improvement in top-line trends throughout 2024, culminating in growth in the fourth quarter.
- Revenue grew by over 5% on an ongoing basis and nearly 7% on a constant currency basis in the first quarter of 2025.
- Record Q1 gross margin was achieved, marking the fourth time in the last five quarters that record gross margins were posted.
- Saucony delivered revenue growth of 30% year over year in the first quarter, with strong contributions from all regions and channels.
- Merrell grew revenue by 13% compared to Q1 last year, with significant contributions from Asia Pacific and EMEA.
- Significant uncertainty in the marketplace due to tariff proclamations, leading to the withdrawal of full-year 2025 guidance.
- Work group revenue decreased by 17% in the quarter, partly due to a timing shift and non-repeat of significant discounting from the prior year.
- Sweaty Betty revenue declined by 16% in the quarter, as the company focused on improving profitability over top-line growth.
- The Wolverine brand continues to face challenges with inconsistent trends and a decline in the first quarter.
- The company anticipates a $30 million profit impact in 2025 due to increased tariffs, before any mitigation efforts.
Greetings and welcome to the Wolverine World Wide first-quarter fiscal 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Alex Wiseman, Vice President of Finance. You may begin.
Good morning and welcome to our first quarter fiscal 2025 conference call. On the call today are Chris Hufnagel, President and Chief Executive Officer; and Taryn Miller, Chief Financial Officer.
Earlier this morning, we issued a press release announcing our financial results for the first quarter of 2025 and guidance for the second quarter of 2025. The press release is available on many new sites and can be viewed on our corporate website at wolverineworldwide.com.
This morning's press release and comments made during today's earnings call include non-GAAP financial measures. These non-GAAP financial measures, including references to the ongoing business were reconciled to the most comparable GAAP
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