Saucony and Merrell Drive Strong Q2 for Wolverine

Shares for Wolverine Worldwide were up nearly 6 percent in pre-market trading on Wednesday as the footwear company revealed a strong third quarter led by its Saucony and Merrell brands.

The Rockford, Mich.-based footwear company said total revenue in the second quarter of 2025 was $474.2 million, up 11.5 percent from $425.2 million the same time last year. Ongoing total revenue in Q1 – which excludes the results of the Sperry business, which was sold in January 2024 – was also $474.2 million, an increase of 11.6 percent from $424.8 million the prior year period.

Net earnings in the quarter were $29.0 million, up from $15.6 million the same time last year.

These results were above the guidance Wolverine Worldwide laid out last quarter, which called for net sales in Q2 between $440 million to $450 million, representing growth of approximately 3.7 percent to 6.0 percent.

By brand, Saucony and Merrell led the way in Q2 in terms of growth. At Saucony, net sales in the period were $144.3 million, a 41.5 percent increase from $102.0 million the prior year. At Merrell, net sales were $157.9 million, a 10.7 percent increase from $142.7 million just a year ago.

At the company’s namesake Wolverine brand, net sales declined 7.5 percent to $37.1 million in the second quarter from $40.1 million the same time last year. And at Sweaty Betty, net sales decline 6.1 percent in Q2 to $41.3 million from $44.0 million.

The company’s international revenue was up 15.7 percent to $250.0 million compared to the prior year, while its direct-to-consumer revenue was down 1.6 percent on a reported basis to $111.6 million. Net debt at the end of the quarter was $568 million, down $99 million, or approximately 14.8 percent, compared to the prior year.

Chris Hufnagel, president and chief executive officer of Wolverine Worldwide, said in a statement that the company’s second quarter results “exceeded expectations,” which led to the “strongest revenue growth” it has seen in several years.

“This growth, coupled with another quarter of record gross margin, helped more than double our earnings per share year-over-year,” Hufnagel said. “We’re executing our new brand-building model at pace, and we’ve made meaningful strides in improving the profitability of the business, along with strengthening the balance sheet.”

Looking ahead, the company said it expects to see “continued momentum” as it moves into the third quarter.

Revenue in Q3 is expected to be approximately $450 million to $460 million, representing growth of approximately 2.1 percent to 4.4 percent compared to the third quarter 2024. Diluted earnings per share in Q3 are expected to be in the range of 24 cents to 28 cents.

“I remain confident in the things we can control as we navigate continued uncertainties due to the global trade and consumer environment,” Hufnagel added. “We’re building a new company, and we’re driven by our vision to make every day better — focused squarely on our consumers and delivering value for our shareholders.”