The US footwear and clothing provider Wolverine World Wide Inc. has met its own expectations for the 2023 financial year.
Sales and earnings in the final quarter were in line with forecasts, the group said on Monday ahead of a conference with analysts and investors. According to available figures, annual sales amounted to around 2.24 billion US dollars (2.05 billion euros). In the fourth quarter, revenue reached $527 million, not least due to the satisfactory Christmas business in the company’s own retail operations for the Merrell, Saucony, Sweaty Betty and Wolverine brands.
The company emphasized that the gross margin and the profit before taxes adjusted for special effects also met expectations. When it came to reducing debt and inventories, the company’s own targets were even exceeded at the end of the year.
The company also announced that it had sold a logistics center in the US state of Kentucky for $23 million as part of its ongoing savings program. The company explained that the facility will continue to be used by the Saucony and Sperry brands.