Wolverine Worldwide’s first-quarter results confirm Saucony’s momentum is sustained and spreading internationally, while a guidance upgrade on gross margin, operating margin and earnings per share narrows the gap to the group’s medium-term profitability ambitions.
Wolverine Worldwide started fiscal 2026 ahead of expectations, with first-quarter results topping consensus across key metrics and lifting the shares more than 3% in early trading on May 14. Revenue rose 11.0% year on year to $457.6 million, above the $448–450 million consensus range, while adjusted earnings per share came in at $0.25 versus the $0.22 estimate.
Home to Merrell, Saucony and Sweaty Betty, alongside a Work Group portfolio of professional and industrial footwear brands, the company called the quarter a “solid start” to 2026. It also raised full-year adjusted EPS guidance to $1.43–$1.58, implying a $1.51 midpoint above the $1.46 analyst consensus.
Wolverine Worldwide Q1 2026 — Financial Tables
| Wolverine Worldwide — Q1 2026 Income Statement (summary) | |||
| Quarter ended April 4, 2026 (€ millions)* | |||
| Q1 2026 | Q1 2025 | Change | |
| Revenue | 390.7 | 352.0 | +11.0% |
| Cost of goods sold | 204.8 | 184.6 | +10.9% |
| Gross profit | 185.9 | 167.5 | +11.1% |
| Gross margin | 47.6% | 47.6% | 0 bps |
| SG&A expenses | 156.0 | 146.9 | +6.2% |
| Environmental & other costs, net | 1.0 | 2.6 | – |
| Total operating expenses | 157.0 | 149.6 | +5.0% |
| Operating profit | 28.9 | 17.9 | +61.4% |
| Operating margin (reported) | 7.4% | 5.1% | +230 bps |
| Adjusted operating margin (non-GAAP) | 7.7% | 6.3% | +140 bps |
| Interest expense, net | 5.6 | 6.8 | -18.8% |
| Earnings before income taxes | 23.6 | 12.4 | +90.3% |
Source: Wolverine World Wide, Inc. Q1 2026 earnings release, May 14, 2026. *USD figures converted to EUR at $1 = €0.854 (EUR/USD 1.1713, May 14, 2026). EPS figures retained in USD as reported by NYSE-listed company. Adjusted figures are non-GAAP measures. Change column shows year-on-year percentage change in USD as reported; en-dash (–) denotes not meaningfully comparable.
Saucony and Merrell power Active Group to 14% Q1 growth
The Active Group — which includes Merrell, Saucony, Sweaty Betty and Chaco — generated $371.6 million in first-quarter 2026 revenue, up 13.7% year-on-year (9.3% in constant currency), accounting for approximately 81 percent of total group revenue.
Saucony was the standout performer, posting $155.9 million in quarterly revenue, up 20.1% year-on-year and 15.2% in constant currency. The running brand continues to build on an exceptional fiscal 2025, in which it grew 31.1% to $533 million for the full year.
Merrell, the group’s largest brand by revenue, delivered $169.7 million in the quarter, up 12.7% reported and 8.7% in constant currency. According to Circana retail tracking data cited by the company, Merrell holds the number-one position in US women’s hiking footwear by dollar share (April 2025–March 2026).
Sweaty Betty, the premium women’s activewear label, returned to positive reported territory with $38.6 million (+1.5%), though on a constant-currency basis the result was -4.4% — a gap that reflects the brand’s predominantly UK-based revenue mix and suggests that reported growth was largely flattered by sterling-dollar conversion. This is our editorial interpretation based on the currency differential disclosed; the company did not explicitly attribute the gap to FX in its press release.
International revenue was a particular highlight for the quarter, reaching $249.6 million, up 20.1% reported and 12.8% in constant currency. Direct-to-consumer revenue came in at $99.3 million, up 3.0% reported but flat (-0.2%) in constant currency.
| Wolverine Worldwide — Q1 2026 revenue by segment & brand | ||||
| Quarter ended April 4, 2026 (€ millions)* | ||||
| Q1 2026 | Q1 2025 | Reported | CC† | |
| Active Group | ||||
| Active Group total | 317.2 | 278.9 | +13.7% | +9.3% |
| Merrell | 144.9 | 128.6 | +12.7% | +8.7% |
| Saucony | 133.1 | 110.8 | +20.1% | +15.2% |
| Sweaty Betty | 33.0 | 32.5 | +1.5% | –4.4% |
| Supplemental | ||||
| International | 213.1 | 177.4 | +20.1% | +12.8% |
| Direct-to-consumer (DTC) | 84.8 | 82.3 | +3.0% | –0.2% |
Source: Wolverine World Wide, Inc. Q1 2026 earnings release and investor presentation, May 14, 2026. *USD figures converted to EUR at $1 = €0.854 (EUR/USD 1.1713, May 14, 2026). Reported and CC changes are year-on-year in USD as disclosed by the company. Brand-level figures are supplemental disclosures; Chaco and other Active Group sub-brands not individually disclosed. † CC = constant currency.
Margins steady despite tariff headwinds
Gross margin was 47.6% in the quarter, unchanged year on year and 10 basis points above the company’s guidance. Wolverine said a richer full-price mix and the benefit of recent price increases helped offset the impact of higher US tariffs. Adjusted operating margin rose to 7.7%, while reported operating margin improved to 7.4%.
Wolverine raises full-year guidance on stronger profitability
Wolverine lifted its full-year 2026 outlook across key profitability metrics, raising adjusted EPS to $1.43–$1.58 from $1.35–$1.50 and nudging its gross-margin target to about 46.4%. The company also increased its adjusted operating-margin outlook to roughly 9.5% while keeping its revenue forecast unchanged at $1.96–$1.985 billion. For the second quarter, Wolverine guided to revenue of $495–$500 million.
Within the portfolio, Saucony is expected to deliver low-to-mid-teens constant-currency growth, while Merrell is seen growing in the mid-single digits. Sweaty Betty is forecast to decline modestly, and the Work Group is expected to be flat on a constant-currency basis.
