News & numbers


Wolverine Worldwide discloses Q3 2023 financials amid transformation efforts


Global footwear company Wolverine Worldwide has unveiled its financial results for the third quarter of 2023, indicating a notable 23.7% year-on-year decrease in revenue (24.7% on a constant currency basis), totalling $527.7m. Specifically, revenue from the ongoing business observed a 21.2% constant currency decline, amounting to $519.5m. International revenue reported a year-on-year decrease of 24.4%, reaching $229m, while international revenue from the ongoing business declined by 22.3% (24.6% on a constant currency basis), totalling $221.8m. Direct-to-consumer revenue faced a 14.5% downturn, reaching $136.6m, with a 12.8% decline for the ongoing business. The gross margin for the quarter experienced a slight improvement, rising to 40.8% from 40.2% in the corresponding quarter of 2022. Looking ahead, Wolverine Worldwide foresees full-year 2023 revenue for the ongoing business to be in the range of $2.19–2.2bn, signalling a decline of approximately 13%.


President and CEO Chris Hufnagel commented: “In the third LEARN MORE


quarter, we achieved several critical milestones as we took decisive action to stabilise and transform the company, while delivering revenue and earnings in line with our expectations. We continued to reshape our portfolio, reduce our inventory, and redesign the company to become consumer-obsessed brand builders – focused squarely on building compelling products and telling amazing stories.”


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of carbon-neutral leathers Leading US leather goods brand Moore & Giles marked a signifi cant achievement by introducing its inaugural carbon-neutral leathers within the Mont Blanc and Tribeca product lines. This noteworthy accomplishment stems from a comprehensive strategy encompassing carbon offsetting measures and environmentally friendly enhancements at the company’s Virginia headquarters. Key initiatives contributing to this milestone involve the adoption


of carbon-neutral shipping practices, the incorporation of solar energy to power facilities, and the sequestration of carbon by transforming on-site acreage into a native meadow. These measures not only underscore Moore & Giles’ commitment to environmental responsibility but also highlight its proactive approach towards reducing its carbon footprint. Beyond these efforts, Moore & Giles goes the extra mile by


providing a verifi ed life-cycle assessment and an Environmental Product Declaration, offering transparency into its sustainability practices. The company has sourced carbon offsets from globally recognised and verifi ed projects, reinforcing their dedication to supporting credible initiatives. Beverly McAuley of Moore & Giles said it is “deeply committed to environmental stewardship and understands the importance of reducing our carbon impact. In combination with our internal initiatives, innovative plant-based tanning methods and stringent third-party certifi cations, adding the achievement of carbon neutral leather to our portfolio of sustainable attributes is a testament to our dedication to creating a sustainable future.”


CHT-1876_AZ_HANSA_Proof_EN_86x255_231114.indd 1 6 14.11.23 15:13 Leather International / www.leathermag.com


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