Wolverine Worldwide Lifts 2026 Outlook as Merrell and Saucony Power a Resilient H1

Wolverine Worldwide is betting on its running and outdoor brands to carry the year. The Rockford, Michigan–based group told investors this week that a stronger-than-expected second quarter — anchored once again by Merrell and Saucony — has pushed it to raise guidance for the full 2026 financial year, now pointing to revenue of between 1.98 billion and 2.00 billion US dollars.

The upgrade is not a modest nudge. It lifts the top of the company’s revenue range by roughly 20 million dollars and signals confidence that the operational reset underway across its portfolio is taking hold. “Our team delivered another good quarter, ahead of our expectations — led again by Merrell and Saucony — along with more progress in Sweaty Betty and Wolverine,” said President and CEO Chris Hufnagel. “We’re executing our strategies, elevating our brands, and driving consistent, profitable growth. Based on our strong start to the year and the progress we’re seeing across the business, we’re raising our outlook for 2026.”

The numbers behind that optimism are concrete. In the second quarter of fiscal 2026, Wolverine posted total revenue of 506.4 million dollars, up 6.8% on a reported basis (6.1% at constant currency) against the same period a year earlier. Merrell did the heavy lifting, growing 11.1% to 175.5 million dollars, while Saucony followed with 9.9% growth to 158.6 million dollars. The Wolverine brand itself returned to form, rising 6.6% to 39.6 million dollars, and Sweaty Betty — though still contracting — narrowed its decline to just 2.4%, reaching 40.3 million dollars.

Profitability told a more nuanced story. Gross margin slipped from 47.2% to 46.5% year-on-year, a direct consequence of higher US tariffs that the company partially offset through price increases and other mitigation measures. Crucially, operating margin improved by 70 basis points to 9.3%, and diluted earnings per share climbed 15.6% to 0.37 dollars, with adjusted EPS up 14.3% to 0.40 dollars. That combination — slightly softer margins but improving bottom-line conversion — is exactly what investors want to see from a turnaround in progress.

Looking ahead, Wolverine now expects full-year revenue growth of 5.6% to 6.7% (4.9% to 5.9% at constant currency), up from a prior range of about 1.96 to 1.98 billion dollars. Full-year diluted EPS is guided to 1.48–1.58 dollars (from 1.39–1.54), and adjusted diluted EPS to 1.55–1.65 dollars (from 1.43–1.58).

The results arrive at a moment when the wider US footwear and apparel landscape is increasingly shaped by tariff policy and cautious consumers. Wolverine’s ability to grow despite those headwinds — and to protect operating leverage — suggests the worst of its multi-year restructuring may be behind it. Merrell’s lifestyle-outdoor momentum and Saucony’s runaway performance-running franchise remain the engine, and both continue to outpace the broader market.

For the leather and footwear supply chain, Wolverine’s beat is a useful data point: premium-positioned, brand-led players with pricing power are weathering the macro storm better than value discounters. If the second half holds, 2026 could mark the year Wolverine turned the page.

Source: World Footwear (worldfootwear.com), August 26, 2026.