Wolverine reported adjusted EPS of $0.45, a 12.5% increase year-over-year and 1¢ above the estimate, on revenues of $517.5 million, up 4.6% driven by broad-based brand momentum, direct-to-consumer gains and a 9.8% rise in international sales to $277.4 million. Gross profit climbed 12.8% to $243.3 million, lifting gross margin by 340 basis points to 47%.

The Active Group led with revenues up 12.4% to $372.7 million, topping expectations, while the Work Group declined 11.3% to $134 million and Other segment fell 9.2% to $10.8 million. Merrell sales grew 5.9% to $173.1 million, Saucony jumped 26.4% to $125.9 million, Wolverine brand declined 10.5%, and Sweaty Betty increased 8.8%.

At quarter end, cash totaled $206.3 million against long-term debt of $546.7 million, resulting in net debt of $415 million, down 16.2% year-over-year. Inventory rose 10.7% to $274 million. The company repurchased 0.9 million shares for $15 million at an average price of $16.13, leaving $135 million available under its buyback authorization.

Full-year fiscal 2026 revenue guidance is $1.96–$1.985 billion, representing 4.6–5.9% growth (3.8–5.1% at constant currency). Gross margin is projected at 46% with an adjusted operating margin of 9.1%. Adjusted EPS is expected between $1.35 and $1.50, and Q1 revenues are forecast at $445–$450 million with EPS of $0.20–$0.22.