<\/p>\n
Wolverine Worldwide Reports First Quarter Results In-Line With Guidance and Reaffirms Full-Year 2023 Outlook<\/b><\/p>\n
Portfolio optimization efforts continue – now exploring strategic alternatives for Sperry<\/i><\/b><\/p>\n
ROCKFORD, Mich.–(BUSINESS WIRE<\/a>)– \n\u201cWe are pleased with delivering first quarter results in line with guidance which included 15% constant currency revenue growth from our Active Group,” said Brendan Hoffman, President and Chief Executive Officer. “Earnings results slightly exceeded our expectations and we made progress on reducing inventory. Our first quarter performance and initiatives we have in place position us to reaffirm our full-year outlook despite a challenging environment.\u201d<\/p>\n \nCommenting on portfolio optimization, Hoffman noted, “We need to focus our efforts and investments on our Active and Work Groups, specifically our growth brands – Merrell, Saucony and Sweaty Betty. The recent sale of Keds and pending licensing of Hush Puppies will enable this focus, and these transitions are well underway. We are now exploring strategic alternatives for Sperry while we continue the foundational work needed to position the brand for long-term success.”<\/p>\n FINANCIAL HIGHLIGHTS AND FULL-YEAR OUTLOOK<\/b><\/p>\n \nFinancial results and guidance for 2023, and comparable results from 2022 for our ongoing business exclude the impact of Keds, which was sold in February 2023, and Wolverine Leathers, which is the subject of a sale process, and reflect an adjustment for the transition of our Hush Puppies North America business to a licensing model in the second half of 2023. Tables have been provided in the back of this release showing the impact of these adjustments on operating results for 2022 and 2021 assuming these events occurred on the first day of the relevant period. For visibility regarding this impact on our 2023 operating results, we will report actual results reflecting our ongoing businesses and separately report results for Keds, which will be limited to the period through February 3, 2023 and Wolverine Leathers to the extent we own and operate the business.<\/p>\n FIRST-QUARTER 2023 FINANCIAL HIGHLIGHTS<\/b><\/p>\n (in millions)<\/i><\/p>\n<\/td>\n April 1, 2023<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n April 2, 2022<\/b><\/p>\n<\/td>\n Y\/Y Change<\/b><\/p>\n<\/td>\n Constant Reported Segment Revenue Results:<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nActive Group<\/p>\n<\/td>\n \n$385.9<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$346.1<\/p>\n<\/td>\n \n11.5%<\/p>\n<\/td>\n \n15.0%<\/p>\n<\/td>\n<\/tr>\n \nWork Group<\/p>\n<\/td>\n \n$114.5<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$138.5<\/p>\n<\/td>\n \n(17.3)%<\/p>\n<\/td>\n \n(17.3)%<\/p>\n<\/td>\n<\/tr>\n \nLifestyle Group<\/p>\n<\/td>\n \n$85.3<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$108.1<\/p>\n<\/td>\n \n(21.1)%<\/p>\n<\/td>\n \n(20.9)%<\/p>\n<\/td>\n<\/tr>\n \nOther<\/p>\n<\/td>\n \n$13.7<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$22.1<\/p>\n<\/td>\n \n(38.0)%<\/p>\n<\/td>\n \n(38.0)%<\/p>\n<\/td>\n<\/tr>\n Total Revenue<\/b><\/p>\n<\/td>\n $599.4<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $614.8<\/b><\/p>\n<\/td>\n \n(2.5)%<\/p>\n<\/td>\n \n(0.5)%<\/p>\n<\/td>\n<\/tr>\n Ongoing Total Revenue<\/b><\/p>\n<\/td>\n $580.4<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $575.9<\/b><\/p>\n<\/td>\n \n0.8%<\/p>\n<\/td>\n \n2.9%<\/p>\n<\/td>\n<\/tr>\n Supplemental Brand Revenue Information<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nMerrell<\/p>\n<\/td>\n \n$180.3<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$153.3<\/p>\n<\/td>\n \n17.6%<\/p>\n<\/td>\n \n20.3%<\/p>\n<\/td>\n<\/tr>\n \nSaucony<\/p>\n<\/td>\n \n$132.6<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$109.4<\/p>\n<\/td>\n \n21.2%<\/p>\n<\/td>\n \n24.5%<\/p>\n<\/td>\n<\/tr>\n \nSperry<\/p>\n<\/td>\n \n$62.9<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$72.3<\/p>\n<\/td>\n \n(13.0)%<\/p>\n<\/td>\n \n(12.9)%<\/p>\n<\/td>\n<\/tr>\n \nWolverine<\/p>\n<\/td>\n \n$51.7<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$58.8<\/p>\n<\/td>\n \n(12.1)%<\/p>\n<\/td>\n \n(12.1)%<\/p>\n<\/td>\n<\/tr>\n \nSweaty Betty<\/p>\n<\/td>\n \n$47.5<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$53.6<\/p>\n<\/td>\n \n(11.4)%<\/p>\n<\/td>\n \n(3.1)%<\/p>\n<\/td>\n<\/tr>\n Reported:<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nGross Margin<\/p>\n<\/td>\n \n39.4%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n42.5%<\/p>\n<\/td>\n \n(310) bps<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOperating Margin<\/p>\n<\/td>\n \n7.6%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3.2%<\/p>\n<\/td>\n \n440 bps<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDiluted Earnings Per Share<\/p>\n<\/td>\n \n$0.23<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$0.12<\/p>\n<\/td>\n \n91.7%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Non-GAAP and Ongoing business:<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAdjusted Gross Margin<\/p>\n<\/td>\n \n40.0%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n43.5%<\/p>\n<\/td>\n \n(350) bps<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAdjusted Operating Margin<\/p>\n<\/td>\n \n5.1%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8.2%<\/p>\n<\/td>\n \n(310) bps<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAdjusted Diluted Earnings Per Share<\/p>\n<\/td>\n \n$0.09<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$0.38<\/p>\n<\/td>\n \n(76.3)%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nConstant Currency Earnings Per Share<\/p>\n<\/td>\n \n$0.12<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$0.38<\/p>\n<\/td>\n \n(68.4)%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Revenue<\/b> of $599.4 million declined 2.5% versus the prior year and declined 0.5% on a constant currency basis. Revenue from the ongoing business was $580.4 million representing constant currency growth of 2.9%.<\/p>\n \nThe Company’s international business was especially strong, up 12.6% or 18.0% on a constant currency basis to $249.7 million. Direct-to-Consumer revenue from the ongoing business of $124.9 million was down 7.7% compared to the prior year and down 4.4% on a constant currency basis.<\/p>\n Gross margin<\/b> was 39.4% compared to 42.5% in the prior year reflecting the sale of higher-cost inventory due to transitory supply chain costs from 2022, the acceleration of end-of-life inventory liquidation, and increased promotions.<\/p>\n Selling, General & Administrative<\/b> expenses were $191.0 million, net of a $20.1 million gain on the divestiture of the Keds business. Adjusted SG&A expenses of $202.7 million or 34.9% of adjusted revenue, were 45 basis points lower than the prior year.<\/p>\n Inventory <\/b>at the end of the quarter was $725.9 million which excludes $11.2 million for held-for-sale business. Inventory was down approximately $19.0 million sequentially from the fourth quarter of fiscal 2022.<\/p>\n Net Debt<\/b> at the end of the quarter was $1.06 billion, and liquidity was approximately $670 million. The Company’s bank-defined leverage ratio was 2.8x.<\/p>\n FULL-YEAR 2023 OUTLOOK<\/b><\/p>\n \n“During the first quarter, we saw supply chain and working capital improvements in the business,\u201d said Mike Stornant, Executive Vice President and Chief Financial Officer. \u201cImportantly, we also gained more certainty on current-year cost savings from Profit Improvement Office actions and we remain on track to deliver the earnings improvements planned for this year. The trading environment is challenging, but the diversity of our portfolio and its global reach is expected to help mitigate those challenges. As a result, we are reaffirming revenue and earnings guidance for fiscal 2023.\u201d<\/p>\n \nThis outlook assumes no meaningful deterioration of current market conditions related to the impact of the COVID-19 pandemic, ongoing inflationary pressures, supply chain disruptions, changes in consumer behavior and confidence and geopolitical tensions.<\/p>\n NON-GAAP FINANCIAL MEASURES<\/b><\/p>\n \nMeasures referred to in this release as \u201cadjusted\u201d financial results are non-GAAP measures that exclude environmental and other related costs net of recoveries, gain on the divestiture of the Keds business, reorganization costs and financial results from the Keds business and Wolverine Leathers 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.<\/p>\n \nThe 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.<\/p>\n EARNINGS CALL INFORMATION<\/b><\/p>\n \nThe Company will host a conference call today at 8:30 a.m. EST to discuss these results and current business trends. The conference call will be broadcast live and accessible under the \u201cInvestor Relations\u201d tab at www.wolverineworldwide.com<\/a>. A replay of the conference call will be available on the Company\u2019s website for a period of approximately 30 days.<\/p>\n ABOUT WOLVERINE WORLDWIDE<\/b><\/p>\n \nFounded in 1883 on the belief in the possibility of opportunity, Wolverine World Wide, Inc. (NYSE:WWW) is one of the world\u2019s leading marketers and licensors of branded casual, active lifestyle, work, outdoor sport, athletic, children’s and uniform footwear and apparel. Through a diverse portfolio of highly recognized brands, our products are designed to empower, engage and inspire our consumers every step of the way. The Company\u2019s portfolio includes Merrell\u00ae, Saucony\u00ae, Sweaty Betty\u00ae, Sperry\u00ae, Hush Puppies\u00ae, Wolverine\u00ae, Chaco\u00ae, Bates\u00ae, HYTEST\u00ae, and Stride Rite\u00ae. Wolverine Worldwide is also the global footwear licensee of the popular brands Cat\u00ae and Harley-Davidson\u00ae. Based in Rockford, Michigan, for 140 years, the Company’s products are carried by leading retailers in the U.S. and globally in approximately 170 countries and territories. For additional information, please visit our website, www.wolverineworldwide.com<\/a> or visit us on Facebook, LinkedIn, and Instagram.<\/p>\n FORWARD-LOOKING STATEMENTS<\/b><\/p>\n \nThis press release contains forward-looking statements, including statements regarding the Company\u2019s outlook for 2023 including: reported and constant currency revenue; reported and adjusted gross margin; reported and adjusted operating margin; effective tax rate; reported and adjusted diluted earnings per share; and reported inventory; as well as the amount and timing of transitory supply chain and excess inventory expenses and profit improvement initiative savings; and the Company\u2019s expectations regarding factors the Company believes will mitigate the challenging trading environment. In addition, words such as \u201cestimates,\u201d \u201canticipates,\u201d \u201cbelieves,\u201d \u201cforecasts,\u201d \u201cstep,\u201d \u201cplans,\u201d \u201cpredicts,\u201d \u201cfocused,\u201d \u201cprojects,\u201d \u201coutlook,\u201d \u201cis likely,\u201d \u201cexpects,\u201d \u201cintends,\u201d \u201cshould,\u201d \u201cwill,\u201d \u201cconfident,\u201d 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 (\u201cRisk Factors\u201d) 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, employment rates, business conditions, interest rates, tax policies, inflationary pressures and other factors affecting consumer spending in the markets and regions in which the Company\u2019s products are sold; the inability for any reason to effectively compete in global footwear, apparel and consumer-direct 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; increases or changes in duties, tariffs, quotas or applicable assessments in countries of import and export; foreign currency exchange rate fluctuations; currency restrictions; supply chain or other capacity constraints, production disruptions, quality issues, price increases or other risks associated with foreign sourcing; the cost and availability of raw materials, inventories, services and labor for contract manufacturers; the effects of pandemics, such as the COVID-19 pandemic, on the Company\u2019s business, operations, financial results and liquidity, including the duration and magnitude of such effects, and numerous factors that the Company cannot accurately predict, including: the duration and scope of the pandemic, the negative impact on global and regional markets, unemployment rates, consumer confidence and discretionary spending, governmental action, and the effects of the pandemic on the Company\u2019s supply chain and customers; labor disruptions; changes in relationships with, including the loss of, significant wholesale customers; risks related to the significant investment in, and performance of, the Company\u2019s consumer-direct operations; risks related to expansion into new markets and complementary product categories; the impact of seasonality and unpredictable weather conditions; increases in the Company\u2019s 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; the impact of regulation, regulatory and legal proceedings and legal compliance risks, including compliance with federal, state and local laws and regulations relating to the protection of the environment, environmental remediation and other related costs, and litigation or other legal proceedings relating to the protection of the environment or environmental effects on human health; the potential breach of the Company\u2019s 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\u2019s success in integrating acquired businesses, and implementing new initiatives and ventures; the risk of impairment to goodwill and other intangibles; changes in future pension funding requirements and pension expenses; and additional factors discussed in the Company\u2019s 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.<\/p>\n WOLVERINE WORLD WIDE, INC. \n\u00a0<\/p>\n<\/td>\n \nQuarter Ended<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n April 1, \n\u00a0<\/p>\n<\/td>\n \nApril 2, \nRevenue<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 599.4<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n614.8<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCost of goods sold<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 363.1<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n353.5<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nGross profit<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 236.3<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n261.3<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Gross margin<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 39.4<\/i><\/b><\/p>\n<\/td>\n %<\/i><\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 42.5<\/i><\/p>\n<\/td>\n %<\/i><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nSelling, general and administrative expenses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 212.0<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n211.3<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nGain on sale of business<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (20.1<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nEnvironmental and other related costs, net of recoveries<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (0.9<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n30.4<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOperating expenses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 191.0<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n241.7<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Operating expenses as a % of revenue<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 31.9<\/i><\/b><\/p>\n<\/td>\n %<\/i><\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 39.3<\/i><\/p>\n<\/td>\n %<\/i><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOperating profit<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 45.3<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n19.6<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Operating margin<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 7.6<\/i><\/b><\/p>\n<\/td>\n %<\/i><\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 3.2<\/i><\/p>\n<\/td>\n %<\/i><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nInterest expense, net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 15.8<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8.7<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOther expense (income), net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 1.2<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1.1<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nTotal other expenses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 17.0<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7.6<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nEarnings before income taxes<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 28.3<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n12.0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nIncome tax expense<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 10.3<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3.6<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Effective tax rate<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 36.3<\/i><\/b><\/p>\n<\/td>\n %<\/i><\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 30.4<\/i><\/p>\n<\/td>\n %<\/i><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet earnings<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 18.0<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8.4<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nLess: net loss attributable to noncontrolling interests<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (1.0<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1.3<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nNet earnings attributable to Wolverine World Wide, Inc.<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 19.0<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n9.7<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDiluted earnings per share<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 0.23<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.12<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nSupplemental information:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet earnings used to calculate diluted earnings per share<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 18.6<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n9.5<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nShares used to calculate diluted earnings per share<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 79.2<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n81.9<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n WOLVERINE WORLD WIDE, INC. \n\u00a0<\/p>\n<\/td>\n April 1, \n\u00a0<\/p>\n<\/td>\n \nApril 2, ASSETS<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCash and cash equivalents<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 116.2<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n149.6<\/p>\n<\/td>\n<\/tr>\n \nAccounts receivables, net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 251.2<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n370.6<\/p>\n<\/td>\n<\/tr>\n \nInventories, net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 725.9<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n483.3<\/p>\n<\/td>\n<\/tr>\n \nCurrent assets held for sale<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 22.1<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n<\/tr>\n \nOther current assets<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 87.2<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n74.4<\/p>\n<\/td>\n<\/tr>\n \nTotal current assets<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 1,202.6<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,077.9<\/p>\n<\/td>\n<\/tr>\n \nProperty, plant and equipment, net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 140.5<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n128.4<\/p>\n<\/td>\n<\/tr>\n \nLease right-of-use assets<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 172.2<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n137.7<\/p>\n<\/td>\n<\/tr>\n \nGoodwill and other indefinite-lived intangibles<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 743.3<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,259.8<\/p>\n<\/td>\n<\/tr>\n \nOther noncurrent assets<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 158.1<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n142.2<\/p>\n<\/td>\n<\/tr>\n \nTotal assets<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 2,416.7<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n2,746.0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n LIABILITIES AND STOCKHOLDERS’ EQUITY<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAccounts payable and other accrued liabilities<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 536.6<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n567.2<\/p>\n<\/td>\n<\/tr>\n \nLease liabilities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 39.3<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n35.2<\/p>\n<\/td>\n<\/tr>\n \nCurrent maturities of long-term debt<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 10.0<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10.0<\/p>\n<\/td>\n<\/tr>\n \nBorrowings under revolving credit agreements<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 450.0<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n355.0<\/p>\n<\/td>\n<\/tr>\n \nTotal current liabilities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 1,035.9<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n967.4<\/p>\n<\/td>\n<\/tr>\n \nLong-term debt<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 720.8<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n729.6<\/p>\n<\/td>\n<\/tr>\n \nLease liabilities, noncurrent<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 150.9<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n119.3<\/p>\n<\/td>\n<\/tr>\n \nOther noncurrent liabilities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 164.6<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n314.4<\/p>\n<\/td>\n<\/tr>\n \nStockholders’ equity<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 344.5<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n615.3<\/p>\n<\/td>\n<\/tr>\n \nTotal liabilities and stockholders’ equity<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 2,416.7<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n2,746.0<\/p>\n<\/td>\n<\/tr>\n WOLVERINE WORLD WIDE, INC. \n\u00a0<\/p>\n<\/td>\n \nQuarter Ended<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n April 1, \n\u00a0<\/p>\n<\/td>\n \nApril 2, OPERATING ACTIVITIES:<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet earnings<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 18.0<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n8.4<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAdjustments to reconcile net earnings to net cash used in operating activities:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDepreciation and amortization<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 8.5<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8.5<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDeferred income taxes<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (3.8<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(6.8<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nStock-based compensation expense<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 4.5<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10.3<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nPension and SERP expense<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 0.4<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2.3<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nEnvironmental and other related costs, net of cash payments and recoveries received<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (1.3<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n14.1<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nGain on sale of business<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (20.1<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOther<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (1.4<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2.2<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nChanges in operating assets and liabilities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (102.6<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(131.5<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nNet cash used in operating activities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (97.8<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(92.5<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n INVESTING ACTIVITIES:<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAdditions to property, plant and equipment<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (7.3<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(7.5<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nProceeds from sale of business<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 81.9<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOther<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (0.1<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3.7<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet cash provided by (used in) investing activities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 74.5<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(3.8<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n FINANCING ACTIVITIES:<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nPayments under revolving credit agreements<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (225.0<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(37.0<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nBorrowings under revolving credit agreements<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 250.0<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n167.0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nPayments on long-term debt<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (2.5<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2.5<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nCash dividends paid<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (8.4<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(8.4<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nPurchase of common stock for treasury<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \u2014<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(33.8<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nEmployee taxes paid under stock-based compensation plans<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (5.5<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(7.1<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nProceeds from the exercise of stock options<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 0.1<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.8<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nContributions from noncontrolling interests<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \u2014<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7.0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet cash provided by financing activities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 8.7<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n86.0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nEffect of foreign exchange rate changes<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (0.3<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1.8<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nDecrease in cash and cash equivalents<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (14.9<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(12.1<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCash and cash equivalents at beginning of the year<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 135.5<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n161.7<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCash and cash equivalents at end of the quarter<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 120.6<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n149.6<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nThe following tables contain information regarding the non-GAAP financial measures used by the Company in the presentation of its financial results:<\/p>\n WOLVERINE WORLD WIDE, INC.<\/p>\n Q1 2023 RECONCILIATION TABLES<\/p>\n RECONCILIATION OF REPORTED REVENUE TO ADJUSTED \n\u00a0<\/p>\n<\/td>\n GAAP Basis \n\u00a0<\/p>\n<\/td>\n Foreign \n\u00a0<\/p>\n<\/td>\n Constant \n\u00a0<\/p>\n<\/td>\n GAAP Basis \n\u00a0<\/p>\n<\/td>\n Constant \n\u00a0<\/p>\n<\/td>\n Reported Growth<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n REVENUE<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nActive Group<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 385.9<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 12.0<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 397.9<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n346.1<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 15.0%<\/i><\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 11.5%<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n \nWork Group<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 114.5<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 0.1<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 114.6<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n138.5<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (17.3)%<\/i><\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (17.3)%<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n \nLifestyle Group<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 85.3<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 0.2<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 85.5<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n108.1<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (20.9)%<\/i><\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (21.1)%<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n \nOther<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 13.7<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \u2014<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 13.7<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n22.1<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (38.0)%<\/i><\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (38.0)%<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n \nTotal<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 599.4<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 12.3<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 611.7<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n614.8<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (0.5)%<\/i><\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (2.5)%<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n RECONCILIATION OF REPORTED REVENUE \n\u00a0<\/p>\n<\/td>\n GAAP Basis<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Divestiture (1)<\/sup><\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n As Adjusted<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nRevenue – Fiscal 2023 Q1<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 599.4<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 19.0<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 580.4<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nRevenue – Fiscal 2022 Q1<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n614.8<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n38.9<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n575.9<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nRevenue Lifestyle Group – Fiscal 2023 Q1<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 85.3<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 6.5<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 78.8<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nRevenue Lifestyle Group – Fiscal 2022 Q1<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n108.1<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n22.3<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n85.8<\/p>\n<\/td>\n<\/tr>\n (1)<\/sup> Q1 2023 and Q1 2022 adjustments reflect the Keds business and Wolverine Leathers business results included in the consolidated condensed statement of operations.<\/p>\n<\/td>\n<\/tr>\n RECONCILIATION OF REPORTED GROSS MARGIN \n\u00a0<\/p>\n<\/td>\n GAAP Basis<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Divestiture (1)<\/sup><\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n As Adjusted<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nGross Profit – Fiscal 2023 Q1<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 236.3<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n4.1<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 232.2<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Gross margin<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 39.4%<\/i><\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 40.0%<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nGross Profit – Fiscal 2022 Q1<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n261.3<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n10.5<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n250.8<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Gross margin<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 42.5%<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 43.5%<\/i><\/p>\n<\/td>\n<\/tr>\n (1) <\/sup>Q1 2023 and Q1 2022 adjustment reflect the Keds business and Wolverine Leathers business results included in the consolidated condensed statement of operations.<\/p>\n<\/td>\n<\/tr>\n RECONCILIATION OF REPORTED SELLING, GENERAL AND ADMINISTRATIVE EXPENSES \n\u00a0<\/p>\n<\/td>\n GAAP Basis<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Adjustment (1)<\/sup><\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Divestiture (2)<\/sup><\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n As Adjusted<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nSelling, general and administrative expenses – Fiscal 2023 Q1<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 191.0<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 16.3<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n (4.6<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 202.7<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nSelling, general and administrative expenses – Fiscal 2022 Q1<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n241.7<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(30.4<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(7.6<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n203.7<\/p>\n<\/td>\n<\/tr>\n (1) <\/sup>Q1 2023 adjustments reflect the $20.1 million gain on the divestiture of the Keds business and $0.9 million of environmental and other related costs net of recoveries, partially offset by $4.7 million of reorganization costs. Q1 2022 adjustments reflect $30.4 million of environmental and other related costs net of recoveries.<\/p>\n<\/td>\n<\/tr>\n (2)<\/sup> Q1 2023 and Q1 2022 adjustment reflect the Keds business and Wolverine Leathers business results included in the consolidated condensed statement of operations.<\/p>\n<\/td>\n<\/tr>\n RECONCILIATION OF REPORTED OPERATING MARGIN \n\u00a0<\/p>\n<\/td>\n GAAP Basis<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Adjustments (1)<\/sup><\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Divestiture (2)<\/sup><\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n As Adjusted<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOperating Profit – Fiscal 2023 Q1<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 45.3<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n (16.3<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 0.5<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 29.5<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Operating margin<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 7.6<\/i><\/b><\/p>\n<\/td>\n %<\/i><\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 5.1<\/i><\/b><\/p>\n<\/td>\n %<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOperating Profit – Fiscal 2022 Q1<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n19.6<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n30.4<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(2.9<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n47.1<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Operating margin<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 3.2<\/i><\/p>\n<\/td>\n %<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 8.2<\/i><\/p>\n<\/td>\n %<\/i><\/p>\n<\/td>\n<\/tr>\n (1) <\/sup>Q1 2023 adjustments reflect the $20.1 million gain on the divestiture of the Keds business and $0.9 million of environmental and other related costs net of recoveries, partially offset by $4.7 million of reorganization costs. Q1 2022 adjustments reflect $30.4 million of environmental.<\/p>\n<\/td>\n<\/tr>\n (2)<\/sup> Q1 2023 and Q1 2022 adjustment reflect the Keds business and Wolverine Leathers business results included in the consolidated condensed statement of operations.<\/p>\n<\/td>\n<\/tr>\n RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED \n\u00a0<\/p>\n<\/td>\n
\nWolverine World Wide, Inc. (NYSE: WWW) today reported financial results for the first quarter ended April 1, 2023.<\/p>\n\n
\n \n \n \n \n \n \n
\n
Currency Change<\/b><\/p>\n<\/td>\n<\/tr>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n
\n \u00a0<\/td>\n<\/tr>\n \n \n
\n
<\/b>CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
\n
<\/b>(Unaudited)
\n
<\/b>(In millions, except earnings per share)<\/b><\/p>\n<\/td>\n<\/tr>\n\n <\/tr>\n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n
\n<\/b>
2023<\/b><\/p>\n<\/td>\n\n \n
\n
2022<\/p>\n<\/td>\n<\/tr>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n<\/table>\n \n
\n <\/tr>\n \n \n
\n
<\/b>CONSOLIDATED CONDENSED BALANCE SHEETS
\n
<\/b>(Unaudited)
\n
<\/b>(In millions)<\/b><\/p>\n<\/td>\n<\/tr>\n\n <\/tr>\n \n \u00a0<\/td>\n<\/tr>\n \n \n \n
\n<\/b>
2023<\/b><\/p>\n<\/td>\n\n \n
\n
2022<\/p>\n<\/td>\n<\/tr>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n<\/table>\n \n
\n <\/tr>\n \n \n
\n
<\/b>CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
\n
<\/b>(Unaudited)
\n
<\/b>(In millions)<\/b><\/p>\n<\/td>\n<\/tr>\n\n <\/tr>\n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n
\n<\/b>
2023<\/b><\/p>\n<\/td>\n\n \n
\n
2022<\/p>\n<\/td>\n<\/tr>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n<\/table>\n \n
\n \u00a0<\/td>\n<\/tr>\n \n \n
\n
<\/b>REVENUE ON A CONSTANT CURRENCY BASIS*
\n
<\/b>(Unaudited)
\n
<\/b>(In millions)<\/b><\/p>\n<\/td>\n<\/tr>\n\n <\/tr>\n \n \u00a0<\/td>\n<\/tr>\n \n \n \n
\n
2023-Q1<\/b><\/p>\n<\/td>\n\n \n
\n
Exchange
\n
Impact<\/b><\/p>\n<\/td>\n\n \n
\n
Currency
\n
Basis 2023-Q1<\/b><\/p>\n<\/td>\n\n \n
\n
2022-Q1<\/b><\/p>\n<\/td>\n\n \n
\n
Currency Growth<\/i><\/b><\/p>\n<\/td>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n<\/table>\n \n
\n <\/tr>\n \n \n
\n
<\/b>TO ADJUSTED REVENUE*
\n
<\/b>(Unaudited)
\n
<\/b>(In millions)<\/b><\/p>\n<\/td>\n<\/tr>\n\n <\/tr>\n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n<\/table>\n \n
\n \u00a0<\/td>\n<\/tr>\n \n \n
\n
<\/b>TO ADJUSTED GROSS MARGIN *
\n
<\/b>(Unaudited)
\n
<\/b>(In millions)<\/b><\/p>\n<\/td>\n<\/tr>\n\n <\/tr>\n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n<\/table>\n \n
\n \u00a0<\/td>\n<\/tr>\n \n \n
\n
<\/b>TO ADJUSTED SELLING, GENERAL AND ADMINISTRATIVE EXPENSES*
\n
<\/b>(Unaudited)
\n
<\/b>(In millions)<\/b><\/p>\n<\/td>\n<\/tr>\n\n <\/tr>\n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n<\/table>\n \n
\n \u00a0<\/td>\n<\/tr>\n \n \n
\n
<\/b>TO ADJUSTED OPERATING MARGIN
\n
<\/b>(Unaudited)
\n
<\/b>(In millions)<\/b><\/p>\n<\/td>\n<\/tr>\n\n <\/tr>\n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n<\/table>\n \n
\n \u00a0<\/td>\n<\/tr>\n \n \n
\n
<\/b>DILUTED EPS ON A CONSTANT CURRENCY BASIS*
\n
<\/b>(Unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n\n <\/tr>\n \n \u00a0<\/td>\n<\/tr>\n \n \n \n