Shares for Wolverine Worldwide dropped nearly 17 percent by the closing bell on Wednesday following the company’s full year results and 2025 outlook.

The Rockford, Mich.-based footwear company said total revenue in the fourth quarter of 2024 was $494.7 million, down 6.1 percent from $526.7 million the same time last year. Ongoing total revenue in Q4 – which excludes the impact of sold assets like Keds, Sperry and the Wolverine leather business – was also $494.7 million, an increase of 3.0 percent from $480.5 million the prior year period.

By brand, Merrell and the company’s namesake Wolverine label led the way in Q4 in terms of growth. At Merrell, net sales in the period were $163.4 million, a 1.0 percent increase from $161.8 million the prior year. At the Wolverine brand, net sales were $62.4 million, a 20.5 percent increase from $51.8 million just a year ago.

Turning to Saucony, sales declined 5.3 percent to $99.6 million in the third quarter from $105.1 million the same time last year. And at Sweaty Betty, net sales decline 5.9 percent in Q4 to $63.4 million from $67.3 million.

The company’s international revenue was down 5.4 percent to $252.7 million on a reported basis compared to the prior year, while its direct-to-consumer revenue was also down 18.8 percent on a reported basis to $151.7 million. Net debt at the end of the quarter was $496 million, down $246 million or approximately 33.1 percent compared to the prior year.

As for the full fiscal year 2024, Wolverine Worldwide said total revenue was $1.76 billion, down 21.8 percent from $2.24 billion from 2023. Ongoing total revenue in fiscal 2024 was $1.75 billion, a decrease of 12.1 percent from $1.99 billion the prior year.

By brand, Merrell reported net sales in 2024 of $598.4 million, down 11.5 percent from $675.8 million in fiscal 2023. At Saucony, sales declined 18.0 percent to $406.5 million from $495.8 million, while the Wolverine brand sales decreased 4.0 percent to $193.1 million from $201.2 million. Sweaty Betty net sales for the year declined tk percent to $198.9 million from $203.8 million.

The company’s international revenue was down 15.9 percent to $861.6 million on a reported basis compared to the prior year, while its direct-to-consumer revenue was also down 16.9 percent on a reported basis to $483.9 million.

“A year ago, we outlined an ambitious turnaround strategy composed of three chapters: stabilization, transformation, and inflection,” Chris Hufnagel, president and chief executive officer of Wolverine Worldwide, said in a statement. “We shared a plan to meaningfully strengthen the company’s balance sheet, expand profitability, and sequentially improve revenue trends – culminating with an inflection to growth in the final quarter of 2024. I’m pleased to report that we accomplished all of these objectives.”

Hufnagel added that the company exceeded its expectations for revenue and earnings in the fourth quarter and inflected to growth as a company – delivering better-than-anticipated results for 2024. “As we begin 2025, our brands are poised to continue to build on our momentum, standing on a much healthier foundation with stronger product pipelines and compelling storytelling,” the CEO noted. “Our team is encouraged by the work we’ve accomplished together and excited to turn the page.”

Looking ahead, the company said that it expects to build on the momentum gained in 2024 and make continued progress on its transformation in fiscal year 2025. Wolverine Worldwide noted that it expects revenue for fiscal 2025 to be approximately $1.795 billion to $1.825 billion, representing growth of approximately 2.5 percent to 4.3 percent compared to the 2024 ongoing business and constant currency growth of approximately 4.7 percent to 6.5 percent.

“2024 was a pivotal year for our 142-year-old company,” Hufnagel continued. “While we haven’t yet reached our full potential, I’m encouraged by the progress we’ve made and thankful for our teams and partners around the world. The most important chapter is the next one, as we drive together to deliver better, more consistent returns for our shareholders.”