First quarter revenue of $615 million grew
20% with continued momentum across brands
Wolverine World Wide, Inc. (NYSE: WWW) today reported financial
results for the first quarter ended April 2, 2022.
“We delivered strong financial results in the quarter despite
continued supply chain challenges and macro headwinds,” said
Brendan Hoffman, Wolverine Worldwide’s President and Chief
Executive Officer. “Revenue and operating margin exceeded
expectations, despite gross margin pressure related to higher
supply chain costs and channel mix shift. We are encouraged to see
continued strong demand across brands and have upcoming product
launches and powerful marketing initiatives planned to drive
further excitement among consumers. Looking ahead, we remain
committed to advancing our primary growth strategies, with a more
focused approach on execution as we capitalize on a favorable
industry backdrop in outdoor, performance and work categories.”
FIRST-QUARTER 2022 FINANCIAL
HIGHLIGHTS
(in millions)
4/2/2022
4/3/2021
Y/Y Change
Michigan Group
$329.3
$297.7
10.6
%
Boston Group
$212.3
$200.9
5.7
%
Other
$73.2
$12.1
505.0
%
Total Revenue
$614.8
$510.7
20.4
%
Supplemental Brand Information
Merrell
$147.9
$150.2
(1.5
)%
Saucony
$106.4
$102.6
3.7
%
Sperry
$67.4
$56.8
18.7
%
Wolverine
$58.8
$52.5
12.2
%
Sweaty Betty
$53.6
N/A
N/A
Reported:
Gross Margin
42.5
%
43.5
%
(100 bps)
Operating Margin
3.2
%
11.4
%
(820 bps)
Diluted Earnings Per Share
$0.12
$0.45
(73.3
)%
Non-GAAP:
Adjusted Gross Margin
42.5
%
44.3
%
(180 bps)
Adjusted Operating Margin
8.1
%
10.2
%
(210 bps)
Adjusted Diluted Earnings Per Share
$0.41
$0.40
2.5
%
On August 2, 2021, Wolverine Worldwide acquired women’s
activewear brand Sweaty Betty, a digitally-native, premium global
apparel brand, which will continue to fuel growth and enhance the
Company’s eCommerce business. The information in the following
table excludes Sweaty Betty.
Non-GAAP Organic (Excluding Sweaty
Betty)
(in millions)
4/2/2022
4/3/2021
Y/Y Change
Total Revenue
$561.2
$510.7
9.9
%
Organic Gross Margin
41.5
%
44.3
%
(280 bps)
Organic Operating Margin
9.1
%
10.2
%
(110 bps)
Organic Diluted Earnings Per Share
$0.41
$0.40
2.5
%
Revenue of $614.8 million reflected strong wholesale and
international distributor sales. Direct-to-Consumer revenue
increased 24% including Sweaty Betty and decreased 14% excluding
Sweaty Betty.
Gross margin of 42.5% was in line with our internal plan
and includes incremental supply chain costs and a revenue mix shift
toward the international distributor business.
Selling, General & Administrative expenses of $241.7
million includes $30 million of net costs related to a legacy
environmental matter. Adjusted SG&A expenses of $211.3 million
are up $37 million due to an increase in variable costs on higher
revenue, the addition of Sweaty Betty, and higher labor costs in
our distribution centers.
Inventory at the end of the quarter was $483.3 million,
up 50.6% versus the prior year. Excluding Sweaty Betty inventory
increased 36.1% versus the prior year.
Total debt at the end of the quarter was $1,094.6
million. Total liquidity including cash and available borrowings
under the Company's revolving line of credit was approximately $800
million.
Share repurchases: During the first quarter,
approximately 1.4 million shares were repurchased at an average
price of $24.37 per share. At the end of the quarter, the Company
had nearly $413 million available under its board-approved share
repurchase plan.
FULL-YEAR 2022 OUTLOOK
“We are encouraged by the strong start to the year with revenue
and earnings per share exceeding our expectations,” said Mike
Stornant, Executive Vice President and Chief Financial Officer.
"Looking forward, the continued strong demand for our brands
combined with improving inventory flow supports our reiteration of
full-year revenue and EPS guidance.”
- Revenue is expected to be in the range of $2.775 billion
to $2.850 billion, representing growth of approximately 15.0% to
18.0%.
- Diluted earnings per share are expected to be between
$2.30 to $2.45 and adjusted diluted earnings per share are expected
to be between $2.50 to $2.65, representing growth of 19.4% to
26.5%.
- Gross margin is expected to be approximately 43.0%.
- Operating margin is expected to be approximately 10.2%
and adjusted operating margin is expected to be approximately
11.0%, up approximately 35 bps versus 2021.
- The effective tax rate is expected to be approximately
21%.
- Diluted weighted average shares are expected to be
approximately 81.4 million.
This outlook assumes no meaningful deterioration of current
market conditions related to the COVID-19 pandemic during the
remainder of 2022.
NON-GAAP FINANCIAL MEASURES Measures referred to in this
release as “adjusted” financial results are non-GAAP measures that
exclude environmental and other related costs net of recoveries and
costs related to the COVID-19 pandemic including air freight costs.
Measures referred to in this release as “adjusted organic”
financial results are non-GAAP measures that exclude the results of
Sweaty Betty. 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. The
adjusted organic financial results are used by management to, and
allow investors to, evaluate the aggregate operating performance of
the Company’s brands other than Sweaty Betty. 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.
EARNINGS CALL INFORMATION The 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 “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 on the belief
in the possibility of opportunity, Wolverine World Wide, Inc.
(NYSE:WWW) is one of the world’s 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’s portfolio includes Merrell®, Saucony®, Sweaty Betty®,
Sperry®, Hush Puppies®, Wolverine®, Keds®, 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 130 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
or visit us on Facebook, LinkedIn, and Instagram.
FORWARD-LOOKING STATEMENTS This press release contains
forward-looking statements, including statements regarding the
Company’s expectations regarding: its growth strategies and its
outlook for fiscal year 2022 results including revenue, reported
gross margin, reported and adjusted operating margin, effective tax
rate and reported and adjusted diluted earnings per share as well
as the Company's expectations that there will not be any meaningful
deterioration of current market conditions related to the COVID-19
pandemic in 2022 and that Sweaty Betty will fuel growth and enhance
the Company's eCommerce business. 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: the effects of the COVID-19
pandemic on the Company’s business, operations, financial results
and liquidity, including the duration and magnitude of such
effects, which will depend on numerous evolving factors that the
Company cannot currently accurately predict or assess, including:
the duration and scope of the pandemic; the negative impact on
global and regional markets, economies and economic activity,
including the duration and magnitude of its impact on unemployment
rates, consumer discretionary spending and levels of consumer
confidence; actions governments, businesses and individuals take in
response to the pandemic; the effects of the pandemic, including
all of the foregoing, on the Company’s distributors, manufacturers,
suppliers, joint venture partners, wholesale customers and other
counterparties, and how quickly economies and demand for the
Company’s products recover after the pandemic subsides; 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; 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; 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’s consumer-direct operations; risks
related to expansion into new markets and complementary product
categories; 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
retailers; increases 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, 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’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; problems affecting the Company’s supply chain or
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 intangibles; 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.
WOLVERINE WORLD WIDE,
INC.
CONSOLIDATED CONDENSED
STATEMENTS OF OPERATIONS
(Unaudited)
(In millions, except earnings
per share)
Quarter Ended
April 2, 2022
April 3, 2021
Revenue
$
614.8
$
510.7
Cost of goods sold
353.5
288.4
Gross profit
261.3
222.3
Gross margin
42.5
%
43.5
%
Selling, general and administrative
expenses
211.3
174.4
Environmental and other related costs, net
of recoveries
30.4
(10.2
)
Operating expenses
241.7
164.2
Operating expenses as a % of revenue
39.3
%
32.2
%
Operating profit
19.6
58.1
Operating margin
3.2
%
11.4
%
Interest expense, net
8.7
9.6
Other expense (income), net
(1.1
)
2.8
Total other expenses
7.6
12.4
Earnings before income taxes
12.0
45.7
Income tax expense
3.6
7.3
Effective tax rate
30.4
%
16.0
%
Net earnings
8.4
38.4
Less: net loss attributable to
noncontrolling interests
(1.3
)
(0.1
)
Net earnings attributable to Wolverine
World Wide, Inc.
$
9.7
$
38.5
Diluted earnings per share
$
0.12
$
0.45
Supplemental information:
Net earnings used to calculate diluted
earnings per share
$
9.5
$
37.8
Shares used to calculate diluted earnings
per share
81.9
83.2
WOLVERINE WORLD WIDE,
INC.
CONSOLIDATED CONDENSED BALANCE
SHEETS
(Unaudited)
(In millions)
April 2, 2022
April 3, 2021
ASSETS
Cash and cash equivalents
$
149.6
$
364.8
Accounts receivables, net
370.6
323.6
Inventories, net
483.3
320.9
Other current assets
74.4
37.9
Total current assets
1,077.9
1,047.2
Property, plant and equipment, net
128.4
120.8
Lease right-of-use assets
137.7
136.7
Goodwill and other indefinite-lived
intangibles
1,259.8
825.0
Other noncurrent assets
142.2
137.6
Total assets
$
2,746.0
$
2,267.3
LIABILITIES AND STOCKHOLDERS'
EQUITY
Accounts payable and other accrued
liabilities
$
567.2
$
454.1
Lease liabilities
35.2
33.7
Current maturities of long-term debt
10.0
10.0
Borrowings under revolving credit
agreements
355.0
—
Total current liabilities
967.4
497.8
Long-term debt
729.6
710.4
Lease liabilities, noncurrent
119.3
122.8
Other noncurrent liabilities
314.4
311.2
Stockholders' equity
615.3
625.1
Total liabilities and stockholders'
equity
$
2,746.0
$
2,267.3
WOLVERINE WORLD WIDE,
INC.
CONSOLIDATED CONDENSED
STATEMENTS OF CASH FLOWS
(Unaudited)
(In millions)
Quarter Ended
April 2, 2022
April 3, 2021
OPERATING ACTIVITIES:
Net earnings
$
8.4
$
38.4
Adjustments to reconcile net earnings to
net cash provided by (used in) operating activities:
Depreciation and amortization
8.5
7.2
Deferred income taxes
(6.8
)
1.0
Stock-based compensation expense
10.3
10.0
Pension and SERP expense
2.3
3.5
Environmental and other related costs, net
of cash payments and recoveries received
14.1
(0.2
)
Other
2.2
0.6
Changes in operating assets and
liabilities
(131.5
)
(34.2
)
Net cash provided by (used in) operating
activities
(92.5
)
26.3
INVESTING ACTIVITIES:
Additions to property, plant and
equipment
(7.5
)
(2.2
)
Other
3.7
(0.5
)
Net cash used in investing activities
(3.8
)
(2.7
)
FINANCING ACTIVITIES:
Payments under revolving credit
agreements
(37.0
)
—
Borrowings under revolving credit
agreements
167.0
—
Payments on long-term debt
(2.5
)
(2.5
)
Cash dividends paid
(8.4
)
(8.5
)
Purchase of common stock for treasury
(33.8
)
—
Employee taxes paid under stock-based
compensation plans
(7.1
)
(9.2
)
Proceeds from the exercise of stock
options
0.8
10.5
Contributions from noncontrolling
interests
7.0
4.8
Net cash provided by (used in) financing
activities
86.0
(4.9
)
Effect of foreign exchange rate
changes
(1.8
)
(1.3
)
Increase (decrease) in cash and cash
equivalents
(12.1
)
17.4
Cash and cash equivalents at beginning of
the year
161.7
347.4
Cash and cash equivalents at end of the
quarter
$
149.6
$
364.8
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.
Q1 2022 RECONCILIATION
TABLES
RECONCILIATION OF REPORTED
REVENUE TO ADJUSTED
REVENUE ON A CONSTANT CURRENCY
BASIS*
(Unaudited)
(In millions)
GAAP Basis 2022-Q1
Foreign Exchange
Impact
Constant Currency Basis
2022-Q1
GAAP Basis 2021-Q1
Constant Currency
Growth
Reported Growth
REVENUE
Wolverine Michigan Group
$
329.3
$
2.1
$
331.4
$
297.7
11.3
%
10.6
%
Wolverine Boston Group
212.3
1.8
214.1
200.9
6.6
%
5.7
%
Other
73.2
—
73.2
12.1
505.0
%
505.0
%
Total
$
614.8
$
3.9
$
618.7
$
510.7
21.1
%
20.4
%
RECONCILIATION OF REPORTED
REVENUE
TO ADJUSTED ORGANIC
REVENUE*
(Unaudited)
(In millions)
GAAP Basis
Sweaty Betty (1)
Organic Basis
Revenue - Fiscal 2022 Q1
$ 614.8
$ (53.6)
$ 561.2
(1)
Q1 2022 adjustment reflects the
Sweaty Betty® results included in the consolidated condensed
statement of operations.
RECONCILIATION OF REPORTED
DIRECT-TO-CONSUMER REVENUE GROWTH
TO ADJUSTED ORGANIC
DIRECT-TO-CONSUMER REVENUE GROWTH*
(Unaudited)
GAAP Basis
Sweaty Betty (1)
Organic Basis
Direct-to-Consumer Revenue Growth
(Decline) - Fiscal 2022 Q1
23.7 %
38.0 %
(14.3) %
(1)
Q1 2022 adjustment reflects the Sweaty
Betty® results included in the consolidated condensed statement of
operations.
RECONCILIATION OF REPORTED GROSS MARGIN TO ADJUSTED GROSS
MARGIN AND ADJUSTED ORGANIC
GROSS MARGIN*
(Unaudited)
(In millions)
GAAP Basis
Adjustments (1)
As Adjusted
Sweaty Betty (2)
Organic Basis
Gross Profit - Fiscal 2022 Q1
$
261.3
$
—
$
261.3
$
(28.6
)
$
232.7
Gross margin
42.5
%
42.5
%
41.5
%
Gross Profit - Fiscal 2021 Q1
$
222.3
$
4.0
$
226.3
$
—
$
226.3
Gross margin
43.5
%
44.3
%
44.3
%
(1)
Q1 2021 adjustments reflect $4.0 million
of air freight charges related to production and shipping delays
caused by the COVID-19 pandemic.
(2)
Q1 2022 adjustment reflects the Sweaty
Betty® results included in the consolidated condensed statement of
operations.
RECONCILIATION OF REPORTED SELLING, GENERAL AND ADMINISTRATIVE
EXPENSES
TO ADJUSTED SELLING, GENERAL
AND ADMINISTRATIVE EXPENSES*
(Unaudited)
(In millions)
GAAP Basis
Adjustment (1)
As Adjusted
Selling, general and administrative
expenses - Fiscal 2022 Q1
$
241.7
$
(30.4
)
$
211.3
Selling, general and administrative
expenses - Fiscal 2021 Q1
$
164.2
$
10.2
$
174.4
(1)
Q1 2022 adjustments reflect $30.4 million
of environmental and other related costs net of recoveries. Q1 2021
adjustments reflect $(10.2) million of environmental and other
related costs net of recoveries.
RECONCILIATION OF REPORTED OPERATING MARGIN TO ADJUSTED
OPERATING
MARGIN AND ADJUSTED ORGANIC
OPERATING MARGIN*
(Unaudited)
(In millions)
GAAP Basis
Adjustments (1)
As Adjusted
Sweaty Betty (2)
Organic Basis
Operating Profit - Fiscal 2022 Q1
$
19.6
$
30.4
$
50.0
$
1.2
$
51.2
Operating margin
3.2
%
8.1
%
9.1
%
Operating Profit - Fiscal 2021 Q1
$
58.1
$
(6.2
)
$
51.9
$
—
$
51.9
Operating margin
11.4
%
10.2
%
10.2
%
(1)
Q1 2022 adjustments reflect $30.4 million
of environmental and other related costs net of recoveries. Q1 2021
adjustments reflect $4.0 million of air freight charges related to
production and shipping delays caused by the COVID-19 pandemic and
$(10.2) million of environmental and other related costs net of
recoveries.
(2)
Q1 2022 adjustment reflects the Sweaty
Betty® results included in the consolidated condensed statement of
operations.
RECONCILIATION OF REPORTED INVENTORY
TO ADJUSTED ORGANIC
INVENTORY*
(Unaudited)
(In millions)
GAAP Basis
Sweaty Betty (1)
Organic Basis
Inventories, net - Fiscal 2022 Q1
$
483.3
$
(46.7
)
$
436.6
Inventories, net - Fiscal 2021 Q1
$
320.9
$
—
$
320.9
.
(1)
Q1 2022 adjustment reflects the Sweaty Betty® inventories
included in the consolidated condensed balance sheet.
RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED
DILUTED EPS ON A CONSTANT
CURRENCY BASIS*
(Unaudited)
GAAP Basis
Adjustments (1)
As Adjusted
Foreign Exchange
Impact
As Adjusted EPS On a Constant
Currency Basis
EPS - Fiscal 2022 Q1
$
0.12
$
0.29
$
0.41
$
(0.01
)
$
0.40
EPS - Fiscal 2021 Q1
$
0.45
$
(0.05
)
$
0.40
(1)
Q1 2022 adjustments reflect environmental and other related
costs net of recoveries. Q1 2021 adjustments reflect air freight
charges related to production and shipping delays caused by the
COVID-19 pandemic and environmental and other related costs net of
recoveries.
RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED
DILUTED EPS AND ADJUSTED
ORGANIC DILUTED EPS*
(Unaudited)
GAAP Basis
Adjustments (1)
As Adjusted
Sweaty Betty (2)
Adjusted Organic Basis
EPS - Fiscal 2022 Q1
$
0.12
$
0.29
$
0.41
$
—
$
0.41
EPS - Fiscal 2021 Q1
$
0.45
$
(0.05
)
$
0.40
$
—
$
0.40
(1)
Q1 2022 adjustments reflect environmental and other related
costs net of recoveries. Q1 2021 air freight charges related to
production and shipping delays caused by the COVID-19 pandemic and
environmental and other related costs net of recoveries.
(2)
Q1 2022 adjustment reflects the Sweaty Betty® results included in
the consolidated condensed statement of operations.
2022
GUIDANCE RECONCILIATION TABLES
RECONCILIATION OF REPORTED
OPERATING MARGIN GUIDANCE TO ADJUSTED OPERATING MARGIN GUIDANCE,
REPORTED DILUTED EPS GUIDANCE TO ADJUSTED DILUTED EPS
GUIDANCE AND SUPPLEMENTAL
INFORMATION*
(Unaudited)
(In millions, except earnings
per share)
GAAP Basis
Adjustments (1)
As Adjusted
Operating Margin - Fiscal 2022 Full
Year
10.2
%
0.8
%
11.0
%
Dilutive EPS - Fiscal 2022 Full Year
$ 2.30 - $2.45
$0.20
$ 2.50 - $2.65
Fiscal 2022 Full Year Supplemental
information:
Net Earnings
$190 - $203
$16
$206 - $219
Net Earnings used to calculate diluted
earnings per share
$187 - $200
$16
$203 - $216
Shares used to calculate diluted earnings
per share
81.4
81.4
(1)
2022 adjustments reflect estimated environmental and other
related costs net of recoveries and estimated Sweaty Betty®
integration 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, costs associated with the acquisition
of the Sweaty Betty® brand, environmental and other related costs
net of recoveries and air freight costs related to the COVID-19
pandemic were excluded. The Company also describes what certain
financial measures would have been if the previously described
financial measures also excluded the results of Sweaty Betty®. 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 core operating measures and to better identify trends
in the Company's 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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version on businesswire.com: https://www.businesswire.com/news/home/20220511005293/en/
Alex Wiseman (616) 863-3974
Wolverine World Wide (NYSE:WWW)
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