Key Takeaways:
- Merrell kept growing and is forecast to grow for the full year.
- Saucony posted double-digit gains and is forecast to keep growing this year.
- Refunds of IEEPA tariffs lifted gross margin and earnings.
Wolverine World Wide Inc. grew third quarter sales 7.5% to $505.4 million, or 7.7% in constant currency, as Merrell and Saucony led the gains and the company raised its forecast for 2026.
The Rockford, Michigan-based footwear and apparel company said it was its eighth consecutive quarter of growth. Revenue topped the $495 million to $500 million the company had forecast in August.
“We delivered a strong third-quarter performance, led by our two largest brands and disciplined execution across the business,” President and CEO Chris Hufnagel said in a statement.
International revenue rose 11.7% to $271.2 million, or 12.1% in constant currency.
Merrell
Merrell grew sales 6.5% to $178.2 million, or 6.8% in constant currency.
The outdoor brand finished 2025 with $649 million in sales, up 8.4%. The company forecasts high-single-digit Merrell growth for 2026, or mid-single-digit growth in constant currency.
The company’s investor presentation cites Circana data placing Merrell among the leaders in U.S. hike category share from October 2025 through September 2026.
In the same deck, the company spotlights the Moab Speed 3 and the Agility Peak 6, which pairs FloatPro foam with a Vibram outsole. It also highlights Merrell’s “Outside in the City” campaign and a Merrell location in Tokyo’s Harajuku neighborhood.
Saucony
Saucony posted the fastest growth of the company’s four reported brands, with sales up 19.4% to $158.9 million, or 19.7% in constant currency.
The running brand grew 31.1% to $533 million in 2025. The company forecasts mid-teens growth for Saucony in 2026, both reported and in constant currency.
The deck places Saucony in the top 10 for U.S. running category share, also citing Circana. The company highlights the Endorphin Speed 6, which uses PWRRUN PBX foam and Speedroll technology with a winged nylon plate. It also highlights the “Run As One” campaign and a Saucony location in London’s Covent Garden.
Margins and Earnings
Gross margin rose to 54.6% from 47.5%, and about 640 basis points of the increase came from refunds of tariffs paid under the International Emergency Economic Powers Act. The company received $35.3 million in refunds, including interest, during the quarter.
Net earnings attributable to the company rose to $65.8 million, or 78 cents a diluted share, from $25.1 million, or 30 cents, a year earlier. The refunds added about 31 cents a share, net of tax.
Other Brands
Wolverine brand sales fell 4.1% to $43.5 million, both reported and in constant currency, and Sweaty Betty sales fell 7% to $41.4 million, or 6.5% in constant currency.
Outlook
The company raised its 2026 revenue forecast to $2 billion to $2.01 billion, or growth of about 7% at the midpoint. The new outlook includes the tariff refunds, which the previous one did not.
