Net income attributable to shareholders tumbled 75% in the first quarter to $9.7 million from $38.5 million, while revenues increased 20% to $614.8 million from $510.7 million with four of Wolverine’s five leading brands posting revenue gains. The bottom line took a hit from the $30.4 million charge for the PFAS environmental cleanup in Michigan, lapping a $10.2 million cost recovery last year. Gross margin narrowed 100 basis points to 42.5%, while SG&A was 21% higher, deleveraging slightly as a percent of sales.

Direct-to-consumer sales rose 24% and e-commerce revenues, while not meeting internal projections, rose 16%. Revenues outside the U.S. ... Log in to view full article.