Wolverine Sees Performance Leading Casual Out of Pandemic
In reporting a net loss of $1.6 million against income of $40.2 million with a sales decline of 39% to $349.1 million from $568.6 million for the second quarter ended Jun. 27, Wolverine Worldwide said it saw relatively better performance from performance brands like Saucony and Merrell as well as work brands like Caterpillar and Wolverine while casual brands like Sperry and Keds lagged.
Net income took a 94% dive to $2,313,000 from $38,488,000 in the seasonally important second quarter as revenue dropped 35% to $300,002,000 from $462,218,000.
The bottom line loss at the fitness band company bulged back into nine-figure territory at $104,097,000 in the second quarter, up from a loss of $68,518,000 last year, on 17% lower revenues of $261,272,000 vs. $313,556,000.
Descente recorded a net loss of ¥2,018 million ($18.8 mm) in the fiscal first quarter ended June 30, against a profit of ¥354 million last year, on revenues that fell 47% to ¥15,553 million ($144.7 million) from ¥29,479 million with declines across its portfolio of brands.
About 84% of tennis specialty retailers have now reopened, and some are seeing sales increases in June and July, but a majority expects full-year sales to be down over 40% from 2019 levels, according to a survey conducted by the Tennis Industry Association last month.
Net income attributable to stockholders slid 45% in the second quarter to $12,608,000 from $22,921,000 on 5% lower overall sales of $183,102,000 down from $192,122,000, hurt by a mandatory shutdown of its U.S. factories due to the coronavirus that lasted more than half the quarter.
The Olin-owned ammunition maker reported sales of $192.6 million, up 17% from $164.9 million in Q2 last year, on higher sales to the commercial channel, which saw booming fear-based demand in the quarter.
The Australian retail chain’s total revenues increased 3.3% for the fiscal year ended June 27, including a +2.7% same store improvement, as sales rebounded strongly after Covid-19 restrictions eased.