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Article Date: February 2021
Word Count: 523

Wolverine World Wide Sees Brighter Future after Big Loss

A $222.2 million non-cash impairment charge to write down the Sperry brand contributed to a net loss of $171.2 million in the fourth quarter ended Jan. 2, against a loss of $0.5 million last year, on 16% lower revenues of $509.6 million down from $607.4 million. Another $11.1 million of expenses were relating to Covid mitigation, lapping 2019’s $64.4 million PFAS environmental cleanup in Michigan. The top line suffered from about $85 million in headwinds from lower international sales to distributors sitting on carryover inventory, a timing shift of several Saucony releases, and lost sales due to lean inventory of ... Log in to view full article.


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