ROCKFORD, Mich., Sept. 16, 2015 /PRNewswire/ -- As previously
announced, Wolverine Worldwide (NYSE: WWW) CFO and Senior Vice
President Michael D. Stornant will
present at Stifel's 2015 Consumer Conference on September 17, 2015, in New York at 9:45 a.m.
Eastern Time. His remarks will include information on
Wolverine's operations and business outlook.
In conjunction with this conference, the Company is announcing
certain preliminary financial results for the third quarter of
fiscal 2015. In particular, the Company expects the
following third-quarter fiscal 2015 results:
- Adjusted earnings per share in line with the Company's most
recent guidance of $0.47 - $0.49 per
share.
- Low-single digit revenue decline after adjusting for the impact
of foreign exchange.
- Flat revenue, after adjusting for the impact of foreign
exchange, retail store closures and termination of the Patagonia
license.
- Revenue decline of 4% to 5% on a reported basis.
The Company intends to provide further detail on its
third-quarter fiscal 2015 results and fourth-quarter outlook in
connection with its third-quarter earnings call scheduled for
October 20, 2015.
WEBCAST INFORMATION
The Company's presentation will be webcast live and can be
accessed at the Company's website. To access the presentation at
the Company's website, go to www.wolverineworldwide.com, click on
"Investor Relations" in the navigation bar, and then click on
"Webcasts & Presentations" from the side navigation bar of the
"Investor Relations" page. To listen to the webcast, your computer
must have a streaming media player, which can be downloaded for
free at www.wolverineworldwide.com. A replay of the webcast will be
available at the Company's website for a period of approximately 90
days.
RESULTS ARE PRELIMINARY
As the Company has not completed its quarter close process, the
revenue and adjusted earnings per share expectations presented in
this press release are preliminary, and, therefore, may change due
to closing adjustments. The preliminary financial results presented
in this release are based solely upon information available as of
the date of this release, are not a comprehensive statement of our
financial results or positions as of or for the third quarter of
fiscal 2015, and have not been audited, reviewed or compiled by our
independent registered accounting firm.
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®,
Cushe®, 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, www.wolverineworldwide.com.
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements,
including statements regarding preliminary third-quarter 2015
financial and operational performance and expected 2015 financial
performance. In addition, words such as "guidance," "estimates,"
"anticipates," "believes," "forecasts," "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: final financial
results may differ from announced preliminary results; the impact
of financial and credit markets on the Company, its suppliers and
customers; changes in interest rates, tax laws, duties, tariffs,
quotas, or applicable assessments in countries of import and
export; changes in consumer preferences, spending patterns, buying
patterns, price sensitivity or the demand for the Company's
products; changes in future pension funding requirements and
pension expenses; the ability to secure and protect owned
intellectual property or use licensed intellectual property; the
risk of impairment to goodwill and other intangibles; cancellation
of orders for future delivery; 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; changes in relationships with, including the loss of,
significant customers; the financial strength of the Company's
customers, distributors and licensees; risks related to the
significant investment in, and performance of, the Company's
consumer-direct business; the impact of regulation, regulatory or
legal proceedings and legal compliance risks; the cost,
availability, and management of raw materials, inventories,
services and labor for owned and contract manufacturers; currency
fluctuations; currency restrictions; the risks of doing business in
developing countries and politically or economically volatile
areas; changes in national, regional or global economic and market
conditions; the impact of seasonality and unpredictable weather
conditions; problems affecting the Company's distribution system,
including service interruptions at shipping and receiving ports;
the potential breach of the Company's databases, or those of its
vendors, which contain certain personal information or payment card
data; the inability for any reason to effectively compete in global
footwear, apparel and consumer-direct markets; 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
success of the Company's consumer-direct realignment initiatives;
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