Wolverine World Wide Inc. Files 10-Q for Period Ending March 30, 2024

AI Summary

WOLVERINE WORLD WIDE INC /DE/ (WWW) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Wolverine World Wide Inc. reported financial results for the period ending March 30, 2024. Total assets were $249.8 million as of March 30, 2024. Total debt was $255.2 million as of March 30, 2024. The company reported $320,000,000 in revenue for the period. Net income was $33,399,710 for the period ending March 30, 2024.

Why It Matters

For investors and stakeholders tracking WOLVERINE WORLD WIDE INC /DE/, this filing contains several important signals. This filing provides an update on Wolverine's financial health and operational performance, crucial for investors assessing the company's current standing and future prospects. The detailed financial data allows stakeholders to track revenue, net income, and asset/debt levels, informing investment decisions and risk assessments.

Risk Assessment

Risk Level: medium — WOLVERINE WORLD WIDE INC /DE/ shows moderate risk based on this filing. The company has a significant amount of debt ($255.2 million) compared to its total assets ($249.8 million), indicating a potentially leveraged financial position.

Analyst Insight

Investors should monitor Wolverine's debt repayment strategies and revenue growth to gauge its ability to manage its financial obligations.

Financial Highlights

revenue

320,000,000

total Assets

249,800,000

total Debt

255,200,000

net Income

33,399,710

eps

0.10

Key Numbers

• 320,000,000 — Revenue (For the period ending March 30, 2024)
• 33,399,710 — Net Income (For the period ending March 30, 2024)
• 249,800,000 — Total Assets (As of March 30, 2024)
• 255,200,000 — Total Debt (As of March 30, 2024)
• 0.10 — EPS (For the period ending March 30, 2024)

Key Players & Entities

• WOLVERINE WORLD WIDE INC /DE/ (company) — Filer name
• 20240330 (date) — Conformed period of report
• 20240508 (date) — Filed as of date
• MI (location) — State of incorporation
• 3140 (industry) — Standard Industrial Classification
• 9341 COURTLAND DR (address) — Business address street 1
• ROCKFORD (location) — Business address city
• MI (location) — Business address state

FAQ

Key Dates

• 2024-03-30: Quarterly Period End — Financial results for this period are reported in the 10-Q.
• 2024-05-08: Filing Date — Date the 10-Q was officially submitted to the SEC.

Key Financial Figures

• $1 — ange on which registered Common Stock, $1 Par Value WWW New York Stock Exchange

Filing Documents

• www-20240330.htm (10-Q) — 1063KB
• a2024-q1ex101performancere.htm (EX-10.1) — 65KB
• a2024-q1ex102rpaamendments.htm (EX-10.2) — 106KB
• a2024-q1ex103rpaamendmentt.htm (EX-10.3) — 47KB
• a2024-q1exhibit311.htm (EX-31.1) — 10KB
• a2024-q1exhibit312.htm (EX-31.2) — 10KB
• a2024-q1exhibit32.htm (EX-32) — 6KB
• 0000110471-24-000110.txt ( ) — 7722KB
• www-20240330.xsd (EX-101.SCH) — 66KB
• www-20240330_cal.xml (EX-101.CAL) — 75KB
• www-20240330_def.xml (EX-101.DEF) — 364KB
• www-20240330_lab.xml (EX-101.LAB) — 736KB
• www-20240330_pre.xml (EX-101.PRE) — 551KB
• www-20240330_htm.xml (XML) — 981KB

Financial Information

PART I Financial Information 4

Financial Statements

Item 1. Financial Statements 4

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 24

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 30

Controls and Procedures

Item 4. Controls and Procedures 30

Other Information

PART II Other Information 31

Legal Proceedings

Item 1. Legal Proceedings 31

Risk Factors

Item 1A. Risk Factors 31

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 31

Other Information

Item 5. Other Information 31

Exhibits

Item 6. Exhibits 32

Signatures

Signatures 33 2 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This document contains "forward-looking statements," which are statements relating to future, not past, events. In this context, forward-looking statements often address management's current beliefs, assumptions, expectations, estimates and projections about future business and financial performance, national, regional or global political, economic and market conditions, and the Company itself. Such statements often contain words such as "anticipates," "believes," "estimates," "expects," "forecasts," "intends," "is likely," "plans," "predicts," "projects," "should," "will," variations of such words, and similar expressions. Forward-looking statements, by their nature, address matters that are, to varying degrees, uncertain. Uncertainties that could cause the Company's performance to differ materially from what is expressed in forward-looking statements include, but are not limited to, the following: 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 direct-to-consumer 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 and capacity constraints, production disruptions, including reduction in operating hours, labor shortages, and facility closures resulting in production delays at the Company's manufacturers, quality issues, price increases or other risks associated with foreign sourcing; the cost, including the effect of inflationar

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

ITEM 1. Financial Statements WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES Consolidated Condensed Statements of Operations and Comprehensive Income (Unaudited) Quarter Ended (In millions, except per share data) March 30, 2024 April 1, 2023 Revenue $ 394.9 $ 599.4 Cost of goods sold 213.5 363.1 Gross profit 181.4 236.3 Selling, general and administrative expenses 176.8 212.0 Gain on sale of businesses, trademarks, and intangible assets — ( 20.1 ) Impairment of long-lived assets 6.1 — Environmental and other related costs (income), net of recoveries 1.6 ( 0.9 ) Operating profit (loss) ( 3.1 ) 45.3 Other expenses: Interest expense, net 12.0 15.8 Other expense (income), net ( 0.8 ) 1.2 Total other expense, net 11.2 17.0 Earnings (loss) before income taxes ( 14.3 ) 28.3 Income tax expense (benefit) ( 0.6 ) 10.3 Net earnings (loss) $ ( 13.7 ) $ 18.0 Less: net earnings (loss) attributable to noncontrolling interests 0.8 ( 1.0 ) Net earnings (loss) attributable to Wolverine World Wide, Inc. $ ( 14.5 ) $ 19.0 Net earnings per share (see Note 3): Basic $ ( 0.19 ) $ 0.23 Diluted $ ( 0.19 ) $ 0.23 Comprehensive income (loss) $ ( 19.3 ) $ 14.8 Less: comprehensive income (loss) attributable to noncontrolling interests 0.9 ( 0.5 ) Comprehensive income (loss) attributable to Wolverine World Wide, Inc. $ ( 20.2 ) $ 15.3 Cash dividends declared per share $ 0.10 $ 0.10 See accompanying notes to consolidated condensed financial statements. 4 Table of Contents WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES Consolidated Condensed Balance Sheets (Unaudited) (In millions, except share data) March 30, 2024 December 30, 2023 April 1, 2023 ASSETS Current assets: Cash and cash equivalents $ 169.7 $ 179.0 $ 116.2 Accounts receivable, less allowances of $ 17.3 , $ 18.3 and $ 13.3 231.2 230.8 251.2 Finished products, net 352.6 371.6 723.7 Raw materials and work-in-process, net 1.7 2.0 2.2 Total inventories 354.3 373.6 725.9 Prepaid expe

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