<\/p>\n
CORRECTING and REPLACING <\/b>Wolverine Worldwide Reports Fourth Quarter and Fiscal 2024 Results<\/b><\/p>\n
Company Meets Guidance, Inflects to Growth, and Issues 2025 Outlook<\/i><\/b><\/p>\n
ROCKFORD, Mich.–(BUSINESS WIRE<\/a>)– \nThe updated release reads:\n<\/p>\n WOLVERINE WORLDWIDE REPORTS FOURTH QUARTER AND FISCAL 2024 RESULTS<\/b><\/p>\n Company Meets Guidance, Inflects to Growth, and Issues 2025 Outlook<\/i><\/b><\/p>\n \nWolverine World Wide, Inc. (NYSE: WWW) today reported financial results for the fourth quarter and full year 2024 ended December 28, 2024.\n<\/p>\n \n\u201cA year ago, we outlined an ambitious turnaround strategy composed of three chapters: stabilization, transformation, and inflection. We shared a plan to meaningfully strengthen the Company’s balance sheet, expand profitability, and sequentially improve revenue trends \u2013 culminating with an inflection to growth in the final quarter of 2024,\u201d said Chris Hufnagel, President and Chief Executive Officer of Wolverine Worldwide. \u201cI’m pleased to report that we accomplished all of these objectives. In the fourth quarter, we exceeded our expectations for revenue and earnings and inflected to growth as a Company \u2013 delivering better-than-anticipated results for 2024. As we begin 2025, our brands are poised to continue to build on our momentum, standing on a much healthier foundation with stronger product pipelines and compelling storytelling. Our team is encouraged by the work we’ve accomplished together and excited to turn the page.”\n<\/p>\n FINANCIAL HIGHLIGHTS<\/b><\/p>\n \nFinancial results for 2024, and comparable results from 2023, in each case, for our ongoing business exclude the impact of Keds, which was sold in February 2023, the U.S. Wolverine Leathers business, which was sold in August 2023, the non-U.S. Wolverine Leathers business, which was sold in December 2023, and the Sperry business, which was sold in January 2024. Tables have been provided in the back of this release showing the impact of these adjustments on financial results for 2024 and 2023.\n<\/p>\n FOURTH-QUARTER 2024 FINANCIAL HIGHLIGHTS<\/b><\/p>\n (in millions)<\/i><\/p>\n<\/td>\n December 28, 2024<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n December 30, 2023<\/b><\/p>\n<\/td>\n Y\/Y Change<\/b><\/p>\n<\/td>\n Constant Currency Change<\/b><\/p>\n<\/td>\n<\/tr>\n Reported Segment Revenue Results:<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nActive Group\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$331.7\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$341.3\n<\/p>\n<\/td>\n \n(2.8)%\n<\/p>\n<\/td>\n \n(3.2)%\n<\/p>\n<\/td>\n<\/tr>\n \nWork Group\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$151.1\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$125.3\n<\/p>\n<\/td>\n \n20.6%\n<\/p>\n<\/td>\n \n21.4%\n<\/p>\n<\/td>\n<\/tr>\n \nOther\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$11.9\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$60.1\n<\/p>\n<\/td>\n \n(80.2)%\n<\/p>\n<\/td>\n \n(77.4)%\n<\/p>\n<\/td>\n<\/tr>\n \nTotal Revenue\n<\/p>\n<\/td>\n \n$494.7\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$526.7\n<\/p>\n<\/td>\n \n(6.1)%\n<\/p>\n<\/td>\n \n(5.8)%\n<\/p>\n<\/td>\n<\/tr>\n \nOngoing Total Revenue\n<\/p>\n<\/td>\n \n$494.7\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$480.5\n<\/p>\n<\/td>\n \n3.0%\n<\/p>\n<\/td>\n \n3.3%\n<\/p>\n<\/td>\n<\/tr>\n Supplemental Revenue Information<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nMerrell\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$163.4\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$161.8\n<\/p>\n<\/td>\n \n1.0%\n<\/p>\n<\/td>\n \n1.0%\n<\/p>\n<\/td>\n<\/tr>\n \nSaucony\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$99.6\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$105.1\n<\/p>\n<\/td>\n \n(5.3)%\n<\/p>\n<\/td>\n \n(5.2)%\n<\/p>\n<\/td>\n<\/tr>\n \nWolverine\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$62.4\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$51.8\n<\/p>\n<\/td>\n \n20.5%\n<\/p>\n<\/td>\n \n20.5%\n<\/p>\n<\/td>\n<\/tr>\n \nSweaty Betty\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$63.4\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$67.3\n<\/p>\n<\/td>\n \n(5.9)%\n<\/p>\n<\/td>\n \n(7.9)%\n<\/p>\n<\/td>\n<\/tr>\n \nInternational – Reported\n<\/p>\n<\/td>\n \n$252.7\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$267.2\n<\/p>\n<\/td>\n \n(5.4)%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nInternational – Ongoing\n<\/p>\n<\/td>\n \n$252.7\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$256.0\n<\/p>\n<\/td>\n \n(1.3)%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nDirect-to-Consumer – Reported\n<\/p>\n<\/td>\n \n$151.7\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$186.9\n<\/p>\n<\/td>\n \n(18.8)%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nDirect-to-Consumer – Ongoing\n<\/p>\n<\/td>\n \n$151.7\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$163.2\n<\/p>\n<\/td>\n \n(7.0)%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Reported Financial Metrics<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nGross Margin\n<\/p>\n<\/td>\n \n44.0%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n36.6%\n<\/p>\n<\/td>\n \n740 bps\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOperating Expenses\n<\/p>\n<\/td>\n \n$177.9\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$379.9\n<\/p>\n<\/td>\n \n(53.2)%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOperating Margin\n<\/p>\n<\/td>\n \n8.0%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(35.5)%\n<\/p>\n<\/td>\n \n4,350 bps\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nDiluted Earnings Per Share\n<\/p>\n<\/td>\n \n$0.29\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n($1.15)\n<\/p>\n<\/td>\n \n125.2%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Non-GAAP and Ongoing Business Financial Metrics<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAdjusted Gross Margin\n<\/p>\n<\/td>\n \n44.0%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n37.8%\n<\/p>\n<\/td>\n \n620 bps\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAdjusted Operating Expenses\n<\/p>\n<\/td>\n \n$167.0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$195.5\n<\/p>\n<\/td>\n \n(14.6)%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAdjusted Operating Margin\n<\/p>\n<\/td>\n \n10.2%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(2.9)%\n<\/p>\n<\/td>\n \n1,310 bps\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAdjusted Diluted Earnings Per Share\n<\/p>\n<\/td>\n \n$0.42\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$(0.26)\n<\/p>\n<\/td>\n \n261.5%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nConstant Currency Diluted Earnings Per Share\n<\/p>\n<\/td>\n \n$0.48\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$(0.26)\n<\/p>\n<\/td>\n \n284.6%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Gross margin<\/b> improved significantly due to lower supply chain costs, product costs and lower sales of end-of-life inventory.\n<\/p>\n Inventory <\/b>at the end of the quarter was $241 million and was down $133 million or approximately 35.6% compared to the prior year.\n<\/p>\n Net Debt<\/b> at the end of the quarter was $496 million, down $246 million or approximately 33.1% compared to the prior year.\n<\/p>\n FULL-YEAR 2024 FINANCIAL HIGHLIGHTS<\/b><\/p>\n (in millions)<\/i><\/p>\n<\/td>\n December 28, 2024<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n December 30, 2023<\/b><\/p>\n<\/td>\n Y\/Y Change<\/b><\/p>\n<\/td>\n Constant Currency Change<\/b><\/p>\n<\/td>\n<\/tr>\n Reported Segment Revenue Results:<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nActive Group\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$1,246.1\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$1,439.1\n<\/p>\n<\/td>\n \n(13.4)%\n<\/p>\n<\/td>\n \n(13.8)%\n<\/p>\n<\/td>\n<\/tr>\n \nWork Group\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$455.3\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$480.6\n<\/p>\n<\/td>\n \n(5.3)%\n<\/p>\n<\/td>\n \n(5.1)%\n<\/p>\n<\/td>\n<\/tr>\n \nOther\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$53.6\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$323.2\n<\/p>\n<\/td>\n \n(83.4)%\n<\/p>\n<\/td>\n \n(83.0)%\n<\/p>\n<\/td>\n<\/tr>\n \nTotal Revenue\n<\/p>\n<\/td>\n \n$1,755.0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$2,242.9\n<\/p>\n<\/td>\n \n(21.8)%\n<\/p>\n<\/td>\n \n(21.9)%\n<\/p>\n<\/td>\n<\/tr>\n \nOngoing Total Revenue\n<\/p>\n<\/td>\n \n$1,750.4\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$1,992.1\n<\/p>\n<\/td>\n \n(12.1)%\n<\/p>\n<\/td>\n \n(12.3)%\n<\/p>\n<\/td>\n<\/tr>\n Supplemental Brand Information<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nMerrell\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$598.4\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$675.8\n<\/p>\n<\/td>\n \n(11.5)%\n<\/p>\n<\/td>\n \n(11.5)%\n<\/p>\n<\/td>\n<\/tr>\n \nSaucony\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$406.5\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$495.8\n<\/p>\n<\/td>\n \n(18.0)%\n<\/p>\n<\/td>\n \n(18.0)%\n<\/p>\n<\/td>\n<\/tr>\n \nWolverine\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$193.1\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$201.2\n<\/p>\n<\/td>\n \n(4.0)%\n<\/p>\n<\/td>\n \n(4.0)%\n<\/p>\n<\/td>\n<\/tr>\n \nSweaty Betty\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$198.9\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$203.8\n<\/p>\n<\/td>\n \n(2.4)%\n<\/p>\n<\/td>\n \n(4.6)%\n<\/p>\n<\/td>\n<\/tr>\n \nInternational – Reported\n<\/p>\n<\/td>\n \n$861.6\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$1,025.0\n<\/p>\n<\/td>\n \n(15.9)%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nInternational – Ongoing\n<\/p>\n<\/td>\n \n$861.0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$966.2\n<\/p>\n<\/td>\n \n(10.9)%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nDirect-to-Consumer – Reported\n<\/p>\n<\/td>\n \n$483.9\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$582.4\n<\/p>\n<\/td>\n \n(16.9)%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nDirect-to-Consumer – Ongoing\n<\/p>\n<\/td>\n \n$480.8\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$501.2\n<\/p>\n<\/td>\n \n(4.1)%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Reported Financial Metrics:<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nGross Margin\n<\/p>\n<\/td>\n \n44.5%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n38.9%\n<\/p>\n<\/td>\n \n560 bps\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOperating Expenses\n<\/p>\n<\/td>\n \n$680.5\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$940.7\n<\/p>\n<\/td>\n \n(27.7)%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOperating Margin\n<\/p>\n<\/td>\n \n5.8%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(3.0)%\n<\/p>\n<\/td>\n \n880 bps\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nDiluted Earnings Per Share\n<\/p>\n<\/td>\n \n$0.58\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$(0.51)\n<\/p>\n<\/td>\n \n213.7%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Non-GAAP and Ongoing Business Financial Metrics<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAdjusted Gross Margin\n<\/p>\n<\/td>\n \n44.6%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n39.9%\n<\/p>\n<\/td>\n \n470 bps\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAdjusted Operating Expenses\n<\/p>\n<\/td>\n \n$650.5\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$716.3\n<\/p>\n<\/td>\n \n(9.2)%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAdjusted Operating Margin\n<\/p>\n<\/td>\n \n7.5%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3.9%\n<\/p>\n<\/td>\n \n360 bps\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAdjusted Diluted Earnings Per Share\n<\/p>\n<\/td>\n \n$0.91\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$0.15\n<\/p>\n<\/td>\n \n506.7%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nConstant Currency Diluted Earnings Per Share\n<\/p>\n<\/td>\n \n$1.02\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$0.15\n<\/p>\n<\/td>\n \n580.0%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n FULL-YEAR 2025 OUTLOOK<\/b><\/p>\n \nThe Company expects to build on the momentum gained in 2024 and make continued progress on its transformation in fiscal year 2025. The outlook for 2025 highlights the strength of our focused portfolio and investments to support our brands and strategic initiatives. Additionally, projections reflect the impact of foreign currency headwinds and a 53rd week, which will affect annual comparisons. A breakdown of these factors can be found in the Investor Presentation on our website.\n<\/p>\n \nComparable results from 2024 for our ongoing business exclude the financial impact of Sperry which was sold in January 2024.\n<\/p>\n \nFor fiscal year 2025, the Company expects:\n<\/p>\n \n\u201c2024 was a pivotal year for our 142-year-old Company. While we haven’t yet reached our full potential, I’m encouraged by the progress we’ve made and thankful for our teams and partners around the world,” Hufnagel continued. “The most important chapter is the next one, as we drive together to deliver better, more consistent returns for our shareholders.”\n<\/p>\n NON-GAAP FINANCIAL MEASURES<\/b><\/p>\n \nMeasures referred to in this release as \u201cadjusted\u201d 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, non-cash impairment of long-lived assets, reorganization costs, gain on the sale of businesses, trademarks and long-lived assets, Sperry\u00ae store closure costs, costs associated with divestitures and pension costs. The financial results of the ongoing business exclude financial results from the Keds business, Sperry business and Wolverine Leathers business prior to the respective dates of sale of such businesses. Revenue adjusted for divestitures and business model changes excludes financial results from the Keds business, Sperry business and Wolverine Leathers business prior to the respective dates of sale of such businesses and are adjusted to include the impact of business model changes in 2023 (the transition of Hush Puppies North America to a licensing model, Hush Puppies IP sale, and conversion of the China joint ventures to the distributor model) and business model changes in 2024 (the transition of Merrell and Saucony Kids to a licensing model). 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.\n<\/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.\n<\/p>\n EARNINGS CALL INFORMATION<\/b><\/p>\n \nThe 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 \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.\n<\/p>\n ABOUT WOLVERINE WORLDWIDE<\/b><\/p>\n
\nIn the final table with first header “2025 GUIDANCE RECONCILIATION TABLES,” the figure in the second row “Gross Margin – Fiscal 2025 Full Year” in both the first column “GAAP Basis” and third column “As Adjusted” should be 45.5 % (instead of 44.5 %).\n<\/p>\n\n
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