ROCKFORD, Mich.--(BUSINESS WIRE)--
Wolverine World Wide, Inc. (NYSE: WWW) today reported financial results for the second quarter ended July 4,
2026.
"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 Chris Hufnagel, President and Chief Executive
Officer of Wolverine Worldwide. "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."
SECOND QUARTER 2026 FINANCIAL HIGHLIGHTS
|
(in millions)
|
July 4, 2026
|
|
June 28, 2025
|
Y/Y Change
|
Constant
Currency Change
|
|
Reported Segment Revenue Results:
|
|
|
|
|
|
|
Active Group
|
$388.4
|
|
$355.5
|
9.3%
|
8.5%
|
|
Work Group
|
$105.8
|
|
$107.5
|
(1.6)%
|
(2.1)%
|
|
Other
|
$12.2
|
|
$11.2
|
8.9%
|
10.7%
|
|
Total Revenue
|
$506.4
|
|
$474.2
|
6.8%
|
6.1%
|
|
Supplemental Revenue Information
|
|
|
|
|
|
|
Merrell
|
$175.5
|
|
$157.9
|
11.1%
|
10.3%
|
|
Saucony
|
$158.6
|
|
$144.3
|
9.9%
|
9.0%
|
|
Wolverine
|
$39.6
|
|
$37.1
|
6.6%
|
6.6%
|
|
Sweaty Betty
|
$40.3
|
|
$41.3
|
(2.4)%
|
(2.7)%
|
|
International
|
$277.2
|
|
$250.0
|
10.9%
|
9.6%
|
|
Direct-to-Consumer
|
$111.7
|
|
$111.6
|
0.1%
|
(0.1)%
|
|
Reported Financial Metrics
|
|
|
|
|
|
|
Gross Margin
|
46.5%
|
|
47.2%
|
(70) bps
|
|
|
Operating Expenses
|
$188.0
|
|
$183.3
|
2.6%
|
|
|
Operating Margin
|
9.3%
|
|
8.6%
|
70 bps
|
|
|
Diluted Earnings Per Share
|
$0.37
|
|
$0.32
|
15.6%
|
|
|
Non-GAAP Financial Metrics
|
|
|
|
|
|
|
Adjusted Operating Expenses
|
$184.9
|
|
$180.6
|
2.4%
|
|
|
Adjusted Operating Margin
|
10.0%
|
|
9.2%
|
80 bps
|
|
|
Adjusted Diluted Earnings Per Share
|
$0.40
|
|
$0.35
|
14.3%
|
|
|
Constant Currency Diluted Earnings Per Share
|
$0.38
|
|
$0.35
|
8.6%
|
|
Gross margin was 46.5% compared to 47.2% in the prior year, primarily reflecting the impact of higher
U.S. tariffs, partially offset by price increases and other tariff mitigation initiatives.
BALANCE SHEET (July 4, 2026 as compared to June 28, 2025)
Cash and cash equivalents were $159 million, an increase of $18 million, or 12.4%.
Inventory was $269 million, a decrease of $55 million, or 17.0%.
Net Debt was $443 million, a decrease of $125 million, or 22.0%.
FULL-YEAR 2026 OUTLOOK
The Company's outlook reflects the impact of foreign currency and excludes any benefit from potential tariff
refunds. 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 $1.980 billion to $2.000 billion, representing growth of
approximately 5.6% to 6.7% compared to 2025, constant currency growth of approximately 4.9% to 5.9%,
and constant currency growth of approximately 5.6% to 6.6% excluding the impact of the 53rd week in
2025. This compares to the previous outlook for revenue of approximately $1.960 billion to $1.985
billion.
- Gross margin to be approximately 46.9%, down 40 basis points compared to 2025. This compares to
the previous outlook for gross margin of approximately 46.4%.
- Operating margin to be approximately 9.5%, up 150 basis points compared to 2025, and adjusted
operating margin to be approximately 9.9%, up 90 basis points compared to 2025. This compares to the
previous outlook for operating margin of approximately 9.2% and adjusted operating margin of
approximately 9.5%.
- Effective tax rate to be approximately 18.0%, unchanged from the previous outlook.
- Diluted earnings per share in the range of $1.48 to $1.58 and adjusted diluted earnings per share
in the range of $1.55 to $1.65. This compares to the previous outlook for 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.
- Diluted weighted average shares of approximately 82.0 million, unchanged from the previous
outlook.
NON-GAAP FINANCIAL MEASURES
Measures referred to in this release as “adjusted” financial results are non-GAAP measures. Adjusted financial
results exclude legal settlement costs, environmental and other related costs net of recoveries, and
reorganization costs. 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 at investors.wolverineworldwide.com under the "Events &
Presentations" section. A replay of the conference call will be available on the Company’s website shortly
after the conclusion of the call and will remain accessible for approximately one year.
ABOUT WOLVERINE WORLDWIDE
Wolverine World Wide, Inc. (NYSE: WWW) is a global footwear and apparel company driven by a vision to Make.
Every Day. Better. Founded in 1883, the Company builds and grows iconic brands including Merrell®,
Saucony®, Wolverine®, Sweaty Betty®, Chaco®, Hush Puppies®, Stride Rite®, HYTEST®, and Bates®, along with
footwear licenses for Cat® and Harley-Davidson®. Headquartered in Rockford, Michigan, the Company’s products
are sold in approximately 170 countries and territories worldwide. For more information, visit 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
|
|
Year-To-Date Ended
|
|
|
July 4,
2026
|
|
June 28,
2025
|
|
July 4,
2026
|
|
June 28,
2025
|
|
Revenue
|
$
|
506.4
|
|
|
$
|
474.2
|
|
|
$
|
964.0
|
|
|
$
|
886.5
|
|
|
Cost of goods sold
|
|
271.1
|
|
|
|
250.2
|
|
|
|
510.9
|
|
|
|
466.4
|
|
|
Gross profit
|
|
235.3
|
|
|
|
224.0
|
|
|
|
453.1
|
|
|
|
420.1
|
|
|
Gross margin
|
|
46.5
|
%
|
|
|
47.2
|
%
|
|
|
47.0
|
%
|
|
|
47.4
|
%
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses
|
|
187.4
|
|
|
|
182.4
|
|
|
|
370.1
|
|
|
|
354.4
|
|
|
Environmental and other related costs (income), net of recoveries
|
|
0.6
|
|
|
|
0.9
|
|
|
|
1.8
|
|
|
|
4.0
|
|
|
Operating expenses
|
|
188.0
|
|
|
|
183.3
|
|
|
|
371.9
|
|
|
|
358.4
|
|
|
Operating expenses as a % of revenue
|
|
37.1
|
%
|
|
|
38.7
|
%
|
|
|
38.6
|
%
|
|
|
40.4
|
%
|
|
|
|
|
|
|
|
|
|
|
Operating profit
|
|
47.3
|
|
|
|
40.7
|
|
|
|
81.2
|
|
|
|
61.7
|
|
|
Operating margin
|
|
9.3
|
%
|
|
|
8.6
|
%
|
|
|
8.4
|
%
|
|
|
7.0
|
%
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net
|
|
7.1
|
|
|
|
8.5
|
|
|
|
13.6
|
|
|
|
16.5
|
|
|
Other income, net
|
|
(0.6
|
)
|
|
|
(1.4
|
)
|
|
|
(0.8
|
)
|
|
|
(2.9
|
)
|
|
Total other expenses
|
|
6.5
|
|
|
|
7.1
|
|
|
|
12.8
|
|
|
|
13.6
|
|
|
Earnings before income taxes
|
|
40.8
|
|
|
|
33.6
|
|
|
|
68.4
|
|
|
|
48.1
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
|
|
7.9
|
|
|
|
4.6
|
|
|
|
13.1
|
|
|
|
5.9
|
|
|
Effective tax rate
|
|
19.5
|
%
|
|
|
13.7
|
%
|
|
|
19.2
|
%
|
|
|
12.3
|
%
|
|
|
|
|
|
|
|
|
|
|
Net earnings
|
|
32.9
|
|
|
|
29.0
|
|
|
|
55.3
|
|
|
|
42.2
|
|
|
|
|
|
|
|
|
|
|
|
Less: net earnings attributable to noncontrolling interests
|
|
1.7
|
|
|
|
2.2
|
|
|
|
3.9
|
|
|
|
3.3
|
|
|
Net earnings attributable to Wolverine World Wide, Inc.
|
$
|
31.2
|
|
|
$
|
26.8
|
|
|
$
|
51.4
|
|
|
$
|
38.9
|
|
|
Diluted earnings per share
|
$
|
0.37
|
|
|
$
|
0.32
|
|
|
$
|
0.61
|
|
|
$
|
0.47
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental information:
|
|
|
|
|
|
|
|
|
Net earnings used to calculate diluted earnings per share
|
$
|
30.4
|
|
|
$
|
25.9
|
|
|
$
|
50.1
|
|
|
$
|
37.6
|
|
|
Shares used to calculate diluted earnings per share
|
|
82.0
|
|
|
|
81.1
|
|
|
|
81.9
|
|
|
|
80.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WOLVERINE WORLD WIDE, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)
(In millions)
|
|
|
|
|
|
|
|
|
|
|
July 4,
2026
|
|
June 28,
2025
|
|
ASSETS
|
|
|
|
|
Cash and cash equivalents
|
$
|
158.5
|
|
$
|
141.0
|
|
Accounts receivables, net
|
|
221.1
|
|
|
255.4
|
|
Inventories, net
|
|
269.3
|
|
|
324.5
|
|
Other current assets
|
|
87.3
|
|
|
88.8
|
|
Total current assets
|
|
736.2
|
|
|
809.7
|
|
Property, plant and equipment, net
|
|
76.7
|
|
|
90.6
|
|
Lease right-of-use assets
|
|
107.0
|
|
|
106.3
|
|
Goodwill and other indefinite-lived intangibles
|
|
608.9
|
|
|
614.4
|
|
Other noncurrent assets
|
|
177.9
|
|
|
194.1
|
|
Total assets
|
$
|
1,706.7
|
|
$
|
1,815.1
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
Accounts payable and other accrued liabilities
|
$
|
383.7
|
|
$
|
465.5
|
|
Lease liabilities
|
|
37.5
|
|
|
36.3
|
|
Current maturities of long-term debt
|
|
—
|
|
|
10.0
|
|
Borrowings under revolving credit agreements
|
|
54.0
|
|
|
135.0
|
|
Total current liabilities
|
|
475.2
|
|
|
646.8
|
|
Long-term debt
|
|
547.1
|
|
|
563.5
|
|
Lease liabilities, noncurrent
|
|
106.8
|
|
|
115.7
|
|
Other noncurrent liabilities
|
|
109.2
|
|
|
125.5
|
|
Stockholders' equity
|
|
468.4
|
|
|
363.6
|
|
Total liabilities and stockholders' equity
|
$
|
1,706.7
|
|
$
|
1,815.1
|
|
|
|
|
|
|
|
|
WOLVERINE WORLD WIDE, INC.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
(In millions)
|
|
|
|
|
|
|
Year-To-Date Ended
|
|
|
July 4,
2026
|
|
June 28,
2025
|
|
OPERATING ACTIVITIES
|
|
|
|
|
Net earnings
|
$
|
55.3
|
|
|
$
|
42.2
|
|
|
Adjustments to reconcile net earnings to net cash provided by
(used in) operating activities:
|
|
|
|
|
Depreciation and amortization
|
|
10.5
|
|
|
|
12.5
|
|
|
Deferred income taxes
|
|
0.3
|
|
|
|
0.2
|
|
|
Stock-based compensation expense
|
|
12.4
|
|
|
|
12.6
|
|
|
Pension and SERP expense
|
|
—
|
|
|
|
(0.3
|
)
|
|
Environmental and other related costs
|
|
(4.0
|
)
|
|
|
(6.8
|
)
|
|
Other
|
|
(5.0
|
)
|
|
|
(5.1
|
)
|
|
Changes in operating assets and liabilities
|
|
(66.1
|
)
|
|
|
(94.5
|
)
|
|
Net cash provided by (used in) operating activities
|
|
3.4
|
|
|
|
(39.2
|
)
|
|
|
|
|
|
|
INVESTING ACTIVITIES
|
|
|
|
|
Additions to property, plant and equipment
|
|
(4.1
|
)
|
|
|
(11.0
|
)
|
|
Other
|
|
(0.5
|
)
|
|
|
(0.9
|
)
|
|
Net cash used in investing activities
|
|
(4.6
|
)
|
|
|
(11.9
|
)
|
|
|
|
|
|
|
FINANCING ACTIVITIES
|
|
|
|
|
Payments under revolving credit agreements
|
|
(256.0
|
)
|
|
|
(171.0
|
)
|
|
Borrowings under revolving credit agreements
|
|
235.0
|
|
|
|
236.0
|
|
|
Payments on long-term debt
|
|
—
|
|
|
|
(5.0
|
)
|
|
Cash dividends paid
|
|
(17.0
|
)
|
|
|
(16.7
|
)
|
|
Employee taxes paid under stock-based compensation plans
|
|
(8.5
|
)
|
|
|
(8.5
|
)
|
|
Proceeds from the exercise of stock options
|
|
0.2
|
|
|
|
0.5
|
|
|
Net cash provided by (used in) financing activities
|
|
(46.3
|
)
|
|
|
35.3
|
|
|
|
|
|
|
|
Effect of foreign exchange rate changes
|
|
(0.3
|
)
|
|
|
4.7
|
|
|
Decrease in cash and cash equivalents
|
|
(47.8
|
)
|
|
|
(11.1
|
)
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of the year
|
|
206.3
|
|
|
|
152.1
|
|
|
Cash and cash equivalents at end of the quarter
|
$
|
158.5
|
|
|
$
|
141.0
|
|
|
|
|
|
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.
Q2 2026 RECONCILIATION TABLES
RECONCILIATION OF REPORTED REVENUE TO ADJUSTED
REVENUE ON A CONSTANT CURRENCY BASIS*
(Unaudited)
(In millions)
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GAAP Basis
2026-Q2
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Foreign
Exchange
Impact
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Constant
Currency
Basis 2026-Q2
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GAAP Basis
2025-Q2
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Reported
Change
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Constant
Currency
Change
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REVENUE
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Active Group
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$
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388.4
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$
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(2.7
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)
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$
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385.7
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$
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355.5
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9.3%
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8.5%
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Work Group
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105.8
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(0.6
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)
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105.2
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107.5
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(1.6)%
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(2.1)%
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Other
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12.2
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0.2
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12.4
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11.2
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8.9%
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10.7%
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Total
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$
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506.4
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$
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(3.1
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)
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$
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503.3
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$
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474.2
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6.8%
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6.1%
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RECONCILIATION OF REPORTED OPERATING EXPENSES
TO ADJUSTED OPERATING EXPENSES*
(Unaudited)
(In millions)
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GAAP Basis
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Adjustment(1)
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As Adjusted
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Operating expenses - Fiscal 2026 Q2
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$
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188.0
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$
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(3.1
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)
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$
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184.9
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Operating expenses - Fiscal 2025 Q2
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$
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183.3
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$
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(2.7
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)
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$
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180.6
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(1) Q2 2026 adjustments reflect $2.5 million of legal settlement costs and
$0.6 million of environmental and other related costs net of recoveries. Q2 2025
adjustments reflect $1.8 million of reorganization costs and $0.9 million of
environmental and other related costs net of recoveries.
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RECONCILIATION OF REPORTED OPERATING MARGIN
TO ADJUSTED OPERATING MARGIN*
(Unaudited)
(In millions)
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GAAP Basis
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Adjustments(1)
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As Adjusted
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Operating Profit - Fiscal 2026 Q2
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$
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47.3
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$
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3.1
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$
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50.4
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Operating margin
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9.3
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%
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10.0
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%
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Operating Profit - Fiscal 2025 Q2
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$
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40.7
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$
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2.7
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$
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43.4
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Operating margin
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8.6
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%
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9.2
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%
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(1) Q2 2026 adjustments reflect $2.5 million of legal settlement costs and
$0.6 million of environmental and other related costs net of recoveries. Q2 2025
adjustments reflect $1.8 million of reorganization costs and $0.9 million of
environmental and other related costs net of recoveries.
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RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED
DILUTED EPS ON A CONSTANT CURRENCY BASIS*
(Unaudited)
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GAAP Basis
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Adjustments(1)
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As Adjusted
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Foreign
Exchange
Impact
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As Adjusted
EPS On a Constant
Currency Basis
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EPS - Fiscal 2026 Q2
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$
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0.37
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$
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0.03
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$
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0.40
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$
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(0.02
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)
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$
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0.38
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EPS - Fiscal 2025 Q2
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$
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0.32
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$
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0.03
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$
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0.35
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(1) Q2 2026 adjustments reflect legal settlement costs and environmental and
other related costs net of recoveries. Q2 2025 adjustments reflect reorganization
costs and environmental and other related costs net of recoveries.
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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)
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GAAP Basis
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Adjustments(1)
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As Adjusted
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Revenue - Fiscal 2026 Full Year
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$1,980 - $2,000
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$1,980 - $2,000
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Gross Margin - Fiscal 2026 Full Year
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46.9%
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46.9%
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Operating Margin - Fiscal 2026 Full Year
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9.5%
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0.4%
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9.9%
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Diluted EPS - Fiscal 2026 Full Year
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$1.48 - $1.58
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$0.07
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$1.55 - $1.65
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Fiscal 2026 Full Year Supplemental information:
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Net Earnings
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$125 - $133
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$6
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$131 - $139
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Net Earnings used to calculate diluted earnings per share
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$121 - $130
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$6
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$127 - $136
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Shares used to calculate diluted earnings per share
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82.0
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82.0
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(1) 2026 adjustments reflect legal settlement costs and estimated
environmental and other related costs net of recoveries.
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*
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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 legal
settlement costs, environmental and other related costs net of recoveries, and
reorganization costs 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 operating business results and to better identify
trends in the Company's 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.
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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.
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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.
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Source: Wolverine World Wide, Inc.