February 25, 2020
Wolverine Worldwide’s net loss for the fourth quarter ended Dec. 28 was $0.5 million including a $64.4 million charge for the PFAS environmental cleanup, against earnings of $39.3 million for 2018, on revenues that increased 5% to $607.4 million from $579.6 million.
The western U.S. retailer saw a $356,000 profit in the fourth quarter against a loss of $5,089,000 helped by a big jump in gross margin, although sales slipped 1% to $244,094,000 from $247,101,000 including -0.6% same store sales.
Commercial revenue was up 7% to £70.6 million ($90.9 mm) in the fiscal second quarter ended Dec. 31 from £65.9 million prior, including a 12% increase in sponsorship revenue to £45.1 million, but retail, merchandising, apparel & product licensing revenue was down slightly to £25.5 million.
RCKY’s bottom line was up 41% to $5,086,000 from $3,607,000 in the final quarter on 12% higher revenues of $75,341,000 vs. $67,186,000 including 26% higher DTC sales and a 7% improvement from wholesale.
Modell’s has trimmed its list of stores to be closed by five, from 24 to 19, according to Fox Business, where CEO Mitch Modell announced the planned restructuring last week.
The online custom team apparel supplier closed a $20 million Series C funding round led by ABS Capital Partners, with additional participation from existing investors, to fund growth initiatives and the expansion of channel partner relationships.