Wolverine Worldwide’s net income declined 41% in the second quarter to $14.2 million from $24.0 million, as revenues fell by 28% to $425.2 million from $589.1 million, but $68.3 million of the shortfall was from the divested Sperry and Wolverine Leathers businesses. Adjusting for the divestitures and the conversion of Merrell and Saucony kids to a licensed model, organic revenues were down 18%, a sequential improvement from a 25% drop in Q1.

Gross margin soared 440 basis points to 43.1%, helped by a healthier sales mix, fewer promotions, and supply chain cost ... Log in to view full article.