Merrell and Saucony Drive Wolverine Worldwide’s Strong Q3 2025 Performance

Growth momentum stays on track as the company posts robust financials and outlines an optimistic outlook.

Quarterly Performance Highlights

Wolverine World Wide, the parent company behind iconic footwear and apparel brands such as Merrell, Saucony, Chaco, Sweaty Betty, and Hush Puppies reported a 6.8% jump in third-quarter revenues, reaching $470.3 million for the period ended September 27, 2025.

Strong brand performances, particularly from Merrell and Saucony, drove results above analyst expectations and the company’s own revenue targets.

Merrell brand sales increased by 5.1% year-over-year to $167.3 million.
Saucony reported a standout quarter, surging 27% year-over-year to $133.1 million.
Revenue for the Wolverine brand fell by 8.2% to $49.4 million, and Sweaty Betty brand sales dipped by 3.9% to $44.5 million.
The company achieved a record gross margin of 47.5%, up from 45.1% in Q3 2024, attributed to supply chain efficiencies, lower promotional pressures, and positive pricing actions.

President and CEO Chris Hufnagel expressed optimism, stating in a Press Release, “We delivered a solid quarter with Merrell, Saucony, and Sweaty Betty all exceeding expectations. Our disciplined execution, coupled with another record gross margin quarter, delivered better-than-anticipated earnings per share.”

He added, “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. 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.”

Inventory, Margins, and Debt Management

Wolverine Worldwide continued to strengthen its financial profile:

Inventory at quarter end dropped 0.7% to $293 million.
Net debt stood at $543 million, a reduction of $20 million (3.6%) compared to the prior year.
The company’s operating margin rose to 8.4%, reflecting effective cost management and operational execution.

Full-Year 2025 Outlook

Wolverine remains focused on strategic growth and profitability:

Full-year revenue is forecasted between $1.855 and $1.87 billion, up 6.0–6.8% year-over-year.
Gross margin is expected to reach 47.1%, an increase of 280 basis points year-over-year.
Operating and adjusted operating margins are projected at 7.8% and 8.9%, respectively.
EPS guidance is targeted at $1.08–$1.13, with adjusted diluted EPS expected at $1.29–$1.34.

These results, along with ongoing enhancements to talent, culture, and capabilities across the business, underscore Wolverine Worldwide’s commitment to building on its strengths and staying agile in a volatile market.