Wolverine World Wide Inc. lowered its revenue guidance for the fiscal year after the company missed expectations in the second quarter of the year.
In the three months ended July 2, the US footwear and fashion company had sales of $713.6 million, up 12.9 percent year-on-year and 25.5 percent more than two years ago. The international business developed particularly well with a sales increase of 45.3 percent to 295.2 million US dollars.
Based on the results, the company now expects full-year sales to be between $2.74 billion and $2.79 billion, while the previous estimate was between $2.775 billion and $2.850 billion.
challenges in June
“Despite a slowdown in shipments in June, we’re pleased to report record organic sales for the quarter,” said Wolverine CEO Brendan Hoffman.
The company reported a better-than-expected operating margin of 23.5 percent, despite “unplanned headwinds related to increased customer inventories, a stronger US dollar and some ongoing supply chain delays.”
Net income was $124.5 million compared to $44.4 million last year.
This translated and edited post previously appeared on FashionUnited.uk.