ROCKFORD, Mich., Oct. 18, 2016 /PRNewswire/ -- Wolverine
World Wide, Inc. (NYSE: WWW) today reported financial results for
the third quarter ended September 10,
2016. Adjusted financial results exclude restructuring and
impairment costs as well as debt extinguishment and other
costs. References to underlying revenue indicate reported
revenue adjusted for the impact of foreign exchange, retail store
closures, and the exit of the Cushe business.
"We delivered strong earnings results on revenue in line with
our expectations for the third quarter, despite the tepid retail
environment," said Blake W. Krueger,
Wolverine Worldwide's Chairman, Chief Executive Officer and
President. "Importantly, we also continued to make excellent
progress in strengthening our product innovation pipeline with an
intense focus on our consumers. The Company's position -
premised on a core portfolio of global, industry-leading brands -
remains strong, and we believe the investments and initiatives
we're pursuing today will deliver greater value to shareholders in
2017 and beyond."
THIRD-QUARTER 2016 REVIEW
- Reported revenue of $603.7
million was in line with our expectations, declining 11.1%
versus the prior year. Underlying revenue declined 8.6% versus the
prior year.
- Reported gross margin of 39.3%, compared to 40.0% in the prior
year, was slightly better than expected. Adjusted gross margin on a
constant currency basis was 40.0%, flat versus the prior year.
- Reported operating margin was 11.4%, compared to 11.2% in the
prior year. Adjusted operating margin on a constant currency basis
was 12.2%, up 30 basis points versus the prior year's adjusted
operating margin.
- Reported diluted earnings per share were $0.49, compared to $0.44 in the prior year. Adjusted diluted
earnings per share were $0.49, in
line with our expectations, and, on an adjusted constant currency
basis, were $0.51, compared to
$0.48 in the prior year.
- Inventory at the end of the quarter was down 7.6% compared to
the prior year.
- Cash generated by operating activities in the quarter was a
strong $70.4 million, compared to
$14.9 million in the prior year.
- The Company successfully issued $250
million of 5.000% Senior Notes due 2026 and, subsequent to
the close of the quarter, used the net proceeds together with
borrowings under its Senior Credit Facilities and cash on hand to
fund the redemption of its outstanding $375
million, 6.125% Senior Notes due 2020.
- The Company announced a new four-year share repurchase program,
authorizing up to $300 million in
share repurchases that replaces the remaining balance of the
Company's 2014 share repurchase program, and repurchased 417,816
shares during the quarter at an average price of $23.55 per share.
"While the macro environment remains challenging, we are pleased
with our ability to drive operating margin expansion and earnings
per share growth in the quarter," stated Mike Stornant, Senior Vice President and Chief
Financial Officer. "We effectively managed inventory and
expenses, generated very strong cash flow, and improved our working
capital position, all of which we expect to continue into the
fourth quarter. Looking ahead, we remain focused on driving
operational improvements across the portfolio, including a review
of strategic alternatives for some areas of the business."
FISCAL 2016 OUTLOOK
The Company's outlook range for full-year reported revenue and
adjusted diluted earnings per share remains unchanged. Given
tepid conditions, the Company now expects full-year reported
revenue at the lower end of the range and full-year adjusted
diluted earnings per share near the midpoint of the range.
Inventory expectations for year end have improved. The
Company's fiscal 2016 outlook ranges are as follows:
- Consolidated reported revenue in the range of $2.475 billion to $2.575 billion, a decline of
approximately 8.0% to 4.3%.
- A decline in consolidated underlying revenue of approximately
5.6% to 1.8%, reflecting the updated impact of currency and store
closures.
- Reported diluted earnings per share in the range of
$1.02 to $1.12, updated to
incorporate the impact of debt extinguishment costs.
- Adjusted diluted earnings per share in the range of
$1.30 to $1.40. On a constant
currency basis, adjusted earnings per share in the range of
$1.48 to $1.58.
- Inventory levels to be down low teens by year end versus
2015.
EARNINGS CALL INFORMATION
The Company will host a conference call today at 8:30 a.m. Eastern Time to discuss these results
and current business trends. The conference call will be
broadcast live and accessible under the "Investor Relations" tab at
wolverineworldwide.com. A replay of the conference call will
be available at the Company's website for a period of approximately
30 days.
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®, and
HYTEST®. 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, wolverineworldwide.com
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements,
including statements regarding: the Company's ability to
successfully execute key strategic initiatives, the Company's
ability to accelerate growth and improve earnings performance; the
advantages of the Company's diversified business model; the
Company's ability to leverage operational strengths to enhance
earnings and drive shareholder value; and the Company's fiscal 2016
guidance. 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.
WOLVERINE WORLD
WIDE, INC.
|
CONSOLIDATED
CONDENSED STATEMENTS OF OPERATIONS
|
(Unaudited)
|
(In millions,
except per share data)
|
|
|
12 Weeks
Ended
|
|
36 Weeks
Ended
|
|
September
10,
2016
|
|
September
12, 2015
|
|
September
10,
2016
|
|
September
12, 2015
|
Revenue
|
$
|
603.7
|
|
|
$
|
678.9
|
|
|
$
|
1,765.0
|
|
|
$
|
1,940.4
|
|
Cost of goods
sold
|
366.1
|
|
|
407.2
|
|
|
1,068.1
|
|
|
1,160.9
|
|
Restructuring
costs
|
0.3
|
|
|
—
|
|
|
4.2
|
|
|
—
|
|
Gross
profit
|
237.3
|
|
|
271.7
|
|
|
692.7
|
|
|
779.5
|
|
Gross
margin
|
39.3
|
%
|
|
40.0
|
%
|
|
39.2
|
%
|
|
40.2
|
%
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
167.4
|
|
|
191.0
|
|
|
534.5
|
|
|
584.9
|
|
Restructuring and
impairment costs
|
0.9
|
|
|
4.8
|
|
|
13.4
|
|
|
7.5
|
|
Operating
expenses
|
168.3
|
|
|
195.8
|
|
|
547.9
|
|
|
592.4
|
|
Operating expenses
as a % of revenue
|
27.9
|
%
|
|
28.8
|
%
|
|
31.0
|
%
|
|
30.5
|
%
|
|
|
|
|
|
|
|
|
Operating
profit
|
69.0
|
|
|
75.9
|
|
|
144.8
|
|
|
187.1
|
|
Operating
margin
|
11.4
|
%
|
|
11.2
|
%
|
|
8.2
|
%
|
|
9.6
|
%
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
8.6
|
|
|
9.0
|
|
|
24.9
|
|
|
27.5
|
|
Debt extinguishment
and other costs
|
0.5
|
|
|
1.6
|
|
|
0.5
|
|
|
1.6
|
|
Other expense,
net
|
—
|
|
|
0.5
|
|
|
1.0
|
|
|
1.3
|
|
Total other
expenses
|
9.1
|
|
|
11.1
|
|
|
26.4
|
|
|
30.4
|
|
Earnings before
income taxes
|
59.9
|
|
|
64.8
|
|
|
118.4
|
|
|
156.7
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
11.7
|
|
|
18.8
|
|
|
28.5
|
|
|
45.4
|
|
Effective tax
rate
|
19.5
|
%
|
|
29.0
|
%
|
|
24.1
|
%
|
|
29.0
|
%
|
|
|
|
|
|
|
|
|
Net
earnings
|
48.2
|
|
|
46.0
|
|
|
89.9
|
|
|
111.3
|
|
|
|
|
|
|
|
|
|
Less: net earnings
attributable to noncontrolling interests
|
—
|
|
|
0.2
|
|
|
0.3
|
|
|
0.1
|
|
Net earnings
attributable to Wolverine World Wide, Inc.
|
$
|
48.2
|
|
|
$
|
45.8
|
|
|
$
|
89.6
|
|
|
$
|
111.2
|
|
Diluted earnings per
share
|
$
|
0.49
|
|
|
$
|
0.44
|
|
|
$
|
0.91
|
|
|
$
|
1.08
|
|
|
|
|
|
|
|
|
|
Supplemental
information:
|
|
|
|
|
|
|
|
Net earnings used to
calculate diluted earnings per share
|
$
|
47.2
|
|
|
$
|
45.0
|
|
|
$
|
87.7
|
|
|
$
|
109.3
|
|
Shares used to
calculate earnings per share
|
96.9
|
|
|
101.3
|
|
|
96.3
|
|
|
101.2
|
|
Weighted average
shares outstanding
|
99.4
|
|
|
103.0
|
|
|
99.4
|
|
|
102.9
|
|
WOLVERINE WORLD
WIDE, INC.
|
CONSOLIDATED
CONDENSED BALANCE SHEETS
|
(Unaudited)
|
(In
millions)
|
|
|
September
10,
2016
|
|
September
12, 2015
|
ASSETS
|
|
|
|
Cash and cash
equivalents
|
$
|
530.9
|
|
|
$
|
196.4
|
|
Accounts receivables,
net
|
309.5
|
|
|
374.6
|
|
Inventories,
net
|
457.6
|
|
|
495.5
|
|
Other current
assets
|
42.6
|
|
|
67.7
|
|
Total current
assets
|
1,340.6
|
|
|
1,134.2
|
|
Property, plant and
equipment, net
|
148.8
|
|
|
144.3
|
|
Goodwill and other
indefinite-lived intangibles
|
1,115.2
|
|
|
1,120.0
|
|
Other non-current
assets
|
154.4
|
|
|
178.7
|
|
Total
assets
|
$
|
2,759.0
|
|
|
$
|
2,577.2
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Accounts payable and
other accrued liabilities
|
$
|
330.1
|
|
|
$
|
352.1
|
|
Current maturities of
long-term debt
|
393.5
|
|
|
11.2
|
|
Borrowings under
revolving credit agreements
|
1.2
|
|
|
—
|
|
Total current
liabilities
|
724.8
|
|
|
363.3
|
|
Long-term
debt
|
657.7
|
|
|
803.4
|
|
Other non-current
liabilities
|
335.8
|
|
|
383.9
|
|
Stockholders'
equity
|
1,040.7
|
|
|
1,026.6
|
|
Total liabilities and
stockholders' equity
|
$
|
2,759.0
|
|
|
$
|
2,577.2
|
|
WOLVERINE WORLD
WIDE, INC.
|
CONSOLIDATED
CONDENSED STATEMENTS OF CASH FLOWS
|
(Unaudited)
|
(In
millions)
|
|
|
36 Weeks
Ended
|
|
September
10,
2016
|
|
September
12,
2015
|
OPERATING
ACTIVITIES:
|
|
|
|
Net
earnings
|
$
|
89.9
|
|
|
$
|
111.3
|
|
Adjustments to
reconcile net earnings to net cash provided by operating
activities:
|
|
|
|
Depreciation and
amortization
|
30.0
|
|
|
32.8
|
|
Stock-based
compensation expense
|
15.3
|
|
|
17.4
|
|
Excess tax benefits
from stock-based compensation
|
(0.4)
|
|
|
(4.5)
|
|
Pension and SERP
expense
|
7.3
|
|
|
19.3
|
|
Debt extinguishment
costs
|
—
|
|
|
1.6
|
|
Restructuring and
impairment costs
|
17.6
|
|
|
7.5
|
|
Other
|
(17.0)
|
|
|
(10.1)
|
|
Changes in operating
assets and liabilities
|
0.5
|
|
|
(65.5)
|
|
Net cash provided by
operating activities
|
143.2
|
|
|
109.8
|
|
|
|
|
|
INVESTING
ACTIVITIES:
|
|
|
|
Additions to
property, plant and equipment
|
(34.4)
|
|
|
(28.6)
|
|
Investment in joint
venture
|
(0.5)
|
|
|
—
|
|
Other
|
10.4
|
|
|
(4.3)
|
|
Net cash used in
investing activities
|
(24.5)
|
|
|
(32.9)
|
|
|
|
|
|
FINANCING
ACTIVITIES:
|
|
|
|
Net borrowings under
revolving credit agreements
|
1.2
|
|
|
—
|
|
Borrowings of
long-term debt
|
250.0
|
|
|
450.0
|
|
Payments on long-term
debt
|
(5.7)
|
|
|
(525.2)
|
|
Payments of debt
issuance costs
|
(3.4)
|
|
|
(2.4)
|
|
Cash dividends
paid
|
(17.7)
|
|
|
(18.3)
|
|
Purchase of common
stock for treasury
|
(11.4)
|
|
|
(12.6)
|
|
Purchases of shares
under employee stock plans
|
(4.7)
|
|
|
(7.6)
|
|
Proceeds from the
exercise of stock options
|
5.6
|
|
|
12.8
|
|
Excess tax benefits
from stock-based compensation
|
0.4
|
|
|
4.5
|
|
Contributions from
noncontrolling interests
|
2.2
|
|
|
—
|
|
Net cash provided by
(used in) financing activities
|
216.5
|
|
|
(98.8)
|
|
|
|
|
|
Effect of foreign
exchange rate changes
|
1.6
|
|
|
(5.5)
|
|
Increase (decrease)
in cash and cash equivalents
|
336.8
|
|
|
(27.4)
|
|
|
|
|
|
Cash and cash
equivalents at beginning of the year
|
194.1
|
|
|
223.8
|
|
Cash and cash
equivalents at end of the period
|
$
|
530.9
|
|
|
$
|
196.4
|
|
The following tables
contain information regarding the non-GAAP adjustments used by the
Company in the presentation of its financial results:
|
|
WOLVERINE WORLD
WIDE, INC.
|
|
Q3 2016
RECONCILIATION TABLES
|
|
RECONCILIATION OF
REPORTED REVENUE TO
|
UNDERLYING
REVENUE*
|
(Unaudited)
|
(In
millions)
|
|
|
GAAP Basis
Fiscal 2016 Q3
|
|
Foreign Exchange
Impact
|
|
Fiscal 2016 Q3
Constant Currency Basis
|
|
GAAP Basis
Fiscal 2015 Q3
|
|
Adjustments
(1)
|
|
Fiscal 2015 Q3
Adjusted Basis
|
|
Underlying
Growth
|
|
Reported
Growth
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
$
|
603.7
|
|
|
$
|
4.1
|
|
|
$
|
607.8
|
|
|
$
|
678.9
|
|
|
$
|
(14.0)
|
|
|
$
|
664.9
|
|
|
(8.6)%
|
|
|
(11.1)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Adjustments include the
impact from retail store closures and the exit of the Cushe
business.
|
RECONCILIATION OF
REPORTED GROSS MARGIN TO ADJUSTED
|
GROSS MARGIN ON A
CONSTANT CURRENCY BASIS*
|
(Unaudited)
|
(In
millions)
|
|
|
GAAP
Basis
|
|
Foreign Exchange
Impact
|
|
Adjustments
(1)
|
|
As Adjusted on a
Constant Currency Basis
|
|
|
|
|
|
|
|
|
Gross Profit - Fiscal
2016 Q3
|
$
|
237.3
|
|
|
$
|
5.5
|
|
|
$
|
0.3
|
|
|
$
|
243.1
|
|
|
|
|
|
|
|
|
|
Gross
margin
|
39.3
|
%
|
|
|
|
|
|
40.0
|
%
|
|
|
|
|
|
|
|
|
Gross Profit - Fiscal
2015 Q3
|
$
|
271.7
|
|
|
|
|
|
|
$
|
271.7
|
|
|
|
|
|
|
|
|
|
Gross
margin
|
40.0
|
%
|
|
|
|
|
|
40.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Adjustments include the impact from restructuring costs.
|
RECONCILIATION OF
REPORTED OPERATING MARGIN TO ADJUSTED
|
OPERATING MARGIN
ON A CONSTANT CURRENCY BASIS*
|
(Unaudited)
|
(In
millions)
|
|
|
GAAP
Basis
|
|
Foreign Exchange
Impact
|
|
Adjustments
(1)
|
|
As Adjusted on a
Constant Currency Basis
|
|
|
|
|
|
|
|
|
Operating Profit -
Fiscal 2016 Q3
|
$
|
69.0
|
|
|
$
|
4.1
|
|
|
$
|
1.2
|
|
|
$
|
74.3
|
|
|
|
|
|
|
|
|
|
Operating
margin
|
11.4
|
%
|
|
|
|
|
|
12.2
|
%
|
|
|
|
|
|
|
|
|
Operating Profit -
Fiscal 2015 Q3
|
$
|
75.9
|
|
|
|
|
$
|
4.8
|
|
|
$
|
80.7
|
|
|
|
|
|
|
|
|
|
Operating
margin
|
11.2
|
%
|
|
|
|
|
|
11.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Adjustments include restructuring and impairment costs.
|
RECONCILIATION OF
REPORTED DILUTED EPS TO ADJUSTED DILUTED EPS ON
|
A CONSTANT
CURRENCY BASIS*
|
(Unaudited)
|
|
|
GAAP Basis
EPS
|
|
Adjustments
(1)
|
|
As Adjusted
EPS
|
|
Foreign Exchange
Impact
|
|
As Adjusted
EPS On a Constant Currency
Basis
|
|
|
|
|
|
|
|
|
|
|
Fiscal 2016
Q3
|
$
|
0.49
|
|
|
$
|
—
|
|
|
$
|
0.49
|
|
|
$
|
0.02
|
|
|
$
|
0.51
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal 2015
Q3
|
$
|
0.44
|
|
|
$
|
0.04
|
|
|
$
|
0.48
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Adjustments include the impact of restructuring and impairment
costs and debt extinguishment and other costs.
|
2016 GUIDANCE
RECONCILIATION TABLES
|
RECONCILIATION OF
FISCAL 2016 FULL-YEAR REPORTED REVENUE GROWTH
|
GUIDANCE TO
UNDERLYING REVENUE GROWTH GUIDANCE*
|
(Unaudited)
|
(In
millions)
|
|
|
GAAP
Basis Full-Year
Revenue
|
|
Foreign Exchange
Impact
|
|
Adjustments
(1)
|
|
Underlying
Full-Year Revenue
|
|
|
|
|
|
|
|
|
Fiscal 2016 Revenue
Guidance
|
$
|
2,475 -
2,575
|
|
|
$
|
18.0
|
|
|
|
|
$
|
2,493 -
2,593
|
|
Fiscal 2015
Revenue
|
$
|
2,691.6
|
|
|
|
|
$
|
(51.1)
|
|
|
$
|
2,640.5
|
|
Percentage
decline
|
(8.0) -
(4.3)%
|
|
|
|
|
|
|
(5.6) -
(1.8)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Adjustments include the impact from retail store closures and the
exited Cushe business.
|
RECONCILIATION OF
FISCAL 2016 FULL-YEAR DILUTED EPS GUIDANCE TO ADJUSTED DILUTED EPS
ON A CONSTANT CURRENCY BASIS GUIDANCE*
|
(Unaudited)
|
|
|
GAAP
Basis Full-Year 2016
Guidance
|
|
Adjustments
(1)
|
|
As
Adjusted Full-Year 2016
Guidance
|
|
Foreign Exchange
Impact
|
|
As
Adjusted Full-Year 2016
Guidance Constant Currency Basis
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share
|
$ 1.02
- 1.12
|
|
$
|
0.28
|
|
|
$ 1.30
- 1.40
|
|
$
|
0.18
|
|
|
$ 1.48
- 1.58
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Adjustments include estimated restructuring and impairment costs
and estimated debt extinguishment and other costs.
|
*
|
To supplement the
consolidated financial statements presented in accordance with
Generally Accepted Accounting Principles ("GAAP"), the Company
describes what certain financial measures would have been if
restructuring and impairment costs and debt extinguishment and
other costs were excluded. The Company also describes
underlying revenue, which excludes the impact of foreign exchange,
the impact of retail store closures and the exit of the Cushe
business in fiscal 2016. The Company believes these non-GAAP
measures provide useful information to both management and
investors to increase comparability to the prior period by
adjusting for certain items that may not be indicative of core
operating measures and to better identify 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. The Company
evaluates results of operations on both a reported and a constant
currency 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 our 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.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/wolverine-worldwide-announces-third-quarter-results-300346286.html
SOURCE Wolverine Worldwide