Wolverine World Wide Inc.

11/06/2025 | Press release | Distributed by Public on 11/06/2025 10:23

Quarterly Report for Quarter Ending September 27, 2025 (Form 10-Q)

Management's Discussion and Analysis of Financial Condition and Results of Operations
The following is a discussion of the Company's results of operations and liquidity and capital resources. This section should be read in conjunction with the Company's consolidated condensed financial statements and related notes included elsewhere in this Quarterly Report.
BUSINESS OVERVIEW
The Company is a leading global designer, marketer and licensor of branded footwear, apparel and accessories. The Company's strategic vision is to build and grow high-energy footwear, apparel and accessories brands that inspire and empower consumers to explore and enjoy their active lives. The Company seeks to fulfill this vision by offering innovative products and compelling brand propositions; complementing its footwear brands with strong apparel and accessories offerings; expanding its global direct-to-consumer footprint; and delivering supply chain excellence.
The Company's brands are marketed in approximately 170 countries and territories at September 27, 2025, including through owned operations in the U.S., Canada, the United Kingdom and certain countries in continental Europe and Asia Pacific. In other regions (Latin America, portions of Europe and Asia Pacific, the Middle East and Africa), the Company relies on a network of third-party distributors, licensees and joint ventures. At September 27, 2025, the Company operated 120 retail stores in the U.S., United Kingdom, Ireland and Italy and 39 direct-to-consumer eCommerce sites.
Effective January 1, 2024, the Company completed the sale of the Company's equity interests in the Merrell®and Saucony®China joint venture entities.
Effective January 10, 2024, the Company completed the sale of the Sperry® business.
Effective May 4, 2024, the Company entered into global multi-year licensing agreements relating to Merrell® and Saucony®kids footwear and Merrell®apparel and accessories.
2025 FINANCIAL OVERVIEW
•Revenue was $470.3 million for the third quarter of 2025, representing an increase of 6.8% compared to the third quarter of 2024.
•Gross margin was 47.5% in the third quarter of 2025 compared to 45.1% in the third quarter of 2024.
•The effective tax rates in the third quarters of 2025 and 2024 were 20.5% and 17.7%, respectively.
•Diluted earnings per share for the third quarter of 2025 was $0.30 per share compared to diluted earnings per share of $0.28 per share for the third quarter of 2024.
•The Company declared cash dividends of $0.10 per share in the third quarters of both 2025 and 2024.
•Cash flow used in operating activities was $6.2 million for the first three quarters of 2025 compared to cash flow provided by operating activities of $97.7 million for the first three quarters of 2024.
•Compared to the third quarter of 2024, inventory as of the end of the third quarter of 2025 decreased $2.2 million, or 0.7%.
RESULTS OF OPERATIONS
Quarter Ended Year-To-Date Ended
(In millions, except per share data) September 27,
2025 		September 28,
2024 		Percent
Change 		September 27,
2025 		September 28,
2024 		Percent
Change
Revenue $ 470.3 $ 440.2 6.8 % $ 1,356.8 $ 1,260.3 7.7 %
Cost of goods sold 247.1 241.5 2.3 % 713.5 698.0 2.2 %
Gross profit 223.2 198.7 12.3 % 643.3 562.3 14.4 %
Selling, general and administrative expenses 183.1 171.2 7.0 % 537.5 514.6 4.5 %
Gain on sale of businesses, trademarks, and long-lived assets - (8.5) 100.0 % - (8.5) 100.0 %
Impairment of long-lived assets - - - % - 9.3 (100.0) %
Environmental and other related costs, net of recoveries 0.5 1.3 (61.5) % 4.5 (12.8) 135.2 %
Operating profit 39.6 34.7 14.1 % 101.3 59.7 69.7 %
Interest expense, net 8.1 9.6 (15.6) % 24.6 33.5 (26.6) %
Other income, net (1.6) (3.8) 57.9 % (4.5) (5.4) 16.7 %
Earnings before income taxes 33.1 28.9 14.5 % 81.2 31.6 157.0 %
Income tax expense 6.8 5.0 36.0 % 12.7 6.6 92.4 %
Net earnings 26.3 23.9 10.0 % 68.5 25.0 174.0 %
Less: net earnings attributable to noncontrolling interests 1.2 0.7 71.4 % 4.5 2.9 55.2 %
Net earnings attributable to Wolverine World Wide, Inc. $ 25.1 $ 23.2 8.2 % $ 64.0 $ 22.1 189.6 %
Diluted earnings per share $ 0.30 $ 0.28 7.1 % $ 0.76 $ 0.27 181.5 %
REVENUE
Revenue was $470.3 million for the third quarter of 2025, representing an increase of $30.1 million compared to the third quarter of 2024. The change in revenue reflected a $34.1 million, or 10.7%, increase from the Active Group, a $3.2 million, or 2.9%, decrease from the Work Group, and a $0.8 million, or 6.5%, decrease from the Other category. The Active Group's revenue increase was primarily driven by an increase of $28.3 million from Saucony® and $8.1 million from Merrell®, partially offset by a decrease of $1.8 million from Sweaty Betty®. The Work Group's revenue decrease was primarily driven by decreases of $4.1 million from Wolverine®, $1.3 million from Harley-Davidson® and $0.6 million from HYTEST®, partially offset by an increase of $2.4 million from Cat®. The decrease in Other revenue was primarily driven by decreases from joint venture and royalty revenue recorded at the corporate level. Changes in foreign exchange rates increased revenue by $6.0 million during the third quarter of 2025. Direct-to-consumer revenue decreased during the third quarter of 2025 by $5.6 million, or 5.0%, compared to the third quarter of 2024.
Revenue was $1,356.8 million for the first three quarters of 2025, representing an increase of $96.5 million compared to the first three quarters of 2024. The change in revenue reflected a $120.6 million, or 13.2%, increase from the Active Group, a $16.0 million, or 5.3%, decrease from the Work Group, and a $8.1 million, or 19.4%, decrease from the Other category. The Active Group's revenue increase was primarily driven by increases of $100.3 million from Saucony®and $40.9 million from Merrell®, partially offset by decreases of $11.7 million from Sweaty Betty® and $8.9 million from Chaco®. The Work Group's revenue decrease was primarily driven by decreases of $10.9 million from Wolverine®, $1.8 million from Bates®, $1.4 million from HYTEST® and $1.1 million from Harley-Davidson®. The decrease in Other revenue was primarily driven by decreases of $4.6 million from Sperry® and $3.1 million from joint venture and royalty revenue recorded at the corporate level. Changes in foreign exchange rates increased revenue by $6.4 million during the first three quarters of 2025. Direct-to-consumer revenue decreased during the first three quarters of 2025 by $17.4 million, or 5.2%, compared to the first three quarters of 2024.
GROSS MARGIN
Gross margin was 47.5% in the third quarter of 2025 compared to 45.1% in the third quarter of 2024. Gross margin was 47.4% in the first three quarters of 2025 compared to 44.6% in the first three quarters of 2024. The gross margin increase during 2025 was primarily due to a higher mix of full price sales, lower promotional activity, the benefit of supply chain cost initiatives, and the positive impact from recent price increases, partially offset by the impact of incremental U.S. tariffs.
OPERATING EXPENSES
Operating expenses increased $19.6 million, from $164.0 million in the third quarter of 2024 to $183.6 million in the third quarter of 2025. The increase was primarily driven by 2024 gains on the sale of businesses, trademarks, and intangible assets ($8.5 million), higher selling costs ($6.1 million), higher incentive compensation costs ($4.9 million), higher advertising costs ($3.0 million), and higher general and administrative costs ($0.7 million), partially offset by lower reorganization costs ($2.3 million), lower environmental and other related costs, net of insurance recoveries ($0.8 million) and lower distribution costs ($0.2 million). Environmental and other related costs were $0.5 million and $2.2 million in the third quarter of 2025 and 2024, respectively.
Operating expenses increased $39.4 million, from $502.6 million in the first three quarters of 2024 to $542.0 million in the first three quarters of 2025. The increase was primarily driven by higher advertising costs ($18.6 million), higher environmental and other related costs, net of insurance recoveries ($17.3 million), 2024 gains on the sale of businesses, trademarks, and intangible assets ($8.5 million), higher selling costs ($7.1 million), higher incentive compensation costs ($6.7 million) and higher general and administrative costs ($4.1 million), partially offset by lower reorganization costs ($13.5 million) and lower impairment of long-lived and intangible assets ($9.3 million). Environmental and other related costs were $4.5 million and $15.0 million in the first three quarters of 2025 and 2024, respectively.
INTEREST, OTHER AND INCOME TAXES
Net interest expense was $8.1 million in the third quarter of 2025 compared to $9.6 million in the third quarter of 2024. Net interest expense was $24.6 million in the first three quarters of 2025 compared to $33.5 million in the first three quarters of 2024. The decrease in interest expense for both the quarter-to-date and year-to-date periods is primarily due to lower average principal balances of variable rate debt and lower weighted average interest rates on variable rate debt.
Other income was $1.6 million in the third quarter of 2025, compared to other income of $3.8 million in the third quarter of 2024. Other income was $4.5 million in the first three quarters of 2025, compared to other income of $5.4 million in the first three quarters of 2024.
The effective tax rates in the third quarter of 2025 and 2024 were 20.5% and 17.7%, respectively. The effective tax rates in the first threequarters of 2025and 2024were 15.6% and 21.1%, respectively. The increase in the effective tax rate between 2025 and 2024 for the third quarter of the years is primarily due to changes in jurisdictional mix of worldwide pretax income, partially offset by increased discrete tax benefits. The decrease in the effective tax rate between 2025 and 2024 for the year-to-date periods is primarily the result of discrete tax benefits in the current year compared to discrete tax expenses in the prior year.
REPORTABLE SEGMENTS
The Company's portfolio of brands is organized into the following reportable segments.
•Active Group, consisting of Merrell®footwear and apparel, Saucony®footwear and apparel, Sweaty Betty®activewear, and Chaco®footwear; and
•Work Group, consisting of Wolverine®footwear and apparel, Cat®footwear, Bates®uniform footwear, Harley-Davidson®footwear and HYTEST®safety footwear.
Kids' footwear offerings from Saucony®, Merrell®, Hush Puppies®and Cat®are included with the applicable brand.
The Company also reports "Other" and "Corporate" categories. The Other category consists of Sperry®footwear, Hush Puppies®footwear and apparel, sourcing operations that include third-party commission revenues, multi-branded direct-to-consumer retail stores and the Stride Rite®licensed business. The Corporate category consists of unallocated corporate expenses, such as corporate employee costs, corporate facility costs, reorganization activities, impairment of long-lived assets and environmental and other related costs.
The reportable segment results are as follows:
Quarter Ended Year-To-Date Ended
(In millions) September 27,
2025 		September 28,
2024 		Change Percent Change September 27,
2025 		September 28,
2024 		Change Percent
Change
REVENUE
Active Group $ 352.8 $ 318.7 $ 34.1 10.7 % $ 1,035.0 $ 914.4 $ 120.6 13.2 %
Work Group 105.9 109.1 (3.2) (2.9) % 288.2 304.2 (16.0) (5.3) %
Other 11.6 12.4 (0.8) (6.5) % 33.6 41.7 (8.1) (19.4) %
Total
$ 470.3 $ 440.2 $ 30.1 6.8 % $ 1,356.8 $ 1,260.3 $ 96.5 7.7 %
OPERATING PROFIT (LOSS)
Active Group $ 65.4 $ 53.3 $ 12.1 22.7 % $ 188.2 $ 131.6 $ 56.6 43.0 %
Work Group 19.8 16.3 3.5 21.5 % 47.2 43.6 3.6 8.3 %
Other 7.7 8.3 (0.6) (7.2) % 23.3 20.7 2.6 12.6 %
Corporate
(53.3) (43.2) (10.1) (23.4) % (157.4) (136.2) (21.2) (15.6) %
Total
$ 39.6 $ 34.7 $ 4.9 14.1 % $ 101.3 $ 59.7 $ 41.6 69.7 %
Further information regarding the reportable segments can be found in Note 16 to the consolidated condensed financial statements.
Active Group
The Active Group's revenue increased $34.1 million, or 10.7%, in the third quarter of 2025 compared to the third quarter of 2024. The revenue increase was primarily driven by increases of $28.3 million from Saucony® and $8.1 million from Merrell®, partially offset by a decrease of $1.8 million from Sweaty Betty®. The Active Group's revenue increased $120.6 million, or 13.2%, in the first three quarters of 2025 compared to the first three quarters of 2024. The revenue increase was primarily driven by increases of $100.3 million from Saucony® and $40.9 million from Merrell®, partially offset by decreases of $11.7 million from Sweaty Betty® and $8.9 million from Chaco®. The Saucony®increase was primarily driven by sales in the U.S. and EMEA channels and the strength and expanded sales of lifestyle product, including ProGrid Omni 9 and Ride Millennium. The Merrell®increase was primarily due to growth in the core Speed franchises and new product in the lifestyle category, particularly in the wholesale and international channels. The Sweaty Betty® decrease was primarily driven by softer consumer demand in the U.S. direct-to-consumer and wholesale channels and lower closeout sales compared to the prior year. The Chaco®decrease was primarily due to lower closeout sales compared to the prior year and softer consumer demand.
The Active Group's operating profit increased $12.1 million, or 22.7%, in the third quarter of 2025 compared to the third quarter of 2024. The operating profit increase was due to revenue increases and a 200 basis point increase in gross margin, partially offset by a $11.0 million increase in selling, general and administrative expenses. The Active Group's operating profit increased $56.6 million, or 43.0%, in the first three quarters of 2025 compared to the first three quarters of 2024. The operating profit increase was due to revenue increases and a 350 basis point increase in gross margin, partially offset by a $34.2 million increase in selling, general and administrative expenses. The increase in gross margin in the current year periods was primarily due to a higher mix of full price sales, lower promotional activity, the benefit of supply chain cost initiatives, and the positive impact from recent price increases, partially offset by the impact of incremental U.S. tariffs. The increase in selling, general and administrative expenses in the current year periods was primarily due to higher advertising costs, selling costs and employee costs.
Work Group
The Work Group's revenue decreased $3.2 million, or 2.9%, in the third quarter of 2025 compared to the third quarter of 2024. The Work Group's revenue decrease was primarily driven by decreases of $4.1 million from Wolverine®, $1.3 million from Harley-Davidson® and $0.6 million from HYTEST®, partially offset by an increase of $2.4 million from Cat®. The Work Group's revenue decreased $16.0 million, or 5.3%, during the first three quarters of 2025 compared to the first three quarters of 2024. The revenue decrease was primarily driven by decreases of $10.9 million from Wolverine®, $1.8 million from Bates®, $1.4 million from HYTEST®and $1.1 million from Harley-Davidson®. The Wolverine®decrease was primarily due to softer consumer demand in the U.S. direct-to-consumer and U.S. wholesale channels. The Bates® decrease was primarily due to softer consumer demand in the U.S. wholesale channel and lower closeout sales compared to the prior year. The HYTEST® decrease was primarily due to softer consumer demand in the U.S. wholesale channel and lower closeout sales compared to the prior year. The Harley-Davidson®decrease was primarily due to softer consumer demand in the U.S. wholesale channel. The Cat® increase was primarily due to strong demand in the international third-party network.
The Work Group's operating profit increased $3.5 million, or 21.5%, in the third quarter of 2025 compared to the third quarter of 2024. The operating profit increase was due to a 380 basis point increase in gross margin and a $0.6 million decrease in selling, general and administrative expenses, partially offset by revenue decreases. The Work Group's operating profit increased $3.6 million, or 8.3%, in the first three quarters of 2025 compared to the first three quarters of 2024. The operating profit increase was due to a 200 basis point increase in gross margin and a $3.7 million decrease in selling, general and administrative expenses, partially offset by revenue decreases. The increase in gross margin in the current year periods was primarily due to a higher mix of full price sales, lower promotional activity, the benefit of supply chain cost initiatives, and the positive impact from recent price increases, partially offset by the impact of incremental U.S. tariffs. The decrease in selling, general and administrative expenses in the current year period was primarily due to lower distribution costs and selling expenses.
Other
The Other category's revenue decreased $0.8 million, or 6.5%, in the third quarter of 2025 compared to the third quarter of 2024. The revenue decrease was primarily driven by a decrease from joint venture and royalty revenue recorded at the corporate level. The Other category's revenue decreased $8.1 million, or 19.4%, in the first three quarters of 2025 compared to the first three quarters of 2024. The revenue decrease was primarily driven by decreases of $4.6 million from Sperry® due to the divestiture of the business effective January 10, 2024 and $3.1 million from joint venture and royalty revenue recorded at the corporate level.
Other operating profit decreased $0.6 million, or 7.2%, in the third quarter of 2025 compared to the third quarter of 2024. Other operating profit increased $2.6 million, or 12.6%, in the first three quarters of 2025 compared to the first three quarters of 2024. The operating profit increase in the first three quarters of 2025 was primarily due to higher Hush Puppies® royalty income on higher revenue and losses incurred in the prior year associated with the Sperry® business.
Corporate
Corporate expenses increased $10.1 million in the third quarter of 2025 compared to the third quarter of 2024, primarily due to 2024 gains on the sale of businesses, trademarks, and intangible assets ($8.5 million) and higher incentive compensation costs ($5.2 million), partially offset by lower reorganization activities ($2.3 million) and lower environmental and other related costs ($0.8 million).
Corporate expenses increased $21.2 million in the first three quarters of 2025 compared to the first three quarters of 2024, primarily due to higher environmental and other related costs ($17.3 million), 2024 gains on the sale of businesses, trademarks, and intangible assets ($8.5 million), business model change gain recorded in the prior year that did not reoccur ($6.5 million), higher incentive compensation costs ($6.2 million), higher software licensing costs ($3.1 million) and higher inventory reserves recorded at the corporate level ($1.1 million) partially offset by lower reorganization activities ($13.5 million) and lower impairment of long-lived and intangible assets ($9.3 million).
LIQUIDITY AND CAPITAL RESOURCES
(In millions) September 27,
2025 		December 28,
2024 		September 28,
2024
Cash and cash equivalents $ 133.9 $ 152.1 $ 140.2
Debt 676.4 648.0 702.8
Unborrowed revolving credit facility (1)
456.0 724.0 867.9
(1)Amounts are net of both borrowings, if any, and outstanding standby letters of credit in accordance with the terms of the revolving credit facility.
Liquidity
Cash and cash equivalents of $133.9 million as of September 27, 2025 were $6.3 million lower compared to September 28, 2024. The decrease is due primarily to repayments less borrowings of debt of $27.5 million, cash dividends paid of $33.1 million, additions to property, plant and equipment of $21.9 million, employee taxes paid under stock-based compensation of $9.7 million, and payments of debt issuance costs of $3.9 million partially offset by cash provided by operating activities of $76.2 million and proceeds from the exercise of stock options of $15.3 million. The Company had $456.0 million unborrowed under the Revolving Facility as of September 27, 2025. Cash and cash equivalents located in foreign jurisdictions totaled $99.9 million as of September 27, 2025.
Cash flow from operating activities is expected to be sufficient to meet the Company's working capital needs for the foreseeable future. Any excess cash flow from operating activities is expected to be used to fund organic growth initiatives, reduce debt, pay dividends and for general corporate purposes.
The Company did not repurchase shares of its common stock during the first three quarters of both 2025 and 2024.
A detailed discussion of environmental remediation costs is found in Note 15 to the consolidated condensed financial statements. The Company has established a reserve for estimated environmental remediation costs based upon an evaluation of currently available facts with respect to each individual affected site. As of September 27, 2025, the Company had a reserve of $33.4 million, of which $19.0 million is expected to be paid in the next 12 months and is recorded as a current obligation in other accrued liabilities and the remaining $14.4 million is recorded in other liabilities and is expected to be paid over the course of up to 25 years. The Company's remediation activity at its former Tannery site and sites where the Company disposed of Tannery byproducts is ongoing. It is difficult to estimate the cost of environmental compliance and remediation given the uncertainties regarding the interpretation and enforcement of applicable environmental laws and regulations, the extent of environmental contamination and the existence of alternative cleanup methods.
Developments may occur that could materially change the Company's current cost estimates. The Company adjusts recorded liabilities as further information develops or circumstances change.
Financing Arrangements
On September 24 2025, the Company entered into a 2025 Replacement Facility Amendment and Reaffirmation Agreement (the "Credit Agreement") to replace the existing revolving credit facility and term loan A facility. The Company's credit agreement provides for a revolving credit facility (the "Revolving Facility"). The maturity date of the loans under the Revolving Facility is September 24, 2030. The credit agreement provides for a debt capacity of up to an aggregate debt amount (including existing revolver commitment amounts in addition to permitted incremental debt) not to exceed $850.0 million. The Revolving Facility allows the Company to borrow up to an aggregate amount of $600.0 million.
The Company's $550.0 million 4.0% senior notes issued on August 26, 2021 are due on August 15, 2029. Related interest payments are due semi-annually. The senior notes are guaranteed by substantially all of the Company's domestic subsidiaries.
As of September 27, 2025, the Company was in compliance with all covenants and performance ratios under the credit agreement.
The Company's debt at September 27, 2025 totaled $676.4 million compared to $648.0 million at December 28, 2024. The Company expects to use the current borrowings to fund organic growth initiatives and for general corporate purposes. The increased debt position is due to higher borrowings under the Revolving Facility mainly resulting from operating cash outflows and capital expenditures.
Cash Flows
The following table summarizes cash flow activities:
Year-To-Date Ended
(In millions) September 27,
2025 		September 28,
2024
Net cash provided by (used in) operating activities $ (6.2) $ 97.7
Net cash provided by (used in) investing activities (12.9) 95.1
Net cash provided by (used in) financing activities 1.7 (238.6)
Additions to property, plant and equipment (13.9) (12.2)
Depreciation and amortization 20.3 19.4
Operating Activities
The principal source of the Company's operating cash flow is net earnings, including cash receipts from the sale of the Company's products, net of costs of goods sold.
For the first three quarters of 2025, an increase in net working capital represented a use of cash of $97.4 million. Working capital balances were unfavorably impacted by an increase in inventories of $41.9 million, an increase in other operating assets of $4.9 million, a decrease in accounts payable of $55.2 million, a decrease in income taxes payable of $0.2 million and a decrease in other operating liabilities of $0.5 million, partially offset by a decrease in accounts receivable of $5.3 million. Operating cash flows included adjustments for environmental and other related costs, net of cash payments and recoveries
received, cash outflow of $8.3 million, depreciation and amortization expense adjustment of $20.3 million, stock-based compensation expense adjustment of $18.4 million, pension expense adjustment of $0.5 million, and deferred income taxes of $0.2 million.
Investing Activities
The Company made capital expenditures of $13.9 million and $12.2 million in the first three quarters of 2025 and 2024, respectively, for corporate headquarters building improvements, eCommerce site and information system enhancements.
Financing Activities
The current year debt activity includes net borrowings under the Revolving Facility of $60.0 million. The Company paid $32.5 million and $39.2 millionin principal payments associated with its long-term debt during the first three quarters of 2025 and 2024, respectively. The Company paid $3.9 million in debt issuance costs during the first three quarters of 2025. The Company paid $9.1 million and $2.0 million during the first three quarters of 2025 and 2024, respectively, in connection with shares or units withheld to pay employee taxes related to awards under stock incentive plans. The Company had cash proceeds from the exercise of stock options of $9.1 million during the first three quarters of 2025. The Companydid not repurchase shares in thefirst three quartersof 2025or2024.
The Company declared cash dividendsof $0.30 pershare during the first three quartersof 2025 and 2024. Dividends paid in thefirst three quarters of 2025and 2024totaled $25.0 million and $24.4 million, respectively. A quarterly dividend of $0.10 per share was declared on October 29, 2025 to stockholders of record on January 2, 2026.
CRITICAL ACCOUNTING POLICIES AND ESTIMATES
The preparation of the Company's consolidated condensed financial statements, which have been prepared in accordance with accounting principles generally accepted in the U.S. ("U.S. GAAP"), requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. On an ongoing basis, management evaluates these estimates. Estimates are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Historically, actual results have not been materially different from the Company's estimates. However, actual results may differ materially from these estimates under different assumptions or conditions.
The Company has identified the critical accounting policies used in determining estimates and assumptions in the amounts reported. For information regarding our critical accounting policies refer to Part II, Item 7: "Management's Discussion and Analysis of Financial Conditions and Results of Operations" in the Company's 2024 Form 10-K. Management believes there have been no material changes in those critical accounting policies.
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