Wolverine Worldwide Gets Boost from Sweaty Betty
The bottom line had less red ink in the fourth quarter this year, with a net loss of $14.6 million against a loss of $170.7 million a year ago, as revenues climbed 25% to $635.6 million from $509.6 million. Results were pulled down by a $44.5 charge this year for environmental cleanup and costs related to long-running PFAS lawsuit in MI, while last year’s quarter included a $222.2 million impairment charge to write down the Sperry brand. The top line also benefitted from $78.3 million in incremental Sweaty Betty revenue, without which organic sales would have been up 9%. E-commerce ... Log in to view full article.