# EDGAR Filing Document

**Accession Number:** 0000110471
**File Stem:** 0000110471-25-000123
**Filing Date:** 2025-8
**Character Count:** 41615
**Document Hash:** cb1df48e0ff61a33421e2194f97c695f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000110471-25-000123.hdr.sgml**: 20250806

**ACCESSION NUMBER**: 0000110471-25-000123

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250806

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250806

**DATE AS OF CHANGE**: 20250806

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WOLVERINE WORLD WIDE INC /DE/
- **CENTRAL INDEX KEY:** 0000110471
- **STANDARD INDUSTRIAL CLASSIFICATION:** FOOTWEAR, (NO RUBBER) [3140]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 381185150
- **STATE OF INCORPORATION:** MI
- **FISCAL YEAR END:** 1230

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-06024
- **FILM NUMBER:** 251187317

**BUSINESS ADDRESS:**
- **STREET 1:** 9341 COURTLAND DR
- **CITY:** ROCKFORD
- **STATE:** MI
- **ZIP:** 49351
- **BUSINESS PHONE:** 6168665500

**MAIL ADDRESS:**
- **STREET 1:** 9341 COURTLAND DR
- **CITY:** ROCKFORD
- **STATE:** MI
- **ZIP:** 49351

?xml version='1.0' encoding='ASCII'? www-20250806

  

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

________________________________________________

**FORM 8-K**

________________________________________________

**CURRENT REPORT**

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): **August 6, 2025**

________________________________________________

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| |
|:---|
| **WOLVERINE WORLD WIDE, INC.** |
| (Exact name of registrant as specified in its charter) |

---

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| | | |
|:---|:---|:---|
| **Delaware** | **001-06024** | **38-1185150** |
| (State or other jurisdiction of<br>incorporation) | (Commission File Number) | (IRS Employer<br>Identification No.) |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **9341 Courtland Drive N.E.** | **,** | **Rockford** | **,** | **Michigan** | **49351** |
| (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code: **(616) 866-5500** 

________________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

---

| | | |
|:---|:---|:---|
| Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: |
| <u>Title of each class</u> | <u>Trading symbol</u> | <u>Name of each exchange on which registered</u> |
| Common Stock, $1 Par Value | WWW | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

  

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| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition.** |

---

On August 6, 2025, Wolverine World Wide, Inc. (the "Company") issued a press release announcing its financial results for the Company's second quarter of 2025, attached as Exhibit 99.1 to this Current Report on Form 8-K (the "8-K"), which is hereby incorporated by reference. This 8-K and Exhibit 99.1 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

---

| | | | |
|:---|:---|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** | **Financial Statements and Exhibits.** | **Financial Statements and Exhibits.** |
| | (d) | Exhibits: | Exhibits: |
| | | 99.1 | <u>[Press Release dated](earningsrelease2025-q2.htm)[August](earningsrelease2025-q2.htm)[6](earningsrelease2025-q2.htm)[, 2025.](earningsrelease2025-q2.htm)</u> |
| | | 104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL (included as Exhibit 101). |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | |
|:---|:---|
| Dated: August 6, 2025 | WOLVERINE WORLD WIDE, INC.<br>(Registrant) |
| | /s/ Taryn L. Miller |
| | Taryn L. Miller |
| | Chief Financial Officer and Treasurer |

---

## Exhibit 99.1

**Exhibit 99.1**

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| | |
|:---|:---|
| ![wolverinelogoa24a.jpg](wolverinelogoa24a.jpg) | **9341 Courtland Drive NE, Rockford, MI 49351**<br>**Phone (616) 866-5500** |

---

***FOR IMMEDIATE RELEASE***

**CONTACT: Jared Filippone, CFA**

**investor.relations@wwwinc.com**

**WOLVERINE WORLDWIDE REPORTS** 

**SECOND QUARTER 2025 RESULTS**

**ROCKFORD, Mich., August 6, 2025** – Wolverine World Wide, Inc. (NYSE: WWW) today reported financial results for the second quarter ended June 28, 2025.

"Our second quarter results exceeded our expectations, which led to the strongest revenue growth we've seen in several years. This growth, coupled with another quarter of record gross margin, helped more than double our earnings per share year-over-year," said Chris Hufnagel, President and Chief Executive Officer of Wolverine Worldwide. "We're executing our new brand-building model at pace, and we've made meaningful strides in improving the profitability of the business, along with strengthening the balance sheet. I remain confident in the things we can control as we navigate continued uncertainties due to the global trade and consumer environment. We're building a new company, and we're driven by our vision to make every day better — focused squarely on our consumers and delivering value for our shareholders."

**FINANCIAL HIGHLIGHTS**

Financial results for 2025, and comparable results from 2024, in each case, for our ongoing business exclude the results of 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 our financial results.

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**SECOND QUARTER 2025 FINANCIAL HIGHLIGHTS**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions)* | **June 28, 2025** | **June 29, 2024** | **Y/Y Change** | **Constant Currency Change** |
| **Reported Segment Revenue Results:** |  |  |  |  |
| Active Group | $355.5 | $305.9 | 16.2% | 14.3% |
| Work Group | $107.5 | $105.0 | 2.4% | 2.9% |
| Other | $11.2 | $14.3 | (21.7)% | (19.6)% |
| &nbsp;&nbsp;&nbsp;Total Revenue | $474.2 | $425.2 | 11.5% | 10.3% |
| &nbsp;&nbsp;&nbsp;Ongoing Total Revenue | $474.2 | $424.8 | 11.6% | 10.4% |
| **Supplemental Revenue Information** | **Supplemental Revenue Information** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Merrell | $157.9 | $142.7 | 10.7% | 9.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Saucony | $144.3 | $102.0 | 41.5% | 40.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wolverine | $37.1 | $40.1 | (7.5)% | (7.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sweaty Betty | $41.3 | $44.0 | (6.1)% | (11.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;International | $250.0 | $216.0 | 15.7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Direct-to-Consumer - Reported | $111.6 | $113.4 | (1.6)% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Direct-to-Consumer - Ongoing | $111.6 | $113.2 | (1.4)% |  |
| **Reported Financial Metrics** |  |  |  |  |
| Gross Margin | 47.2% | 43.1% | 410 bps |  |
| Operating Expenses | $183.3 | $154.1 | 18.9% |  |
| Operating Margin | 8.6% | 6.8% | 180 bps |  |
| Diluted Earnings Per Share | $0.32 | $0.17 | 88.2% |  |
| **Non-GAAP and Ongoing Business Financial Metrics** | **Non-GAAP and Ongoing Business Financial Metrics** |  |  |  |
| Adjusted Gross Margin | 47.2% | 43.1% | 410 bps |  |
| Adjusted Operating Expenses | $180.6 | $156.1 | 15.7% |  |
| Adjusted Operating Margin | 9.2% | 6.3% | 290 bps |  |
| Adjusted Diluted Earnings Per Share | $0.35 | $0.15 | 133.3% |  |
| Constant Currency Diluted Earnings Per Share | $0.34 | $0.15 | 126.7% |  |

---

**Gross margin** improved significantly in the second quarter due to a healthier sales mix, lower promotional activity, and the benefit of supply chain cost initiatives, with minimal incremental impact from U.S. tariffs.

**Inventory** at the end of the quarter was $316 million, up $19 million, or approximately 6.4%, compared to the prior year.

**Net Debt** at the end of the quarter was $568 million, down $99 million, or approximately 14.8%, compared to the prior year.

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**THIRD QUARTER 2025 OUTLOOK** 

Following strong financial performance in the first half of 2025, the outlook for the third quarter reflects the Company's expectations for continued momentum in the business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Revenue** to be approximately $450 million to $460 million, representing growth of approximately 2.1% to 4.4% compared to the third quarter 2024 ongoing business revenue and constant currency growth of approximately 1.5% to 3.8%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Gross margin** to be approximately 47.0%, up 170 basis points compared to third quarter 2024 gross margin.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Operating margin** to be approximately 7.3%, down 70 basis points compared to third quarter 2024 operating margin, and adjusted operating margin to be approximately 8.3%, up 60 basis points compared to third quarter 2024 adjusted operating margin for our ongoing business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Diluted earnings per share** in the range of $0.24 to $0.28 and adjusted diluted earnings per share in the range of $0.28 to $0.32.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Diluted weighted average shares** of approximately 81.3 million.

**FULL-YEAR 2025 OUTLOOK** 

Due to uncertainty around tariffs and related macro-economic conditions, the Company is not providing a full-year 2025 outlook at this time.

**NON-GAAP FINANCIAL MEASURES**

Measures referred to in this release as "adjusted" financial results and the financial results of the "ongoing business" are non-GAAP measures. Adjusted financial results exclude environmental and other related costs net of recoveries, non-cash impairment of long-lived assets, reorganization costs, and costs associated with divestitures. The financial results of the ongoing business exclude financial results from the Sperry business. The Company also presents constant currency information, which is a non-GAAP measure that excludes the impact of fluctuations in foreign currency exchange rates. The Company calculates constant currency basis by converting the current-period local currency financial results using the prior period exchange rates and comparing these adjusted amounts to the Company's current period reported results. The Company believes providing each of these non-GAAP measures provides valuable supplemental information regarding its results of operations, consistent with how the Company evaluates performance.

The Company has provided a reconciliation of each of the above non-GAAP financial measures to the most directly comparable GAAP financial measure. The Company believes these non-GAAP measures provide useful information to both management and investors because they increase the comparability of current period results to prior period results by adjusting for certain items that may not be indicative of core operating results and enable better identification of trends in our business. The adjusted financial results are used by management to, and allow investors to, evaluate the operating performance of the Company on a comparable basis. Management does not, nor should investors, consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.

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**EARNINGS CALL INFORMATION**

The Company will host a conference call today at 8:30 a.m. ET to discuss these results and current business trends. The conference call will be broadcast live and accessible under the "Investor Relations" tab at www.wolverineworldwide.com. A replay of the conference call will be available on the Company's website for a period of approximately 30 days.

**ABOUT WOLVERINE WORLDWIDE**

Founded in 1883, Wolverine World Wide, Inc. (NYSE:WWW) is one of the world's leading designers, marketers, and licensors of branded casual footwear and apparel, performance outdoor and athletic footwear and apparel, kids' footwear, industrial work boots and apparel, and uniform footwear. The Company's portfolio includes Merrell®, Saucony®, Sweaty Betty®, Hush Puppies®, Wolverine®, Chaco®, Bates®, HYTEST®, and Stride Rite®. Wolverine Worldwide is also the global footwear licensee of the popular brands Cat® and Harley-Davidson®. Based in Rockford, Michigan, for more than 140 years, the Company's products are carried by leading retailers in the U.S. and globally in approximately 170 countries and territories. Wolverine Worldwide is a Great Place to Work® Certified™ company. For additional information, please visit our website, www.wolverineworldwide.com.

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**FORWARD-LOOKING STATEMENTS**

This press release contains forward-looking statements, including statements regarding the results of the momentum in Saucony and Merrell; the Company's execution of its brand-building model and navigation of continued uncertainties due to the global trade environment; the Company's outlook for the third quarter of 2025 including, among others: 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; and diluted weighted average shares. 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, 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, including *Sweaty Betty*®; 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.

\# \# \#

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**WOLVERINE WORLD WIDE, INC.**

**CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS** 

**(Unaudited)**

**(In millions, except earnings per share)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Quarter Ended | Quarter Ended | Year-To-Date Ended | Year-To-Date Ended |
| | June 28,<br>2025 | June 29,<br>2024 | June 28,<br>2025 | June 29,<br>2024 |
| Revenue | $474.2 | $425.2 | $886.5 | $820.1 |
| Cost of goods sold | 250.2 | 242.0 | 467.7 | 455.5 |
| Gross profit | 224.0 | 183.2 | 418.8 | 364.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Gross margin*  | *47.2 %* | *43.1 %* | *47.2 %* | *44.5 %* |
| Selling, general and administrative expenses | 182.4 | 166.6 | 354.4 | 343.4 |
| Impairment of long-lived assets |  | 3.2 |  | 9.3 |
| Environmental and other related costs (income), net of recoveries | 0.9 | (15.7) | 4.0 | (14.1) |
| Operating expenses | 183.3 | 154.1 | 358.4 | 338.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Operating expenses as a % of revenue* | *38.7 %* | *36.2 %* | *40.4 %* | *41.3 %* |
| Operating profit | 40.7 | 29.1 | 60.4 | 26.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Operating margin* | *8.6 %* | *6.8 %* | *6.8 %* | *3.2 %* |
| Interest expense, net | 8.5 | 11.9 | 16.5 | 23.9 |
| Other income, net | (1.4) | (0.8) | (2.9) | (1.6) |
| Total other expenses | 7.1 | 11.1 | 13.6 | 22.3 |
| Earnings before income taxes | 33.6 | 18.0 | 46.8 | 3.7 |
| Income tax expense | 4.6 | 2.4 | 5.6 | 1.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Effective tax rate* | *13.7 %* | *13.1 %* | *12.0 %* | *47.8 %* |
| Net earnings | 29.0 | 15.6 | 41.2 | 1.9 |
| Less: net earnings attributable to noncontrolling interests | 2.2 | 1.4 | 3.3 | 2.2 |
| Net earnings (loss) attributable to Wolverine World Wide, Inc. | $26.8 | $14.2 | $37.9 | $(0.3) |
| Diluted earnings (loss) per share | $0.32 | $0.17 | $0.45 | $(0.01) |
| Supplemental information: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net earnings used to calculate diluted earnings (loss) per share | $25.9 | $13.7 | $36.7 | $(0.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares used to calculate diluted earnings (loss) per share | 81.1 | 80.0 | 80.9 | 79.9 |

---

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**WOLVERINE WORLD WIDE, INC.**

**CONSOLIDATED CONDENSED BALANCE SHEETS**

**(Unaudited)**

**(In millions)**

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| | | |
|:---|:---|:---|
| | June 28,<br>2025 | June 29,<br>2024 |
| **ASSETS** |  |  |
| Cash and cash equivalents | $141.0 | $148.3 |
| Accounts receivables, net | 255.4 | 272.2 |
| Inventories, net | 316.0 | 297.1 |
| Other current assets | 88.8 | 73.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 801.2 | 790.8 |
| Property, plant and equipment, net | 90.6 | 90.2 |
| Lease right-of-use assets | 106.3 | 103.6 |
| Goodwill and other indefinite-lived intangibles | 614.4 | 599.2 |
| Other noncurrent assets | 196.0 | 212.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $1808.5 | $1796.3 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| Accounts payable and other accrued liabilities | $465.5 | $398.0 |
| Lease liabilities | 36.3 | 32.6 |
| Current maturities of long-term debt | 10.0 | 10.0 |
| Borrowings under revolving credit agreements | 135.0 | 225.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 646.8 | 665.6 |
| Long-term debt | 563.5 | 579.7 |
| Lease liabilities, noncurrent | 115.7 | 119.8 |
| Other noncurrent liabilities | 125.5 | 160.8 |
| Stockholders' equity | 357.0 | 270.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $1808.5 | $1796.3 |

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**WOLVERINE WORLD WIDE, INC.**

**CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS** 

**(Unaudited)**

**(In millions)**

---

| | | |
|:---|:---|:---|
| | Year-To-Date Ended | Year-To-Date Ended |
| | June 28,<br>2025 | June 29,<br>2024 |
| **OPERATING ACTIVITIES:** |  |  |
| Net earnings | $41.2 | $1.9 |
| Adjustments to reconcile net earnings to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 12.5 | 13.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | (0.1) | (0.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 12.6 | 9.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension and SERP expense | (0.3) | (0.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of long-lived assets |  | 9.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Environmental and other related costs | (6.8) | (31.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (5.1) | (8.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities | (93.2) | (3.9) |
| Net cash used in operating activities | (39.2) | (10.5) |
| **INVESTING ACTIVITIES:** |  |  |
| Additions to property, plant and equipment | (11.0) | (8.1) |
| Proceeds from sale of business, trademarks and long-lived assets, net of cash disposed of |  | 92.5 |
| Proceeds from company-owned insurance policy liquidations |  | 7.9 |
| Other | (0.9) | (2.4) |
| Net cash provided by (used in) investing activities | (11.9) | 89.9 |
| **FINANCING ACTIVITIES:** |  |  |
| Payments under revolving credit agreements | (171.0) | (299.0) |
| Borrowings under revolving credit agreements | 236.0 | 219.0 |
| Proceeds from company-owned insurance policies |  | 7.0 |
| Payments on long-term debt | (5.0) | (26.7) |
| Cash dividends paid | (16.7) | (16.2) |
| Employee taxes paid under stock-based compensation plans | (8.5) | (1.7) |
| Proceeds from the exercise of stock options | 0.5 |  |
| Net cash provided by (used in) financing activities | 35.3 | (117.6) |
| Effect of foreign exchange rate changes | 4.7 | 1.9 |
| Decrease in cash and cash equivalents | (11.1) | (36.3) |
| Cash and cash equivalents at beginning of the year | 152.1 | 184.6 |
| Cash and cash equivalents at end of the quarter | $141.0 | $148.3 |

---

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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 2025 RECONCILIATION TABLES**

**RECONCILIATION OF REPORTED REVENUE TO ADJUSTED** 

**REVENUE ON A CONSTANT CURRENCY BASIS\***

**(Unaudited)**

**(In millions)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **GAAP Basis 2025-Q2** | **Foreign Exchange Impact** | **Constant Currency Basis 2025-Q2** | **GAAP Basis 2024-Q2** | **Reported Change** | **Constant Currency Change** |
| **REVENUE** | | | | | | |
| Active Group | $355.5 | $(6.0) | $349.5 | $305.9 | *16.2 %* | *14.3 %* |
| Work Group | 107.5 | 0.5 | 108.0 | 105.0 | *2.4 %* | *2.9 %* |
| Other | 11.2 | 0.3 | 11.5 | 14.3 | *(21.7) %* | *(19.6) %* |
| Total | $474.2 | $(5.2) | $469.0 | $425.2 | *11.5 %* | *10.3 %* |

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**RECONCILIATION OF REPORTED REVENUE** 

**TO ADJUSTED REVENUE\***

**(Unaudited)**

**(In millions)**

---

| | | | |
|:---|:---|:---|:---|
| | **GAAP Basis** | **Divestitures** <sup>(1)</sup> | **As Adjusted** |
| Revenue - Fiscal 2025 Q2 | $474.2 | $— | $474.2 |
| Revenue - Fiscal 2024 Q2 | $425.2 | $0.4 | $424.8 |
| &nbsp;&nbsp;<sup>(1)</sup>Q2 2024 adjustments reflect results for the Sperry business included in the consolidated condensed statement of operations. | &nbsp;&nbsp;<sup>(1)</sup>Q2 2024 adjustments reflect results for the Sperry business included in the consolidated condensed statement of operations. | &nbsp;&nbsp;<sup>(1)</sup>Q2 2024 adjustments reflect results for the Sperry business included in the consolidated condensed statement of operations. | &nbsp;&nbsp;<sup>(1)</sup>Q2 2024 adjustments reflect results for the Sperry business included in the consolidated condensed statement of operations. |

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------

**RECONCILIATION OF REPORTED GROSS MARGIN** 

**TO ADJUSTED GROSS MARGIN\***

**(Unaudited)**

**(In millions)**

---

| | | | |
|:---|:---|:---|:---|
| | **GAAP Basis** | **Divestitures** <sup>(1)</sup> | **As Adjusted** |
| Gross Profit - Fiscal 2025 Q2 | $224.0 | $— | $224.0 |
| *Gross margin* | *47.2 %* |  | *47.2 %* |
| Gross Profit - Fiscal 2024 Q2 | $183.2 | $(0.3) | $182.9 |
| *Gross margin* | *43.1 %* |  | *43.1 %* |
| &nbsp;&nbsp;<sup>(1)</sup>Q2 2024 adjustments reflect results for the Sperry business included in the consolidated condensed statement of operations. | &nbsp;&nbsp;<sup>(1)</sup>Q2 2024 adjustments reflect results for the Sperry business included in the consolidated condensed statement of operations. | &nbsp;&nbsp;<sup>(1)</sup>Q2 2024 adjustments reflect results for the Sperry business included in the consolidated condensed statement of operations. | &nbsp;&nbsp;<sup>(1)</sup>Q2 2024 adjustments reflect results for the Sperry business included in the consolidated condensed statement of operations. |

---

**RECONCILIATION OF REPORTED OPERATING EXPENSES** 

**TO ADJUSTED OPERATING EXPENSES\***

**(Unaudited)**

**(In millions)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **GAAP Basis** | **Adjustment** <sup>(1)</sup> | **Divestitures** <sup>(2)</sup> | **As Adjusted** |
| Operating expenses - Fiscal 2025 Q2 | $183.3 | $(2.7) | $— | $180.6 |
| Operating expenses - Fiscal 2024 Q2 | $154.1 | $3.5 | $(1.5) | $156.1 |
| &nbsp;&nbsp;<sup>(1)</sup>Q2 2025 adjustments reflect $1.8 million of reorganization costs and $0.9 million of environmental and other related costs net of recoveries. Q2 2024 adjustments reflect $15.7 million of environmental and other related costs net of recoveries, partially offset by $9.0 million of reorganization costs and $3.2 million for impairments of long-lived assets. | &nbsp;&nbsp;<sup>(1)</sup>Q2 2025 adjustments reflect $1.8 million of reorganization costs and $0.9 million of environmental and other related costs net of recoveries. Q2 2024 adjustments reflect $15.7 million of environmental and other related costs net of recoveries, partially offset by $9.0 million of reorganization costs and $3.2 million for impairments of long-lived assets. | &nbsp;&nbsp;<sup>(1)</sup>Q2 2025 adjustments reflect $1.8 million of reorganization costs and $0.9 million of environmental and other related costs net of recoveries. Q2 2024 adjustments reflect $15.7 million of environmental and other related costs net of recoveries, partially offset by $9.0 million of reorganization costs and $3.2 million for impairments of long-lived assets. | &nbsp;&nbsp;<sup>(1)</sup>Q2 2025 adjustments reflect $1.8 million of reorganization costs and $0.9 million of environmental and other related costs net of recoveries. Q2 2024 adjustments reflect $15.7 million of environmental and other related costs net of recoveries, partially offset by $9.0 million of reorganization costs and $3.2 million for impairments of long-lived assets. | &nbsp;&nbsp;<sup>(1)</sup>Q2 2025 adjustments reflect $1.8 million of reorganization costs and $0.9 million of environmental and other related costs net of recoveries. Q2 2024 adjustments reflect $15.7 million of environmental and other related costs net of recoveries, partially offset by $9.0 million of reorganization costs and $3.2 million for impairments of long-lived assets. |
| &nbsp;&nbsp;<sup>(2)</sup>Q2 2024 adjustments reflect results for the Sperry business included in the consolidated condensed statement of operations. | &nbsp;&nbsp;<sup>(2)</sup>Q2 2024 adjustments reflect results for the Sperry business included in the consolidated condensed statement of operations. | &nbsp;&nbsp;<sup>(2)</sup>Q2 2024 adjustments reflect results for the Sperry business included in the consolidated condensed statement of operations. | &nbsp;&nbsp;<sup>(2)</sup>Q2 2024 adjustments reflect results for the Sperry business included in the consolidated condensed statement of operations. | &nbsp;&nbsp;<sup>(2)</sup>Q2 2024 adjustments reflect results for the Sperry business included in the consolidated condensed statement of operations. |

---

------

**RECONCILIATION OF REPORTED OPERATING MARGIN** 

**TO ADJUSTED OPERATING MARGIN\***

**(Unaudited)**

**(In millions)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **GAAP Basis** | **Adjustments** <sup>(1)</sup> | **Divestitures** <sup>(2)</sup> | **As Adjusted** |
| Operating Profit - Fiscal 2025 Q2 | $40.7 | $2.7 | $— | $43.4 |
| *Operating margin* | *8.6 %* |  |  | *9.2 %* |
| Operating Profit - Fiscal 2024 Q2 | $29.1 | $(3.5) | $1.2 | $26.8 |
| *Operating margin* | *6.8 %* |  |  | *6.3 %* |
| &nbsp;&nbsp;<sup>(1)</sup>Q2 2025 adjustments reflect $1.8 million of reorganization costs and $0.9 million of environmental and other related costs net of recoveries. Q2 2024 adjustments reflect $15.7 million of environmental and other related costs net of recoveries, partially offset by $9.0 million of reorganization costs and $3.2 million for impairments of long-lived assets. | &nbsp;&nbsp;<sup>(1)</sup>Q2 2025 adjustments reflect $1.8 million of reorganization costs and $0.9 million of environmental and other related costs net of recoveries. Q2 2024 adjustments reflect $15.7 million of environmental and other related costs net of recoveries, partially offset by $9.0 million of reorganization costs and $3.2 million for impairments of long-lived assets. | &nbsp;&nbsp;<sup>(1)</sup>Q2 2025 adjustments reflect $1.8 million of reorganization costs and $0.9 million of environmental and other related costs net of recoveries. Q2 2024 adjustments reflect $15.7 million of environmental and other related costs net of recoveries, partially offset by $9.0 million of reorganization costs and $3.2 million for impairments of long-lived assets. | &nbsp;&nbsp;<sup>(1)</sup>Q2 2025 adjustments reflect $1.8 million of reorganization costs and $0.9 million of environmental and other related costs net of recoveries. Q2 2024 adjustments reflect $15.7 million of environmental and other related costs net of recoveries, partially offset by $9.0 million of reorganization costs and $3.2 million for impairments of long-lived assets. | &nbsp;&nbsp;<sup>(1)</sup>Q2 2025 adjustments reflect $1.8 million of reorganization costs and $0.9 million of environmental and other related costs net of recoveries. Q2 2024 adjustments reflect $15.7 million of environmental and other related costs net of recoveries, partially offset by $9.0 million of reorganization costs and $3.2 million for impairments of long-lived assets. |
| &nbsp;&nbsp;<sup>(2)</sup>Q2 2024 adjustments reflect results for the Sperry business included in the consolidated condensed statement of operations. | &nbsp;&nbsp;<sup>(2)</sup>Q2 2024 adjustments reflect results for the Sperry business included in the consolidated condensed statement of operations. | &nbsp;&nbsp;<sup>(2)</sup>Q2 2024 adjustments reflect results for the Sperry business included in the consolidated condensed statement of operations. | &nbsp;&nbsp;<sup>(2)</sup>Q2 2024 adjustments reflect results for the Sperry business included in the consolidated condensed statement of operations. | &nbsp;&nbsp;<sup>(2)</sup>Q2 2024 adjustments reflect results for the Sperry business included in the consolidated condensed statement of operations. |

---

**RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED** 

**DILUTED EPS ON A CONSTANT CURRENCY BASIS\***

**(Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **GAAP Basis** | **Adjustments** <sup>(1)</sup> | **Divestitures** <sup>(2)</sup> | **As Adjusted** | **Foreign Exchange Impact** | **As Adjusted<br>EPS On a Constant Currency Basis** |
| EPS - Fiscal 2025 Q2 | $0.32 | $0.03 | $— | $0.35 | $(0.01) | $0.34 |
| EPS - Fiscal 2024 Q2 | $0.17 | $(0.03) | $0.01 | $0.15 |  |  |
| &nbsp;&nbsp;<sup>(1)</sup>Q2 2025 adjustments reflect reorganization costs and environmental and other related costs net of recoveries. Q2 2024 adjustments reflect environmental and other related costs net of recoveries, partially offset by reorganization costs and impairments of long-lived assets. | &nbsp;&nbsp;<sup>(1)</sup>Q2 2025 adjustments reflect reorganization costs and environmental and other related costs net of recoveries. Q2 2024 adjustments reflect environmental and other related costs net of recoveries, partially offset by reorganization costs and impairments of long-lived assets. | &nbsp;&nbsp;<sup>(1)</sup>Q2 2025 adjustments reflect reorganization costs and environmental and other related costs net of recoveries. Q2 2024 adjustments reflect environmental and other related costs net of recoveries, partially offset by reorganization costs and impairments of long-lived assets. | &nbsp;&nbsp;<sup>(1)</sup>Q2 2025 adjustments reflect reorganization costs and environmental and other related costs net of recoveries. Q2 2024 adjustments reflect environmental and other related costs net of recoveries, partially offset by reorganization costs and impairments of long-lived assets. | &nbsp;&nbsp;<sup>(1)</sup>Q2 2025 adjustments reflect reorganization costs and environmental and other related costs net of recoveries. Q2 2024 adjustments reflect environmental and other related costs net of recoveries, partially offset by reorganization costs and impairments of long-lived assets. | &nbsp;&nbsp;<sup>(1)</sup>Q2 2025 adjustments reflect reorganization costs and environmental and other related costs net of recoveries. Q2 2024 adjustments reflect environmental and other related costs net of recoveries, partially offset by reorganization costs and impairments of long-lived assets. | &nbsp;&nbsp;<sup>(1)</sup>Q2 2025 adjustments reflect reorganization costs and environmental and other related costs net of recoveries. Q2 2024 adjustments reflect environmental and other related costs net of recoveries, partially offset by reorganization costs and impairments of long-lived assets. |
| &nbsp;&nbsp;<sup>(2)</sup>Q2 2024 adjustments reflect results for the Sperry business included in the consolidated condensed statement of operations. | &nbsp;&nbsp;<sup>(2)</sup>Q2 2024 adjustments reflect results for the Sperry business included in the consolidated condensed statement of operations. | &nbsp;&nbsp;<sup>(2)</sup>Q2 2024 adjustments reflect results for the Sperry business included in the consolidated condensed statement of operations. | &nbsp;&nbsp;<sup>(2)</sup>Q2 2024 adjustments reflect results for the Sperry business included in the consolidated condensed statement of operations. | &nbsp;&nbsp;<sup>(2)</sup>Q2 2024 adjustments reflect results for the Sperry business included in the consolidated condensed statement of operations. | &nbsp;&nbsp;<sup>(2)</sup>Q2 2024 adjustments reflect results for the Sperry business included in the consolidated condensed statement of operations. | &nbsp;&nbsp;<sup>(2)</sup>Q2 2024 adjustments reflect results for the Sperry business included in the consolidated condensed statement of operations. |

---

------

**2025 THIRD QUARTER GUIDANCE RECONCILIATION TABLES**

**RECONCILIATION OF REPORTED GUIDANCE TO ADJUSTED GUIDANCE, REPORTED DILUTED EPS GUIDANCE TO ADJUSTED DILUTED EPS** 

**GUIDANCE AND SUPPLEMENTAL INFORMATION\***

**(Unaudited)**

**(In millions, except earnings per share)**

---

| | | | |
|:---|:---|:---|:---|
| | **GAAP Basis** | **Adjustments** <sup>(1)</sup> | **As Adjusted** |
| Revenue - Fiscal 2025 Third Quarter | $450 - $460 |  | $450 - $460 |
| Gross Margin - Fiscal 2025 Third Quarter | 47.0% |  | 47.0% |
| Operating Margin - Fiscal 2025 Third Quarter | 7.3% | 1.0% | 8.3% |
| Dilutive EPS - Fiscal 2025 Third Quarter | $0.24 - $0.28 | $0.04 | $0.28 - $0.32 |
| Fiscal 2025 Third Quarter Supplemental information: |  |  |  |
| Net Earnings | $20 - $23 | $3 | $23 - $26 |
| Net Earnings used to calculate diluted earnings per share | $20 - $23 | $3 | $23 - $26 |
| Shares used to calculate diluted earnings per share | 81.3 |  | 81.3 |
| &nbsp;&nbsp;<sup>(1)</sup>2025 adjustments reflect estimated environmental and other related costs net of recoveries and reorganization costs. | &nbsp;&nbsp;<sup>(1)</sup>2025 adjustments reflect estimated environmental and other related costs net of recoveries and reorganization costs. | &nbsp;&nbsp;<sup>(1)</sup>2025 adjustments reflect estimated environmental and other related costs net of recoveries and reorganization costs. | &nbsp;&nbsp;<sup>(1)</sup>2025 adjustments reflect estimated environmental and other related costs net of recoveries and reorganization costs. |

---

**\***To supplement the consolidated condensed financial statements presented in accordance with Generally Accepted Accounting Principles ("GAAP"), the Company describes what certain financial measures would have been if environmental and other related costs net of recoveries, non-cash impairment of long-lived assets, reorganization costs, and costs associated with divestitures were excluded. The financial results of the ongoing business for 2024 exclude financial results from the Sperry business. The Company believes these non-GAAP measures provide useful information to both management and investors by increasing comparability to the prior period by adjusting for certain items that may not be indicative of the Company's core ongoing operating business results and to better identify trends in the Company's ongoing business. The adjusted financial results are used by management to, and allow investors to, evaluate the operating performance of the Company on a comparable basis

The constant currency presentation, which is a non-GAAP measure, excludes the impact of fluctuations in foreign currency exchange rates. The Company believes providing constant currency information provides valuable supplemental information regarding results of operations, consistent with how the Company evaluates performance. The Company calculates constant currency by converting the current-period local currency financial results using the prior period exchange rates and comparing these adjusted amounts to the Company's current period reported results.

Management does not, nor should investors, consider such non-GAAP financial measures in isolation from, or as a substitution for, financial information prepared in accordance with GAAP. A reconciliation of all non-GAAP measures included in this press release, to the most directly comparable GAAP measures are found in the financial tables above.

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