Wolverine World Wide Grows International in Q2
Net income fell 8% to $25.3 million from $27.5 million in the fiscal second quarter ended June 20, as revenue increased 2.7% to $630.1 million from $613.5 million driven by a 12.2% gain in the Heritage Group. On a constant currency basis, sales were up 4.9%. U.S. wholesale revenues were up mid-single digits, but international revenues soared over 20% in the quarter, including constant currency sales up over 50% in Asia-Pacific, up double digits in EMEA, and up mid-single digits in Latin America. Gross margin fell 100 basis points to 39.1%, benefitting from higher selling prices but offset by lower ... Log in to view full article.