ROCKFORD, Mich., Aug. 16, 2016 /PRNewswire/ -- Wolverine
Worldwide (NYSE: WWW) today announced that the Company's Board of
Directors approved a new, four-year share repurchase program,
authorizing up to $300 million in
share repurchases and replacing the remaining balance of the
Company's 2014 Share Repurchase Program.
"Wolverine Worldwide has a long history of returning value to
shareholders through share repurchases and consistent dividend
payments. Today, the strategic priorities for the Company
remain unchanged, and our business model continues to work and
generate significant cash," said Blake W.
Krueger, Wolverine's Chairman, Chief Executive Officer and
President. "The Wolverine team is steadfastly focused on
driving the global growth of our brands and improving bottom-line
performance. Today's announcement is further evidence of our
confidence in the business, our key initiatives and our ability to
achieve maximum flexibility with regard to capital allocation."
The Company will repurchase shares as deemed appropriate, based
on factors including price, market conditions, and any restrictions
contained within the Company's credit agreements.
ABOUT WOLVERINE WORLDWIDE
With a commitment to service and product excellence, Wolverine
World Wide, Inc. is one of the world's leading marketers of branded
casual, active lifestyle, work, outdoor sport, athletic, children's
and uniform footwear and apparel. The Company's portfolio of
highly recognized brands includes: Merrell®,
Sperry®, Hush Puppies®, Saucony®,
Wolverine®, Keds®, Stride Rite®,
Sebago®, Chaco®, Bates®,
HYTEST®, and Soft Style®. The Company
also is the global footwear licensee of the popular brands
Cat® and Harley-Davidson®. The
Company's products are carried by leading retailers in the U.S. and
globally in approximately 200 countries and territories. For
additional information, please visit our website,
www.wolverineworldwide.com.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements,
including statements regarding: future investments in the global
growth of the Company's brands; returning cash to shareholders;
reducing debt; the ability of the Company's business model to work
and generate significant cash; growth; improved bottom-line
performance; and the success of the Company's business and
strategic initiatives. In addition, words such as "guidance,"
"estimates," "anticipates," "believes," "forecasts," "step,"
"plans," "predicts," "projects," "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 in the markets and regions in which the
Company's 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;
currency fluctuations; currency restrictions; 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 owned and
contract manufacturers; labor disruptions; changes in relationships
with, including the loss of, significant wholesale customers; the
failure of the U.S. Department of Defense to exercise future
purchase options or award new contracts, or the cancellation or
modification of existing contracts by the Department of Defense or
other military purchasers; risks related to the significant
investment in, and performance of, the Company's consumer-direct
operations; risks related to the expanding into new markets and
complementary product categories as well as consumer-direct
operations; the impact of seasonality and unpredictable weather
conditions; changes in general economic conditions and/or the
credit markets on the Company's distributors, suppliers and
customers; increase 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; the impact of
regulation, regulatory and legal proceedings and legal compliance
risks; the potential breach of the Company's databases, or those of
its vendors, which contain certain personal information or payment
card data; problems affecting the Company's distribution system,
including service interruptions at shipping and receiving ports;
strategic actions, including new initiatives and ventures,
acquisitions and dispositions, and the Company's success in
integrating acquired businesses, and implementing new initiatives
and ventures; the risk of impairment to goodwill and other acquired
intangibles; the success of the Company's consumer-direct
realignment initiatives; 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 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.
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SOURCE Wolverine Worldwide