ROCKFORD, Mich.--(BUSINESS WIRE)--
Wolverine World Wide, Inc. (NYSE: WWW) today reported financial results for the first quarter ended April 4,
2026.
"The team delivered a solid start to 2026, with first quarter revenue, gross margin, and earnings per share all
exceeding our expectations," said Chris Hufnagel, President and Chief Executive Officer of Wolverine
Worldwide. "I believe we're better brand builders today – led by Merrell and Saucony – with encouraging
progress now evident across our broader portfolio. We're executing our strategies with pace, navigating a
dynamic operating environment by leaning into what we do best – building awesome products, telling amazing
stories, and driving the business forward each day."
FIRST QUARTER 2026 FINANCIAL HIGHLIGHTS
|
(in millions)
|
April 4, 2026
|
|
March 29, 2025
|
Y/Y Change
|
Constant Currency Change
|
|
Reported Segment Revenue Results:
|
|
|
|
|
|
|
Active Group
|
$371.6
|
|
$326.7
|
13.7%
|
9.3%
|
|
Work Group
|
$75.7
|
|
$74.8
|
1.2%
|
0.1%
|
|
Other
|
$10.3
|
|
$10.8
|
(4.6)%
|
(4.6)%
|
|
Total Revenue
|
$457.6
|
|
$412.3
|
11.0%
|
7.3%
|
|
Supplemental Revenue Information
|
|
|
|
|
|
Merrell
|
$169.7
|
|
$150.6
|
12.7%
|
8.7%
|
|
Saucony
|
$155.9
|
|
$129.8
|
20.1%
|
15.2%
|
|
Wolverine
|
$36.4
|
|
$37.4
|
(2.5)%
|
(2.5)%
|
|
Sweaty Betty
|
$38.6
|
|
$38.0
|
1.5%
|
(4.4)%
|
|
International
|
$249.6
|
|
$207.8
|
20.1%
|
12.8%
|
|
Direct-to-Consumer
|
$99.3
|
|
$96.4
|
3.0%
|
(0.2)%
|
|
Reported Financial Metrics
|
|
|
|
|
|
|
Gross Margin
|
47.6%
|
|
47.6%
|
0 bps
|
|
|
Operating Expenses
|
$183.9
|
|
$175.1
|
5.0%
|
|
|
Operating Margin
|
7.4%
|
|
5.1%
|
230 bps
|
|
|
Diluted Earnings Per Share
|
$0.24
|
|
$0.15
|
60.0%
|
|
|
Non-GAAP and Ongoing Business Financial Metrics
|
|
|
|
|
|
Adjusted Operating Expenses
|
$182.7
|
|
$170.2
|
7.3%
|
|
|
Adjusted Operating Margin
|
7.7%
|
|
6.3%
|
140 bps
|
|
|
Adjusted Diluted Earnings Per Share
|
$0.25
|
|
$0.19
|
31.6%
|
|
|
Constant Currency Diluted Earnings Per Share
|
$0.22
|
|
$0.19
|
15.8%
|
|
Gross margin was 47.6% compared to 47.6% in the prior year. Results reflect a favorable mix shift toward
more full-price sales and the positive impact from recent price increases, offset by higher U.S. tariffs.
BALANCE SHEET (April 4, 2026 as compared to March 29, 2025)
Cash and cash equivalents were $120 million, an increase of $13 million, or 12.3%.
Inventory was $280 million, an increase of $1 million, or 0.4%.
Net Debt was $519 million, a decrease of $85 million, or 14.1%.
FULL-YEAR 2026 OUTLOOK
The Company's outlook reflects the impact of foreign currency. Additionally, fiscal 2026 is a 52-week year and
fiscal 2025 was a 53-week year, which will affect annual comparisons.
For fiscal year 2026, the Company currently expects:
- Revenue to be approximately $1.960 billion to $1.985 billion. This range is unchanged from the
previous outlook and represents growth of approximately 4.6% to 5.9% compared to 2025, constant
currency growth of approximately 3.8% to 5.1%, and constant currency growth of approximately 4.5% to
5.8% excluding the impact of the 53rd week in 2025.
- Gross margin to be approximately 46.4%, down 90 basis points compared to 2025. This compares to
the previous gross margin outlook of approximately 46.0%.
- Operating margin to be approximately 9.2%, up 120 basis points compared to 2025, and adjusted
operating margin to be approximately 9.5%, up 50 basis points compared to 2025. This compares to the
previous operating margin outlook of approximately 8.8% and adjusted operating margin of approximately
9.1%.
- The effective tax rate to be approximately 18.0%, unchanged from the previous outlook.
- Diluted earnings per share in the range of $1.39 to $1.54 and adjusted diluted earnings per share
in the range of $1.43 to $1.58. This compares to the previous outlook for diluted earnings per share
in the range of $1.31 to $1.46 and adjusted diluted earnings per share in the range of $1.35 to $1.50.
- Diluted weighted average shares of approximately 82.0 million. This compares to the previous
outlook for diluted weighted average shares of approximately 81.5 million.
NON-GAAP FINANCIAL MEASURES
Measures referred to in this release as “adjusted” financial results and the financial results of the "ongoing
business" are non-GAAP measures. Adjusted financial results exclude environmental and other related costs
net of recoveries, reorganization costs, and other costs not related to the Company's ongoing business. The
Company also presents constant currency information, which is a non-GAAP measure that excludes the impact of
fluctuations in foreign currency exchange rates. The Company calculates constant currency basis by
converting the current-period local currency financial results using the prior period exchange rates and
comparing these adjusted amounts to the Company's current period reported results. The Company believes
providing each of these non-GAAP measures provides valuable supplemental information regarding its results
of operations, consistent with how the Company evaluates performance.
The Company has provided a reconciliation of each of the above non-GAAP financial measures to the most directly
comparable GAAP financial measure. The Company believes these non-GAAP measures provide useful information
to both management and investors because they increase the comparability of current period results to prior
period results by adjusting for certain items that may not be indicative of core operating results and
enable better identification of trends in our business. The adjusted financial results are used by
management to, and allow investors to, evaluate the operating performance of the Company on a comparable
basis. Management does not, nor should investors, consider such non-GAAP financial measures in isolation
from, or as a substitute for, financial information prepared in accordance with GAAP.
EARNINGS CALL INFORMATION
The Company will host a conference call today at 8:30 a.m. ET to discuss these results and
current business trends. The conference call will be broadcast live and accessible under the “Investor
Relations” tab at www.wolverineworldwide.com. A replay of the conference call will be
available on the Company’s website for a period of approximately 30 days.
ABOUT WOLVERINE WORLDWIDE
Founded in 1883, Wolverine World Wide, Inc. (NYSE:WWW) is one of the world’s leading
designers, marketers, and licensors of branded casual footwear and apparel, performance outdoor and athletic
footwear and apparel, kids' footwear, industrial work boots and apparel, and uniform footwear. The Company's
portfolio includes Merrell®, Saucony®, Sweaty Betty®, Hush Puppies®, Wolverine®, Chaco®, Bates®, HYTEST®,
and Stride Rite®. Wolverine Worldwide is also the global footwear licensee of the popular brands Cat® and
Harley-Davidson®. Based in Rockford, Michigan, for more than 140 years, the Company's products are carried
by leading retailers in the U.S. and globally in approximately 170 countries and territories. Wolverine
Worldwide is a Great Place to Work® Certified™ company. For additional information, please visit our
website, www.wolverineworldwide.com.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements, including statements regarding the
Company’s plans to continue to execute its strategies and the Company's outlook for 2026 including, among
other results: reported and constant currency revenue; reported gross margin; reported and adjusted
operating margin; reported and adjusted net earnings; reported and adjusted diluted earnings per share;
diluted weighted average shares; and effective tax rate. In addition, words such as “estimates,”
“anticipates,” “believes,” “forecasts,” “step,” “plans,” “predicts,” “focused,” “projects,” “outlook,” “is
likely,” “expects,” “intends,” “should,” “will,” “confident,” variations of such words, and similar
expressions are intended to identify forward-looking statements. These statements are not guarantees of
future performance and involve certain risks, uncertainties, and assumptions (“Risk Factors”) that are
difficult to predict with regard to timing, extent, likelihood, and degree of occurrence. Risk Factors
include, among others: changes in general economic conditions, geopolitical conditions, employment rates,
business conditions, interest rates, tax policies, and other factors affecting consumer spending and
confidence in the markets and regions in which the Company’s products are sold; increases or changes in
duties, tariffs, quotas or applicable assessment in countries of import and export; the inability for any
reason to effectively compete in global footwear, apparel and direct-to-consumer markets; the inability to
maintain positive brand images and anticipate, understand and respond to changing footwear and apparel
trends and consumer preferences; the inability to effectively manage inventory levels; foreign currency
exchange rate fluctuations; currency restrictions; supply chain and capacity constraints, production and
distribution disruptions, including service interruptions at shipping and receiving ports, reduction in
operating hours, labor shortages, and facility closures resulting in production delays at the Company’s
manufacturers, quality issues, price increases or other risks associated with foreign sourcing; the cost,
including the effect of inflationary pressures, and availability of raw materials, inventories, services and
labor for contract manufacturers; changes in relationships with, including the loss of, significant
wholesale customers; risks related to the significant investment in, and performance of, the Company’s
direct-to-consumer operations; risks related to expansion into new markets and complementary product
categories; the impact of seasonality and unpredictable weather conditions; the impact of changes in general
economic conditions, potential economic slowdown and/or the credit markets on the Company’s manufacturers,
distributors, suppliers, joint venture partners and wholesale customers; changes in the Company’s effective
tax rates; failure of licensees or distributors to meet planned annual sales goals or to make timely
payments to the Company; the risks of doing business in developing countries, and politically or
economically volatile areas; the ability to secure and protect owned intellectual property or use licensed
intellectual property; legal compliance and litigation risks, including with respect to federal, state and
local laws and regulations relating to the protection of the environment, environmental remediation and
other related costs, and environmental effects on human health; risks of breach of the Company’s databases
or other systems, or those of its vendors, which contain certain personal information, payment card data or
proprietary information, due to cyberattack or other similar events; strategic actions, including new
initiatives and ventures, acquisitions and dispositions, and the Company’s success in integrating acquired
businesses; risks related to stockholder activism; the risk of impairment to goodwill and other intangibles;
the success of the Company's restructuring and realignment initiatives undertaken from time to time; changes
in future pension funding requirements and pension expenses; and additional factors discussed in the
Company’s reports filed with the Securities and Exchange Commission and exhibits thereto. The foregoing Risk
Factors, as well as other existing Risk Factors and new Risk Factors that emerge from time to time, may
cause actual results to differ materially from those contained in any forward-looking statements. Given
these or other risks and uncertainties, investors should not place undue reliance on forward-looking
statements as a prediction of actual results. Furthermore, the Company undertakes no obligation to update,
amend, or clarify forward-looking statements whether as a result of new information, future events or
otherwise.
|
|
|
WOLVERINE WORLD WIDE, INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
(In millions, except earnings per share)
|
|
|
|
|
Quarter Ended
|
|
|
April 4,
2026
|
|
March 29,
2025
|
|
Revenue
|
$
|
457.6
|
|
|
$
|
412.3
|
|
|
Cost of goods sold
|
|
239.8
|
|
|
|
216.2
|
|
|
Gross profit
|
|
217.8
|
|
|
|
196.1
|
|
|
Gross margin
|
|
47.6
|
%
|
|
|
47.6
|
%
|
|
|
|
|
|
|
Selling, general and administrative expenses
|
|
182.7
|
|
|
|
172.0
|
|
|
Environmental and other related costs (income), net of recoveries
|
|
1.2
|
|
|
|
3.1
|
|
|
Operating expenses
|
|
183.9
|
|
|
|
175.1
|
|
|
Operating expenses as a % of revenue
|
|
40.2
|
%
|
|
|
42.5
|
%
|
|
|
|
|
|
|
Operating profit
|
|
33.9
|
|
|
|
21.0
|
|
|
Operating margin
|
|
7.4
|
%
|
|
|
5.1
|
%
|
|
|
|
|
|
|
Interest expense, net
|
|
6.5
|
|
|
|
8.0
|
|
|
Other income, net
|
|
(0.2
|
)
|
|
|
(1.5
|
)
|
|
Total other expenses
|
|
6.3
|
|
|
|
6.5
|
|
|
Earnings before income taxes
|
|
27.6
|
|
|
|
14.5
|
|
|
|
|
|
|
|
Income tax expense
|
|
5.2
|
|
|
|
1.3
|
|
|
Effective tax rate
|
|
18.8
|
%
|
|
|
8.9
|
%
|
|
|
|
|
|
|
Net earnings
|
|
22.4
|
|
|
|
13.2
|
|
|
|
|
|
|
|
Less: net earnings attributable to noncontrolling interests
|
|
2.2
|
|
|
|
1.1
|
|
|
Net earnings attributable to Wolverine World Wide, Inc.
|
$
|
20.2
|
|
|
$
|
12.1
|
|
|
Diluted earnings per share
|
$
|
0.24
|
|
|
$
|
0.15
|
|
|
|
|
|
|
|
Supplemental information:
|
|
|
|
|
Net earnings used to calculate diluted earnings per share
|
$
|
19.8
|
|
|
$
|
11.8
|
|
|
Shares used to calculate diluted earnings per share
|
|
81.7
|
|
|
|
80.8
|
|
|
|
|
|
|
WOLVERINE WORLD WIDE, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)
(In millions)
|
|
|
|
|
|
|
April 4,
2026
|
|
March 29,
2025
|
|
ASSETS
|
|
|
|
|
Cash and cash equivalents
|
$
|
119.6
|
|
$
|
106.5
|
|
Accounts receivables, net
|
|
185.5
|
|
|
239.2
|
|
Inventories, net
|
|
280.3
|
|
|
279.2
|
|
Other current assets
|
|
86.7
|
|
|
76.0
|
|
Total current assets
|
|
672.1
|
|
|
700.9
|
|
Property, plant and equipment, net
|
|
77.8
|
|
|
94.6
|
|
Lease right-of-use assets
|
|
104.5
|
|
|
102.2
|
|
Goodwill and other indefinite-lived intangibles
|
|
607.7
|
|
|
602.9
|
|
Other noncurrent assets
|
|
177.9
|
|
|
190.5
|
|
Total assets
|
$
|
1,640.0
|
|
$
|
1,691.1
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
Accounts payable and other accrued liabilities
|
$
|
311.4
|
|
$
|
372.0
|
|
Lease liabilities
|
|
34.9
|
|
|
34.1
|
|
Current maturities of long-term debt
|
|
—
|
|
|
10.0
|
|
Borrowings under revolving credit agreements
|
|
92.0
|
|
|
135.0
|
|
Total current liabilities
|
|
438.3
|
|
|
551.1
|
|
Long-term debt
|
|
546.9
|
|
|
565.8
|
|
Lease liabilities, noncurrent
|
|
111.3
|
|
|
115.2
|
|
Other noncurrent liabilities
|
|
110.5
|
|
|
131.6
|
|
Stockholders' equity
|
|
433.0
|
|
|
327.4
|
|
Total liabilities and stockholders' equity
|
$
|
1,640.0
|
|
$
|
1,691.1
|
|
|
|
WOLVERINE WORLD WIDE, INC.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
(In millions)
|
|
|
|
|
Quarter Ended
|
|
|
April 4,
2026
|
|
March 29,
2025
|
|
OPERATING ACTIVITIES
|
|
|
|
|
Net earnings
|
$
|
22.4
|
|
|
$
|
13.2
|
|
|
Adjustments to reconcile net earnings to net cash used in
operating activities:
|
|
|
|
|
Depreciation and amortization
|
|
5.2
|
|
|
|
6.1
|
|
|
Deferred income taxes
|
|
0.2
|
|
|
|
0.2
|
|
|
Stock-based compensation expense
|
|
5.8
|
|
|
|
5.7
|
|
|
Pension and SERP expense
|
|
—
|
|
|
|
(0.2
|
)
|
|
Environmental and other related costs
|
|
(1.9
|
)
|
|
|
(4.5
|
)
|
|
Other
|
|
0.3
|
|
|
|
(2.1
|
)
|
|
Changes in operating assets and liabilities
|
|
(115.2
|
)
|
|
|
(102.2
|
)
|
|
Net cash used in operating activities
|
|
(83.2
|
)
|
|
|
(83.8
|
)
|
|
|
|
|
|
|
INVESTING ACTIVITIES
|
|
|
|
|
Additions to property, plant and equipment
|
|
(1.7
|
)
|
|
|
(7.6
|
)
|
|
Other
|
|
(0.2
|
)
|
|
|
(0.3
|
)
|
|
Net cash used in investing activities
|
|
(1.9
|
)
|
|
|
(7.9
|
)
|
|
|
|
|
|
|
FINANCING ACTIVITIES
|
|
|
|
|
Payments under revolving credit agreements
|
|
(138.0
|
)
|
|
|
(83.0
|
)
|
|
Borrowings under revolving credit agreements
|
|
155.0
|
|
|
|
148.0
|
|
|
Payments on long-term debt
|
|
—
|
|
|
|
(2.5
|
)
|
|
Cash dividends paid
|
|
(8.7
|
)
|
|
|
(8.5
|
)
|
|
Employee taxes paid under stock-based compensation plans
|
|
(8.1
|
)
|
|
|
(7.7
|
)
|
|
Proceeds from the exercise of stock options
|
|
0.2
|
|
|
|
0.3
|
|
|
Net cash provided by financing activities
|
|
0.4
|
|
|
|
46.6
|
|
|
|
|
|
|
|
Effect of foreign exchange rate changes
|
|
(2.0
|
)
|
|
|
(0.5
|
)
|
|
Decrease in cash and cash equivalents
|
|
(86.7
|
)
|
|
|
(45.6
|
)
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of the year
|
|
206.3
|
|
|
|
152.1
|
|
|
Cash and cash equivalents at end of the quarter
|
$
|
119.6
|
|
|
$
|
106.5
|
|
The following tables contain information regarding the non-GAAP financial measures used by the Company in the
presentation of its financial results:
|
|
|
|
|
|
|
|
|
|
|
|
|
WOLVERINE WORLD WIDE, INC.
Q1 2026 RECONCILIATION TABLES
RECONCILIATION OF REPORTED REVENUE TO ADJUSTED
REVENUE ON A CONSTANT CURRENCY BASIS*
(Unaudited)
(In millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Basis 2026-Q1
|
|
Foreign Exchange Impact
|
|
Constant Currency Basis 2026-Q1
|
|
GAAP Basis 2025-Q1
|
|
Reported Change
|
|
Constant Currency Change
|
|
REVENUE
|
|
|
|
|
|
|
|
|
|
|
|
|
Active Group
|
$
|
371.6
|
|
$
|
(14.6
|
)
|
|
$
|
357.0
|
|
$
|
326.7
|
|
13.7
|
%
|
|
9.3
|
%
|
|
Work Group
|
|
75.7
|
|
|
(0.8
|
)
|
|
|
74.9
|
|
|
74.8
|
|
1.2
|
%
|
|
0.1
|
%
|
|
Other
|
|
10.3
|
|
|
—
|
|
|
|
10.3
|
|
|
10.8
|
|
(4.6
|
)%
|
|
(4.6
|
)%
|
|
Total
|
$
|
457.6
|
|
$
|
(15.4
|
)
|
|
$
|
442.2
|
|
$
|
412.3
|
|
11.0
|
%
|
|
7.3
|
%
|
|
RECONCILIATION OF REPORTED OPERATING EXPENSES
TO ADJUSTED OPERATING EXPENSES*
(Unaudited)
(In millions)
|
|
|
|
|
|
|
|
|
GAAP Basis
|
|
Adjustment(1)
|
|
As Adjusted
|
|
|
|
|
|
|
|
|
Operating expenses - Fiscal 2026 Q1
|
$
|
183.9
|
|
$
|
(1.2
|
)
|
|
$
|
182.7
|
|
|
|
|
|
|
|
|
Operating expenses - Fiscal 2025 Q1
|
$
|
175.1
|
|
$
|
(4.9
|
)
|
|
$
|
170.2
|
|
(1) Q1 2026 adjustments reflect $1.2 million of
environmental and other related costs net of recoveries. Q1 2025 adjustments reflect
$1.0 million of reorganization costs, $0.8 million of other costs not related to the
Company's ongoing business, and $3.1 million of environmental and other related
costs net of recoveries.
|
|
RECONCILIATION OF REPORTED OPERATING MARGIN
TO ADJUSTED OPERATING MARGIN*
(Unaudited)
(In millions)
|
|
|
|
|
|
|
|
|
GAAP Basis
|
|
Adjustments(1)
|
|
As Adjusted
|
|
|
|
|
|
|
|
|
Operating Profit - Fiscal 2026 Q1
|
$
|
33.9
|
|
|
$
|
1.2
|
|
$
|
35.1
|
|
|
|
|
|
|
|
|
|
Operating margin
|
|
7.4
|
%
|
|
|
|
|
7.7
|
%
|
|
|
|
|
|
|
|
|
Operating Profit - Fiscal 2025 Q1
|
$
|
21.0
|
|
|
$
|
4.9
|
|
$
|
25.9
|
|
|
|
|
|
|
|
|
|
Operating margin
|
|
5.1
|
%
|
|
|
|
|
6.3
|
%
|
|
(1) Q1 2026 adjustments reflect $1.2 million of
environmental and other related costs net of recoveries. Q1 2025 adjustments reflect
$1.0 million of reorganization costs, $0.8 million of other costs not related to the
Company's ongoing business, and $3.1 million of environmental and other related
costs net of recoveries.
|
|
RECONCILIATION OF REPORTED DILUTED EPS TO
ADJUSTED
DILUTED EPS ON A CONSTANT CURRENCY BASIS*
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Basis
|
|
Adjustments(1)
|
|
As Adjusted
|
|
Foreign Exchange Impact
|
|
As Adjusted
EPS On a Constant Currency Basis
|
|
|
|
|
|
|
|
|
|
|
|
|
EPS - Fiscal 2026 Q1
|
$
|
0.24
|
|
$
|
0.01
|
|
$
|
0.25
|
|
$
|
(0.03
|
)
|
|
$
|
0.22
|
|
|
|
|
|
|
|
|
|
|
|
|
EPS - Fiscal 2025 Q1
|
$
|
0.15
|
|
$
|
0.04
|
|
$
|
0.19
|
|
|
|
|
|
(1) Q1 2026 adjustments reflect environmental and
other related costs net of recoveries. Q1 2025 adjustments reflect reorganization
costs, other costs not related to the Company's ongoing business, and environmental
and other related costs net of recoveries.
|
|
|
|
|
|
|
|
2026 GUIDANCE RECONCILIATION TABLES
RECONCILIATION OF REPORTED GUIDANCE TO ADJUSTED
GUIDANCE,
REPORTED DILUTED EPS GUIDANCE TO ADJUSTED DILUTED
EPS
GUIDANCE AND SUPPLEMENTAL INFORMATION*
(Unaudited)
(In millions, except earnings per share)
|
|
|
|
|
|
|
|
|
GAAP Basis
|
|
Adjustments(1)
|
|
As Adjusted
|
|
|
|
|
|
|
|
|
Revenue - Fiscal 2026 Full Year
|
$1,960 - $1,985
|
|
|
|
$1,960 - $1,985
|
|
|
|
|
|
|
|
|
Gross Margin - Fiscal 2026 Full Year
|
46.4 %
|
|
|
|
46.4 %
|
|
|
|
|
|
|
|
|
Operating Margin - Fiscal 2026 Full Year
|
9.2 %
|
|
0.3 %
|
|
9.5 %
|
|
|
|
|
|
|
|
|
Diluted EPS - Fiscal 2026 Full Year
|
$1.39 - $1.54
|
|
$0.04
|
|
$1.43 - $1.58
|
|
|
|
|
|
|
|
|
Fiscal 2026 Full Year Supplemental information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings
|
$116 - $128
|
|
$4
|
|
$120 - $132
|
|
|
|
|
|
|
|
|
Net Earnings used to calculate diluted earnings per share
|
$114 - $126
|
|
$3
|
|
$117 - $129
|
|
|
|
|
|
|
|
|
Shares used to calculate diluted earnings per share
|
82.0
|
|
|
|
82.0
|
|
(1) 2026 adjustments reflect estimated environmental
and other related costs net of recoveries.
|
|
|
|
*
|
To supplement the consolidated condensed financial statements
presented in accordance with Generally Accepted Accounting Principles ("GAAP"), the
Company describes what certain financial measures would have been if environmental
and other related costs net of recoveries, reorganization costs, and other costs not
related to the Company's ongoing business were excluded. The Company believes these
non-GAAP measures provide useful information to both management and investors by
increasing comparability to the prior period by adjusting for certain items that may
not be indicative of the Company's core ongoing operating business results and to
better identify trends in the Company's ongoing business. The adjusted financial
results are used by management to, and allow investors to, evaluate the operating
performance of the Company on a comparable basis.
|
|
|
|
The constant currency presentation, which is a non-GAAP measure,
excludes the impact of fluctuations in foreign currency exchange rates. The Company
believes providing constant currency information provides valuable supplemental
information regarding results of operations, consistent with how the Company
evaluates performance. The Company calculates constant currency by converting the
current-period local currency financial results using the prior period exchange
rates and comparing these adjusted amounts to the Company's current period reported
results.
|
|
|
|
Management does not, nor should investors, consider such non-GAAP
financial measures in isolation from, or as a substitution for, financial
information prepared in accordance with GAAP. A reconciliation of all non-GAAP
measures included in this press release, to the most directly comparable GAAP
measures are found in the financial tables above.
|
Source: Wolverine World Wide, Inc.