Wolverine Worldwide Expects Continuing Declines in Q4
The bottom line was more than halved to $21.7 million in the third quarter ended Sep. 26 from $48.6 million last year, as revenues declined 14% to $493.1 million from $574.3 million despite a 56% jump in DTC e-commerce. Too, wholesale sales to e-commerce retailers has become WWW’s largest wholesale channel, combining with its own digital business for over 40% of total revenues. Owned brick-and-mortar retail was down less than 12%. EMEA posted an unspecified decline, but grew sequentially from Q2, while Asia Pacific and North America were down mid-teens, and Latin America fell less than 40%.
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