ROCKFORD, Mich., May 3, 2016 /PRNewswire/ -- Wolverine World
Wide, Inc. (NYSE: WWW) today reported financial results for the
first quarter ended March 26,
2016. Adjusted financial results exclude restructuring and
impairment costs. References to underlying revenue indicate
reported revenue adjusted for the impact of foreign exchange,
retail store closures, and the exit of certain brand
businesses.
"We exceeded expectations for both revenue and earnings in the
first quarter and believe the Company is well-positioned to achieve
our objectives for the year," said Blake W.
Krueger, Wolverine Worldwide's Chairman, Chief Executive
Officer and President. "The actions we have taken over the
past several quarters - particularly reorganizing our brand groups,
adjusting our store fleet to address changing consumer preferences
and assigning new leadership to key strategic initiatives - have
gained traction and are already having a positive impact. Our
portfolio of leading brands and continued operational excellence
served us well during the quarter and will provide us with critical
competitive advantages moving forward."
FIRST-QUARTER 2016 REVIEW
- Reported revenue of $577.6
million exceeded guidance and consensus. Underlying
revenue declined 6.6%, and reported revenue declined 8.5% versus
the prior year.
- Adjusted gross margin on a constant currency basis was 41.6%,
an increase of 20 basis points versus the prior year.
Reported gross margin was 39.6%, compared to 41.4% in the prior
year.
- Adjusted operating margin on a constant currency basis was
9.7%, down 20 basis points versus the prior year but slightly
better than expected. Reported operating margin was 5.9%,
compared to 10.1% in the prior year.
- Adjusted diluted earnings per share of $0.29 exceeded guidance. On a constant
currency basis, adjusted diluted earnings per share were
$0.34 versus $0.37 in the prior year. Reported diluted
earnings per share were $0.18,
compared to $0.39 per share in the
prior year.
- Cash and cash equivalents were $158.2
million, and net debt was $712.1
million at quarter end.
- Inventory balances at the end of the quarter were approximately
$6 million lower than the Company's
plan.
- The Company repurchased 200,000 shares during the quarter at an
average price of $17.78 per
share.
"The first quarter provided an encouraging start to the year,
and we are pleased to have exceeded our expectations for revenue,
earnings and inventory management," stated Mike Stornant, Senior Vice President and Chief
Financial Officer. "More importantly, the initiatives we have
recently implemented to drive product innovation, consumer insight
and further operational excellence are moving forward on or ahead
of our plans. The investments and actions that we are
currently taking are focused on accelerating growth and enhancing
our future operating margin and cash flow. We are energized
by the opportunity to enhance shareholder value through these
initiatives."
FISCAL 2016 OUTLOOK
The Company is reaffirming its revenue and adjusted diluted
earnings per share guidance for fiscal 2016 as well as its outlook
for inventory, as follows:
- Consolidated reported revenue in the range of $2.475 billion to $2.575 billion, representing an
underlying revenue decline in the range of approximately 4.3% to
0.5%. On a reported basis, a revenue decline in the range of
approximately 8.0% to 4.3%.
- 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. Reported
diluted earnings per share in the range of $1.16 to $1.26.
- Inventory to reach normalized levels during the back half of
the year in line with previous expectations.
"Our business model continues to provide a strong foundation and
to mitigate global macroeconomic risks. Additionally, our
recent strategic actions are progressing well and gaining strong
momentum," said Blake W.
Krueger. "I am pleased with our start to 2016, but we
remain appropriately cautious given the slow pace of the global
recovery and are reaffirming our outlook for the year. We
continue to be confident in the initiatives in place to drive
profitable growth, and I am excited about the direction of the
Company moving forward."
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 achieve
its objectives for the year; future momentum from reorganizing
Company brand groups and assigning new leadership to new
initiatives; the ability of the Company's portfolio of brands and
operational excellence to perform in this global retail environment
and to provide key advantages; timing and benefits from the
Company's initiatives to drive product innovation, consumer insight
and further operational excellence, including the ability of these
initiatives to accelerate growth, enhance future operating margin,
cash flow and shareholder value, and to drive profitable growth;
the Company's fiscal 2016 guidance; and the direction of the
Company. 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
|
|
March 26,
2016
|
|
March 28,
2015
|
|
Revenue
|
$
|
577.6
|
|
|
$
|
631.4
|
|
|
Cost of goods
sold
|
344.9
|
|
|
370.0
|
|
|
Restructuring
costs
|
3.9
|
|
|
—
|
|
|
Gross
profit
|
228.8
|
|
|
261.4
|
|
|
Gross
margin
|
39.6
|
%
|
|
41.4
|
%
|
|
|
|
|
|
Selling, general and
administrative expenses
|
184.1
|
|
|
198.8
|
|
|
Restructuring and
impairment costs (gain)
|
10.7
|
|
|
(1.0)
|
|
|
Operating
expenses
|
194.8
|
|
|
197.8
|
|
|
Operating expenses
as a % of revenue
|
33.7
|
%
|
|
31.3
|
%
|
|
|
|
|
|
Operating
profit
|
34.0
|
|
|
63.6
|
|
|
Operating
margin
|
5.9
|
%
|
|
10.1
|
%
|
|
|
|
|
|
Interest expense,
net
|
8.5
|
|
|
9.5
|
|
|
Other income,
net
|
(0.1)
|
|
|
(1.0)
|
|
|
Total other
expenses
|
8.4
|
|
|
8.5
|
|
|
Earnings before
income taxes
|
25.6
|
|
|
55.1
|
|
|
|
|
|
|
Income tax
expense
|
8.0
|
|
|
15.0
|
|
|
Effective tax
rate
|
31.4
|
%
|
|
27.3
|
%
|
|
|
|
|
|
Net
earnings
|
17.6
|
|
|
40.1
|
|
|
|
|
|
|
Less: net earnings
attributable to noncontrolling interests
|
0.2
|
|
|
—
|
|
|
Net earnings
attributable to Wolverine World Wide, Inc.
|
$
|
17.4
|
|
|
$
|
40.1
|
|
|
Diluted earnings per
share
|
$
|
0.18
|
|
|
$
|
0.39
|
|
|
|
|
|
|
Supplemental
information:
|
|
|
|
|
Net earnings used to
calculate diluted earnings per share
|
$
|
17.0
|
|
|
$
|
39.4
|
|
|
Shares used to
calculate earnings per share
|
96.2
|
|
|
100.8
|
|
|
Weighted average
shares outstanding
|
99.2
|
|
|
102.5
|
|
|
WOLVERINE WORLD
WIDE, INC.
|
|
CONSOLIDATED
CONDENSED BALANCE SHEETS
|
|
(Unaudited)
|
|
(In
millions)
|
|
|
March 26,
2016
|
|
March 28,
2015
|
|
ASSETS
|
|
|
|
|
Cash and cash
equivalents
|
$
|
158.2
|
|
|
$
|
121.3
|
|
|
Accounts receivables,
net
|
326.0
|
|
|
357.2
|
|
|
Inventories,
net
|
480.8
|
|
|
419.8
|
|
|
Other current
assets
|
40.3
|
|
|
89.8
|
|
|
Total current
assets
|
1,005.3
|
|
|
988.1
|
|
|
Property, plant and
equipment, net
|
135.3
|
|
|
135.3
|
|
|
Goodwill and other
indefinite-lived intangibles
|
1,115.6
|
|
|
1,124.6
|
|
|
Other non-current
assets
|
168.4
|
|
|
180.1
|
|
|
Total
assets
|
$
|
2,424.6
|
|
|
$
|
2,428.1
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
Accounts payable and
other accrued liabilities
|
$
|
247.1
|
|
|
$
|
235.8
|
|
|
Current maturities of
long-term debt
|
16.9
|
|
|
42.0
|
|
|
Borrowings under
revolving credit agreement
|
60.0
|
|
|
14.5
|
|
|
Total current
liabilities
|
324.0
|
|
|
292.3
|
|
|
Long-term
debt
|
793.4
|
|
|
788.4
|
|
|
Other non-current
liabilities
|
326.1
|
|
|
376.0
|
|
|
Stockholders'
equity
|
981.1
|
|
|
971.4
|
|
|
Total liabilities and
stockholders' equity
|
$
|
2,424.6
|
|
|
$
|
2,428.1
|
|
|
WOLVERINE WORLD
WIDE, INC.
|
|
CONSOLIDATED
CONDENSED STATEMENTS OF CASH FLOWS
|
|
(Unaudited)
|
|
(In
millions)
|
|
|
12 Weeks
Ended
|
|
March 26,
2016
|
|
March 28,
2015
|
|
OPERATING
ACTIVITIES:
|
|
|
|
|
Net
earnings
|
$
|
17.6
|
|
|
$
|
40.1
|
|
|
Adjustments to
reconcile net earnings to net cash used in operating
activities:
|
|
|
|
|
Depreciation and
amortization
|
9.8
|
|
|
10.9
|
|
|
Stock-based
compensation expense
|
7.6
|
|
|
6.7
|
|
|
Excess tax benefits
from stock-based compensation
|
(0.1)
|
|
|
(3.4)
|
|
|
Pension and SERP
expense
|
2.4
|
|
|
6.4
|
|
|
Restructuring and
impairment costs (gain)
|
14.6
|
|
|
(1.0)
|
|
|
Other
|
(9.8)
|
|
|
4.1
|
|
|
Changes in operating
assets and liabilities
|
(121.0)
|
|
|
(106.8)
|
|
|
Net cash used in
operating activities
|
(78.9)
|
|
|
(43.0)
|
|
|
|
|
|
|
INVESTING
ACTIVITIES:
|
|
|
|
|
Additions to
property, plant and equipment
|
(9.9)
|
|
|
(6.4)
|
|
|
Other
|
(0.6)
|
|
|
(0.7)
|
|
|
Net cash used in
investing activities
|
(10.5)
|
|
|
(7.1)
|
|
|
|
|
|
|
FINANCING
ACTIVITIES:
|
|
|
|
|
Net borrowings under
revolving credit agreement
|
60.0
|
|
|
14.5
|
|
|
Payments on long-term
debt
|
—
|
|
|
(58.0)
|
|
|
Cash dividends
paid
|
(6.0)
|
|
|
(6.1)
|
|
|
Purchase of common
stock for treasury
|
(0.1)
|
|
|
—
|
|
|
Purchases of shares
under employee stock plans
|
(4.2)
|
|
|
(7.4)
|
|
|
Proceeds from the
exercise of stock options
|
1.9
|
|
|
5.8
|
|
|
Excess tax benefits
from stock-based compensation
|
0.1
|
|
|
3.4
|
|
|
Contributions from
noncontrolling interests
|
0.8
|
|
|
—
|
|
|
Net cash provided by
(used in) financing activities
|
52.5
|
|
|
(47.8)
|
|
|
|
|
|
|
Effect of foreign
exchange rate changes
|
1.0
|
|
|
(4.6)
|
|
|
Decrease in cash and
cash equivalents
|
(35.9)
|
|
|
(102.5)
|
|
|
|
|
|
|
Cash and cash
equivalents at beginning of the year
|
194.1
|
|
|
223.8
|
|
|
Cash and cash
equivalents at end of the period
|
$
|
158.2
|
|
|
$
|
121.3
|
|
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.
|
|
|
Q1 2016
RECONCILIATION TABLES
|
|
|
RECONCILIATION OF
REPORTED REVENUE TO
|
|
UNDERLYING
REVENUE*
|
|
(Unaudited)
|
|
(In
millions)
|
|
|
GAAP
Basis
Fiscal 2016
Q1
|
|
Foreign
Exchange
Impact
|
|
Fiscal
2016 Q1
Constant
Currency
Basis
|
|
GAAP
Basis
Fiscal 2015
Q1
|
|
Adjustments
(1)
|
|
Fiscal
2015 Q1
Adjusted
Basis
|
|
Underlying
Growth
|
|
Reported
Growth
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
$
|
577.6
|
|
|
$
|
6.3
|
|
|
$
|
583.9
|
|
|
$
|
631.4
|
|
|
$
|
(6.3)
|
|
|
$
|
625.1
|
|
|
(6.6)%
|
|
|
(8.5)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Adjustments include
the impact from retail stores closures and the exited 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 Q1
|
228.8
|
|
|
$
|
9.9
|
|
|
$
|
3.9
|
|
|
242.6
|
|
|
|
|
|
|
|
|
|
|
Gross
margin
|
39.6
|
%
|
|
|
|
|
|
41.6
|
%
|
|
|
|
|
|
|
|
|
|
Gross Profit - Fiscal
2015 Q1
|
$
|
261.4
|
|
|
|
|
|
|
$
|
261.4
|
|
|
|
|
|
|
|
|
|
|
Gross
margin
|
41.4
|
%
|
|
|
|
|
|
41.4
|
%
|
|
|
(1)
Fiscal 2016 Q1 Adjustments include 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 Q1
|
$
|
34.0
|
|
|
$
|
7.9
|
|
|
$
|
14.6
|
|
|
$
|
56.5
|
|
|
|
|
|
|
|
|
|
|
Operating
margin
|
5.9
|
%
|
|
|
|
|
|
9.7
|
%
|
|
|
|
|
|
|
|
|
|
Operating Profit -
Fiscal 2015 Q1
|
$
|
63.6
|
|
|
|
|
$
|
(1.0)
|
|
|
$
|
62.6
|
|
|
|
|
|
|
|
|
|
|
Operating
margin
|
10.1
|
%
|
|
|
|
|
|
9.9
|
%
|
|
|
(1)
Fiscal 2016 Q1 and fiscal 2015 Q1 Adjustments include restructuring
and impairment costs (gain).
|
|
RECONCILIATION OF
REPORTED DILUTED EPS TO ADJUSTED DILUTED EPS*
|
|
(Unaudited)
|
|
|
GAAP Basis
EPS
|
|
Adjustments
(1)
|
|
As Adjusted
EPS
|
|
|
|
|
|
|
|
Fiscal 2016
Q1
|
$
|
0.18
|
|
|
$
|
0.11
|
|
|
$
|
0.29
|
|
|
|
|
|
|
|
|
Fiscal 2015
Q1
|
$
|
0.39
|
|
|
$
|
(0.02)
|
|
|
$
|
0.37
|
|
|
|
(1) Fiscal 2016 Q1 and
fiscal 2015 Q1 Adjustments include restructuring and impairment
costs (gain).
|
|
RECONCILIATION OF
FISCAL 2016 Q1 ADJUSTED DILUTED EPS TO
|
|
ADJUSTED DILUTED
EPS ON A CONSTANT CURRENCY BASIS*
|
|
(Unaudited)
|
|
|
As Adjusted
EPS
|
|
Foreign
Exchange Impact
|
|
As Adjusted
EPS On a Constant
Currency Basis
|
|
|
|
|
|
|
|
Fiscal 2016
Q1
|
$
|
0.29
|
|
|
$
|
0.05
|
|
|
$
|
0.34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF
REPORTED DEBT TO NET DEBT*
|
|
(Unaudited)
|
|
(In
millions)
|
|
|
Fiscal 2016
Q1
|
|
|
|
GAAP reported
debt
|
$
|
870.3
|
|
|
Cash and cash
equivalents
|
(158.2)
|
|
|
Net debt
|
$
|
712.1
|
|
|
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
|
|
$
|
40.0
|
|
|
|
|
$
|
2,515 -
2,615
|
|
Fiscal 2015
Revenue
|
$
|
2,691.6
|
|
|
|
$
|
(63.6)
|
|
|
$
|
2,628.0
|
|
Percentage
growth
|
(8.0) -
(4.3)%
|
|
|
|
|
|
(4.3) -
(0.5)%
|
|
|
(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 GUIDANCE*
|
|
(Unaudited)
|
|
|
GAAP
Basis
Full-Year 2016
Guidance
|
|
Adjustments
(1)
|
|
As
Adjusted
Full-Year 2016
Guidance
|
|
|
|
|
|
|
|
Diluted earnings per
share
|
$ 1.16
- 1.26
|
|
$
|
0.14
|
|
|
$ 1.30
- 1.40
|
|
|
(1) Fiscal 2016 Full-Year
Guidance Adjustments include estimated restructuring
costs.
|
|
RECONCILIATION OF
FISCAL 2016 FULL-YEAR ADJUSTED DILUTED EPS GUIDANCE
|
|
TO ADJUSTED
DILUTED EPS GUIDANCE ON A CONSTANT CURRENCY BASIS*
|
|
(Unaudited)
|
|
|
As
Adjusted
Full-Year
2016
Guidance
|
|
Foreign
Exchange
Impact
|
|
As
Adjusted
Full-Year
2016
Guidance Constant
Currency Basis
|
|
|
|
|
|
|
|
Diluted earnings per
share
|
$ 1.30
- 1.40
|
|
$
|
0.18
|
|
|
$ 1.48
- 1.58
|
|
|
|
|
*
|
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 were excluded. The Company
also describes underlying revenue, which excludes the impact of
foreign exchange, the impact of retail store closures, the exit of
the Patagonia Footwear business in fiscal 2015, 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
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-exceeds-first-quarter-revenue-and-earnings-consensus-and-reaffirms-full-year-outlook-300261417.html
SOURCE Wolverine World Wide, Inc.