ROCKFORD, Mich., Oct. 20, 2015 /PRNewswire/ -- Wolverine World
Wide, Inc. (NYSE: WWW) today reported financial results for the
third quarter ended September 12,
2015. Adjusted financial results exclude restructuring and
impairment and acquisition-related integration costs.
"We again delivered earnings in line with our expectations for
the quarter, while continuing to fuel our long-term strategic
investments," said Blake W. Krueger,
Wolverine Worldwide's Chairman, Chief Executive Officer and
President. "Our earnings performance is a testament to the
power of our diversified brand portfolio and disciplined business
model and our ability to deliver solid results in a challenging
global macroeconomic environment. Looking ahead, the Company
remains focused on accelerating the growth of our brands around the
world through product innovation and deepening our consumer
connections through our demand creation investment strategy."
THIRD-QUARTER 2015 REVIEW
- Adjusted diluted earnings per share were $0.48, in line with guidance, compared to an
adjusted $0.63 per share in the prior
year. Reported diluted earnings per share were $0.44, compared to $0.57 per share in the prior year.
- Gross margin was 40.0%, better than projected and flat with the
prior year's gross margin despite challenging foreign exchange
headwinds.
- Adjusted operating margin of 11.9% was better than expected but
190 basis points lower than the prior year, due primarily to
planned incremental brand investment and higher pension
expense. Reported operating margin was 11.2%.
- Adjusted revenue grew 0.7% after adjusting for the impact of
foreign exchange, retail store closures and termination of the
Patagonia license agreement. On a reported basis, revenue was
$678.9 million, a decline of 4.5%
versus the prior year.
- Marketing spend increased approximately 26% versus the prior
year as the Company continued its incremental demand-creation
investment strategy.
- Cash and cash equivalents were $196.4
million. Net debt was $629.2
million, a reduction of $235.9
million from the same period last year.
- Inventories were $495.5 million,
representing a 6.3% increase versus the prior year.
- The Company repurchased $6.7
million of its common stock in the quarter.
"We are pleased to deliver a strong earnings performance in
light of softer-than-expected revenue for the quarter," stated
Mike Stornant, Senior Vice President
and Chief Financial Officer. "The Company also delivered
better-than-expected gross margin in the quarter, despite very
challenging foreign currency headwinds in many key international
markets. Our operating margin was also well ahead of our
expectation, benefiting from continued discipline over
discretionary spending without compromising our demand creation
investments, and we continued to generate positive cash flow."
FISCAL 2015 GUIDANCE
Certain trends and conditions experienced during the third
quarter are now expected to continue and to put pressure on the
Company's top line performance during the fourth quarter of fiscal
2015. As a result, the Company is updating its full-year
guidance as follows:
- After adjusting for the estimated impact of foreign exchange,
retail store closures and the termination of the Patagonia license
agreement, revenue growth is expected in the range of approximately
2.1% to 2.8% versus the prior year. Reported revenue is
expected in the range of $2.69 billion to
$2.71 billion, representing a decline in the range of
approximately 2.6% to 1.8% versus the prior year.
- Adjusted diluted earnings per share is expected to be in the
range of $1.44 to $1.47. Constant
currency adjusted diluted earnings per share is expected in the
range of $1.57 to $1.60.
The Company now expects to incur total pre-tax charges of
approximately $50 million to $54
million related to the previously announced Strategic
Realignment Plan, exit of the Cushe business, certain
organizational changes across the business and debt extinguishment
costs from the debt refinancing. Of this amount, $26 million was recorded in fiscal 2014, and
$25 million is expected to be
incurred in fiscal 2015 with the balance of the charges to be
recorded in fiscal 2016. As a result, reported diluted
earnings per share in fiscal 2015 is expected in the range of
$1.28 to $1.31.
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®, 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,
wolverineworldwide.com.
FORWARD-LOOKING STATEMENTS
This press release
contains forward-looking statements, including statements regarding
expected 2015 financial performance, 2015 investment plans and
benefits, future growth plans and future benefits resulting from
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: 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 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.
WOLVERINE WORLD
WIDE, INC.
CONSOLIDATED
CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
(In millions,
except per share data)
|
|
|
12 Weeks
Ended
|
|
36 Weeks
Ended
|
|
September 12,
2015
|
|
September 6,
2014
|
|
September 12,
2015
|
|
September 6,
2014
|
Revenue
|
$
|
678.9
|
|
|
$
|
711.1
|
|
|
$
|
1,940.4
|
|
|
$
|
1,952.2
|
|
Cost of goods
sold
|
407.2
|
|
|
426.3
|
|
|
1,160.9
|
|
|
1,165.4
|
|
Restructuring
costs
|
—
|
|
|
0.1
|
|
|
—
|
|
|
0.6
|
|
Gross
profit
|
271.7
|
|
|
284.7
|
|
|
779.5
|
|
|
786.2
|
|
Gross
margin
|
40.0
|
%
|
|
40.0
|
%
|
|
40.2
|
%
|
|
40.3
|
%
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
191.0
|
|
|
186.8
|
|
|
584.9
|
|
|
568.1
|
|
Acquisition-related
integration costs
|
—
|
|
|
2.3
|
|
|
—
|
|
|
6.4
|
|
Restructuring and
impairment costs
|
4.8
|
|
|
8.0
|
|
|
7.5
|
|
|
11.4
|
|
Operating
expenses
|
195.8
|
|
|
197.1
|
|
|
592.4
|
|
|
585.9
|
|
Operating expenses
as a % of revenue
|
28.8
|
%
|
|
27.7
|
%
|
|
30.5
|
%
|
|
30.0
|
%
|
|
|
|
|
|
|
|
|
Operating
profit
|
75.9
|
|
|
87.6
|
|
|
187.1
|
|
|
200.3
|
|
Operating
margin
|
11.2
|
%
|
|
12.3
|
%
|
|
9.6
|
%
|
|
10.3
|
%
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
9.0
|
|
|
10.0
|
|
|
27.5
|
|
|
31.4
|
|
Debt extinguishment
costs
|
1.6
|
|
|
—
|
|
|
1.6
|
|
|
—
|
|
Other expense
(income), net
|
0.5
|
|
|
(0.3)
|
|
|
1.3
|
|
|
0.5
|
|
|
11.1
|
|
|
9.7
|
|
|
30.4
|
|
|
31.9
|
|
Earnings before
income taxes
|
64.8
|
|
|
77.9
|
|
|
156.7
|
|
|
168.4
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
18.8
|
|
|
20.0
|
|
|
45.4
|
|
|
45.7
|
|
Effective tax
rate
|
29.0
|
%
|
|
25.7
|
%
|
|
29.0
|
%
|
|
27.1
|
%
|
|
|
|
|
|
|
|
|
Net
earnings
|
46.0
|
|
|
57.9
|
|
|
111.3
|
|
|
122.7
|
|
|
|
|
|
|
|
|
|
Less: net earnings
attributable to noncontrolling interest
|
0.2
|
|
|
0.1
|
|
|
0.1
|
|
|
0.3
|
|
Net earnings
attributable to Wolverine World Wide, Inc.
|
$
|
45.8
|
|
|
$
|
57.8
|
|
|
$
|
111.2
|
|
|
$
|
122.4
|
|
Diluted earnings per
share
|
$
|
0.44
|
|
|
$
|
0.57
|
|
|
$
|
1.08
|
|
|
$
|
1.20
|
|
|
|
|
|
|
|
|
|
Supplemental
information:
|
|
|
|
|
|
|
|
Net earnings used to
calculate diluted earnings per share
|
$
|
45.0
|
|
|
$
|
56.7
|
|
|
$
|
109.3
|
|
|
$
|
120.2
|
|
Shares used to
calculate earnings per share
|
101.3
|
|
|
100.0
|
|
|
101.2
|
|
|
100.0
|
|
Weighted average
shares outstanding
|
103.0
|
|
|
101.6
|
|
|
102.9
|
|
|
101.3
|
|
WOLVERINE WORLD
WIDE, INC.
CONSOLIDATED
CONDENSED BALANCE SHEETS
(Unaudited)
(In
millions)
|
|
|
September 12,
2015
|
|
September 6,
2014
|
ASSETS
|
|
|
|
Cash and cash
equivalents
|
$
|
196.4
|
|
|
$
|
231.5
|
|
Accounts receivables,
net
|
374.6
|
|
|
483.9
|
|
Inventories,
net
|
495.5
|
|
|
466.3
|
|
Other current
assets
|
67.7
|
|
|
67.3
|
|
Total current
assets
|
1,134.2
|
|
|
1,249.0
|
|
Property, plant and
equipment, net
|
144.3
|
|
|
141.5
|
|
Goodwill and other
indefinite-lived intangibles
|
1,120.0
|
|
|
1,134.4
|
|
Other non-current
assets
|
189.7
|
|
|
202.8
|
|
Total
assets
|
$
|
2,588.2
|
|
|
$
|
2,727.7
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Accounts payable and
other accrued liabilities
|
$
|
352.1
|
|
|
$
|
310.6
|
|
Current maturities of
long-term debt
|
11.2
|
|
|
51.6
|
|
Total current
liabilities
|
363.3
|
|
|
362.2
|
|
Long-term
debt
|
814.4
|
|
|
1,045.0
|
|
Other non-current
liabilities
|
383.9
|
|
|
354.3
|
|
Stockholders'
equity
|
1,026.6
|
|
|
966.2
|
|
Total liabilities and
stockholders' equity
|
$
|
2,588.2
|
|
|
$
|
2,727.7
|
|
WOLVERINE WORLD
WIDE, INC.
CONSOLIDATED
CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
(In
millions)
|
|
|
36 Weeks
Ended
|
|
September 12,
2015
|
|
September 6,
2014
|
OPERATING
ACTIVITIES:
|
|
|
|
Net
earnings
|
$
|
111.3
|
|
|
$
|
122.7
|
|
Adjustments to
reconcile net earnings to net cash provided by operating
activities:
|
|
|
|
Depreciation and
amortization
|
32.8
|
|
|
37.1
|
|
Stock-based
compensation expense
|
17.4
|
|
|
17.1
|
|
Excess tax benefits
from stock-based compensation
|
(4.5)
|
|
|
(4.0)
|
|
Pension
expense
|
19.3
|
|
|
8.9
|
|
Debt extinguishment
costs
|
1.6
|
|
|
—
|
|
Restructuring and
impairment costs
|
7.5
|
|
|
12.0
|
|
Other
|
(10.1)
|
|
|
2.1
|
|
Changes in operating
assets and liabilities
|
(65.5)
|
|
|
(81.2)
|
|
Net cash provided by
operating activities
|
109.8
|
|
|
114.7
|
|
|
|
|
|
INVESTING
ACTIVITIES:
|
|
|
|
Additions to
property, plant and equipment
|
(28.6)
|
|
|
(21.4)
|
|
Investment in joint
venture
|
—
|
|
|
(0.7)
|
|
Other
|
(4.3)
|
|
|
(2.2)
|
|
Net cash used in
investing activities
|
(32.9)
|
|
|
(24.3)
|
|
|
|
|
|
FINANCING
ACTIVITIES:
|
|
|
|
Borrowings of
long-term debt
|
450.0
|
|
|
—
|
|
Payments on long-term
debt
|
(525.2)
|
|
|
(54.1)
|
|
Payments of debt
issuance costs
|
(2.4)
|
|
|
—
|
|
Cash dividends
paid
|
(18.3)
|
|
|
(18.0)
|
|
Purchase of common
stock for treasury
|
(12.6)
|
|
|
—
|
|
Purchases of shares
under employee stock plans
|
(7.6)
|
|
|
(10.1)
|
|
Proceeds from the
exercise of stock options
|
12.8
|
|
|
4.9
|
|
Excess tax benefits
from stock-based compensation
|
4.5
|
|
|
4.0
|
|
Net cash used in
financing activities
|
(98.8)
|
|
|
(73.3)
|
|
|
|
|
|
Effect of foreign
exchange rate changes
|
(5.5)
|
|
|
0.2
|
|
(Decrease) increase
in cash and cash equivalents
|
(27.4)
|
|
|
17.3
|
|
|
|
|
|
Cash and cash
equivalents at beginning of the year
|
223.8
|
|
|
214.2
|
|
Cash and cash
equivalents at end of the period
|
$
|
196.4
|
|
|
$
|
231.5
|
|
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.
RECONCILIATION OF
FISCAL 2015 Q3 REPORTED REVENUE TO
ADJUSTED REVENUE
ON A CONSTANT CURRENCY BASIS*
(Unaudited)
(In
millions)
|
|
|
GAAP Basis
Fiscal 2015 Q3
|
|
Foreign Exchange
Impact
|
|
Fiscal 2015 Q3
Constant Currency Basis
|
|
GAAP Basis
Fiscal 2014 Q3
|
|
Constant
Currency Growth
|
|
Reported
Growth
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
Lifestyle
Group
|
$
|
250.6
|
|
|
$
|
3.8
|
|
|
$
|
254.4
|
|
|
$
|
277.9
|
|
|
(8.5)%
|
|
|
(9.8)%
|
|
Performance
Group
|
249.1
|
|
|
11.5
|
|
|
260.6
|
|
|
257.1
|
|
|
1.4
|
|
|
(3.1)
|
|
Heritage
Group
|
150.2
|
|
|
4.7
|
|
|
154.9
|
|
|
151.3
|
|
|
2.4
|
|
|
(0.7)
|
|
Other
|
29.0
|
|
|
—
|
|
|
29.0
|
|
|
24.8
|
|
|
16.9
|
|
|
16.9
|
|
Total
|
$
|
678.9
|
|
|
$
|
20.0
|
|
|
$
|
698.9
|
|
|
$
|
711.1
|
|
|
(1.7)%
|
|
|
(4.5)%
|
|
RECONCILIATION OF
REPORTED DILUTED EPS TO ADJUSTED DILUTED EPS*
(Unaudited)
|
|
|
GAAP Basis
EPS
|
|
Adjustments
(1)
|
|
As Adjusted
EPS
|
|
|
|
|
|
|
Fiscal 2015
Q3
|
$
|
0.44
|
|
|
$
|
0.04
|
|
|
$
|
0.48
|
|
|
|
|
|
|
|
Fiscal 2014
Q3
|
$
|
0.57
|
|
|
$
|
0.06
|
|
|
$
|
0.63
|
|
(1) Fiscal 2015 Q3 Adjustments
include restructuring and impairment costs and debt extinguishment
costs. Fiscal 2014 Q3 Adjustments include restructuring and
impairment costs and acquisition-related integration costs.
RECONCILIATION OF
REPORTED OPERATING
PROFIT TO ADJUSTED
OPERATING PROFIT*
(Unaudited)
(In
millions)
|
|
|
GAAP Basis
Operating Profit
|
|
Adjustments
(1)
|
|
As Adjusted
Operating Profit
|
|
|
|
|
|
|
Fiscal 2015
Q3
|
$
|
75.9
|
|
|
$
|
4.8
|
|
|
$
|
80.7
|
|
|
|
|
|
|
|
Operating
margin
|
11.2
|
%
|
|
|
|
11.9
|
%
|
|
|
|
|
|
|
Fiscal 2014
Q3
|
$
|
87.6
|
|
|
$
|
10.4
|
|
|
$
|
98.0
|
|
|
|
|
|
|
|
Operating
margin
|
12.3
|
%
|
|
|
|
13.8
|
%
|
(1) Fiscal 2015 Q3 Adjustments include
restructuring and impairment costs. Fiscal 2014 Q3 Adjustments
include restructuring and impairment costs and acquisition-related
integration costs.
RECONCILIATION OF
FISCAL 2015 Q3 REPORTED REVENUE
GROWTH TO ADJUSTED
REVENUE GROWTH*
(Unaudited)
(In
millions)
|
|
|
GAAP Basis
Revenue
|
|
Foreign
Exchange
Impact
|
|
Adjustments
(1)
|
|
As Adjusted
Revenue
|
|
|
|
|
|
|
|
|
Fiscal 2015
Q3
|
$
|
678.9
|
|
|
$
|
20.0
|
|
|
|
|
$
|
698.9
|
|
|
|
|
|
|
|
|
|
Fiscal 2014
Q3
|
$
|
711.1
|
|
|
|
|
$
|
(17.2)
|
|
|
$
|
693.9
|
|
|
|
|
|
|
|
|
|
Revenue
Growth
|
(4.5)
|
%
|
|
|
|
|
|
0.7
|
%
|
(1) Fiscal 2014 Q3 Adjustments include the
impact from planned retail store closures associated with the
Strategic Realignment Plan and the termination of the Patagonia
license agreement.
RECONCILIATION OF
REPORTED DEBT TO NET DEBT*
(Unaudited)
(In
millions)
|
|
|
Fiscal 2015
Q3
|
|
Fiscal 2014
Q3
|
|
|
|
|
GAAP reported
debt
|
$
|
825.6
|
|
|
$
|
1,096.6
|
|
Cash and cash
equivalents
|
(196.4)
|
|
|
(231.5)
|
|
Net debt
|
$
|
629.2
|
|
|
$
|
865.1
|
|
RECONCILIATION OF
FISCAL 2015 FULL-YEAR REPORTED REVENUE GROWTH
GUIDANCE TO
ADJUSTED REVENUE GROWTH GUIDANCE*
(Unaudited)
|
|
|
GAAP
Basis
Full-Year
Revenue
|
|
Foreign
Exchange
Impact
|
|
Adjustments
(1)
|
|
As Adjusted
Full-Year
Revenue
|
|
|
|
|
|
|
|
|
Fiscal 2015 Revenue
Guidance
|
$
|
2,690 -
2,710
|
|
|
$
|
67.0
|
|
|
|
|
$
|
2,757 -
2,777
|
|
Fiscal 2014
Revenue
|
$
|
2,761.1
|
|
|
|
|
$
|
(59.8)
|
|
|
$
|
2,701.3
|
|
Percentage
growth
|
(2.6) -
(1.8)%
|
|
|
|
|
|
|
2.1 -
2.8%
|
|
(1) Adjustments include the impact from
planned retail store closures associated with the Strategic
Realignment Plan and the termination of the Patagonia license
agreement.
RECONCILIATION OF
FISCAL 2015 FULL-YEAR REPORTED DILUTED
EPS GUIDANCE TO
ADJUSTED DILUTED EPS GUIDANCE*
(Unaudited)
|
|
|
GAAP
Basis
Full-Year 2015
Guidance
|
|
Adjustments
(1)
|
|
As
Adjusted
Full-Year 2015
Guidance
|
|
|
|
|
|
|
Diluted earnings per
share
|
$ 1.28
- 1.31
|
|
$
|
0.16
|
|
|
$ 1.44
- 1.47
|
(1) Fiscal 2015 Full-Year Guidance Adjustments
include estimated restructuring and impairment costs and debt
extinguishment costs.
RECONCILIATION OF
FISCAL 2015 FULL-YEAR ADJUSTED DILUTED EPS GUIDANCE
TO ADJUSTED
DILUTED EPS GUIDANCE ON A CONSTANT CURRENCY BASIS*
(Unaudited)
|
|
|
As
Adjusted
Full-Year 2015
Guidance
|
|
Foreign
Exchange
Impact
|
|
As
Adjusted
Full-Year 2015
Guidance
Constant
Currency Basis
|
|
|
|
|
|
|
Diluted earnings per
share
|
$ 1.44
- 1.47
|
|
$
|
0.13
|
|
|
$ 1.57
- 1.60
|
* 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 acquisition-related integration costs,
restructuring and impairment costs and debt extinguishment costs
were excluded. The Company also describes the revenue impact
from planned retail store closures associated with the Strategic
Realignment Plan and the termination of the Patagonia license
agreement. 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 has defined net debt as debt less cash and
cash equivalents. The Company believes that netting these
sources of cash against debt provides a clearer picture of the
future demands on cash to repay debt. 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-reports-third-quarter-2015-earnings-in-line-with-guidance-300162400.html
SOURCE Wolverine Worldwide