Wolverine Worldwide’s debt has narrowed in the second quarter amid “better-than-expected” revenue and earnings.

The company’s net debt was $666 million as of June 29, down $271 million compared to the prior year and down $75 million from the prior year end.

Total revenue dropped 27.8 per cent year-on-year to $425 million, driven by a 28 per cent decline of Saucony and 19.2 per cent decrease of Merrell. The Wolverine brand saw a 3.1 per cent drop, while Sweaty Betty sales were flat.

Inventory at the end of the quarter was $297.1 million, down 54.1 per cent compared to the prior year.

Chris Hufnagel, president and CEO of Wolverine Worldwide, said the company delivered “better-than-expected” revenue and earnings as it continued to execute the ambitious turnaround plan.

“A year ago, we began to take fast and bold actions to build a new and better company – focused squarely on our consumer and our new global brand-building model,” Hufnagel added.

The company has raised its full-year outlook, expecting revenue to be approximately $1.71 to $1.73 billion, representing a decline of 14.2 to 13.2 per cent. Net debt at year end is forecast to be $565 million, down $175 million from the prior year end.