Wolverine World Wide, Inc. · NYSE:WWW
Wolverine World Wide — Q1 2025 Earnings Presentation
24 slides from Wolverine World Wide's earnings presentation, May 8, 2025
Slide 1: Investor Presentation | First Quarter 2025
Investor Presentation | First Quarter 2025
Slide 2: Forward-Looking Statements
+ Investor Presentation | 1Q25 Forward-Looking Statements This presentation contains forward-looking statements, including statements regarding [the Company's outlook for 2025 including, among others: reported, adjusted and constant currency revenue; reported and adjusted gross margin; reported and
Slide 3: Overview
+ Investor Presentation | 1Q25 Overview $1.75B FY24 Adjusted Revenue1 +507% FY24 vs. FY23 Adjusted EPS1 +154% FY24 Total Shareholder Return2 BRANDS MARKETS CHANNELS Performance footwear and apparel brands with Global business diversified across all key Balanced distribution with strong wholesale and
Slide 4: Driving an Inflection
+ Investor Presentation | 1Q25 Driving an Inflection In 2024, we stabilized the business, drove significant progress in transforming the organization to win in today’s marketplace, and positioned our brands for an inflection to growth – which we achieved in 4Q24 and accelerated in 1Q25. 2024 1Q25 3.
Slide 5: Shareholder Value Creation Model
+ Investor Presentation | 1Q25 Shareholder Value Creation Model Over time, the Company aspires to deliver top-quartile total shareholder return as follows: FINANCIAL ASPIRATION CAPITAL ALLOCATION RESULTING SHAREHOLDER RETURN Growth Investments Organic Revenue Growth EPS Growth Mid- to High-Single-Di
Slide 6: Key Strategic Advantages
+ Investor Presentation | 1Q25 Key Strategic Advantages AUTHENTIC, INNOVATIVE BRANDS Our brands possess deep authenticity and product design and innovation credibility ATTRACTIVE MARKETS Our brands are positioned in attractive performance categories aligned to consumer macro trends with significant
Slide 7: Strategic Advantages: Authentic, Innovative Brands
+ Investor Presentation | 1Q25 Strategic Advantages: Authentic, Innovative Brands Global outdoor performance Original running brand Premium women’s Original work brand with and lifestyle brand with renowned innovation activewear brand trusted comfort technology Est. 1983 Est. 1898 Est. 1998 Est. 188
Slide 8: Strategic Advantages: Attractive Markets
+ Investor Presentation | 1Q25 Strategic Advantages: Attractive Markets Our brands possess authenticity in attractive performance categories with significant opportunity to expand into broader lifestyle wearing occasions MARKET OPPORTUNITY (Size of circles represents estimated global market size1) R
Slide 9: Strategic Advantages: Extensive Global Distribution Network
+ Investor Presentation | 1Q25 Strategic Advantages: Extensive Global Distribution Network Our brands are marketed in approximately 170 countries and territories around the world via a network of compelling direct-to-consumer experiences, leading retailers, and best-in-class distributor partners BRA
Slide 10: Tariff Action Plan
+ Investor Presentation | 1Q25 Tariff Action Plan To help protect profitability and perpetuate our brands’ momentum in the marketplace, we’ve initiated a holistic, balanced set of actions across the entire value chain. STRATEGIC ADVANTAGES ACTION PLAN SOURCING FROM CHINA INTO US Diversified & Nimble
Slide 11: Financial Results & Outlook
+ Investor Presentation | 1Q25 Financial Results & Outlook 11
Slide 12: 1Q25 Financial Results
+ Investor Presentation | 1Q25 1Q25 Financial Results Financial results for 2025, and comparable results from 2024, in each case, for our ongoing business exclude the results of the Sperry business, which was sold in January 2024. Tables are provided on slides 19-22 showing the impact of these adjus
Slide 13: 1Q25 Financial Results
+ Investor Presentation | 1Q25 1Q25 Financial Results Financial results for ongoing business¹ as of March 29, 2025: 1Q25 RESULTS GUIDANCE² Adjusted $412M Approximately $395M Revenue³ Y/Y: +5.5% // C$4 +6.7% Adjusted 47.3% Approximately 46.6% Gross Margin³ Y/Y: +80 bps Adjusted 6.0% Approximately 4.6
Slide 14: Revenue Performance by Group
+ Investor Presentation | 1Q25 Revenue Performance by Group Active Work FY24 Results: $1,246 million (-13.4% Y/Y) FY24 Results: $455 million (-5.3% Y/Y) 1Q25 Results: $327 million (+12.7% Y/Y) 1Q25 Results: $75 million (-17.0% Y/Y) Group Group FY24 Results: $598 million (-11.5% Y/Y) FY24 Results: $1
Slide 15: 1Q25 Performance Table
+ Investor Presentation | 1Q25 1Q25 Performance Table (in millions) March 29, 2025 March 30, 2024 Y/Y Change Constant Currency Change2 Reported Segment Revenue Results: Active Group $326.7 $289.8 12.7% 13.9% Work Group $74.8 $90.1 (17.0%) (16.2%) Other $10.8 $15.0 (28.0%) (24.7%) Total Revenue $412.
Slide 16: FY25 and 2Q25 Guidance for Ongoing Business
+ Investor Presentation | 1Q25 FY25 and 2Q25 Guidance for Ongoing1 Business Due to uncertainty around tariffs and related macro-economic conditions, the Company is withdrawing its 2025 guidance issued on February 19, 2025. Financial results for 2025, and comparable results from 2024, in each case, f
Slide 17: Supplemental & Non-GAAP Reconciliation Tables
+ Investor Presentation | 1Q25 Supplemental & Non-GAAP Reconciliation Tables 17
Slide 18: Non-GAAP Information
+ Investor Presentation | 1Q25 Non-GAAP Information Measures referred to in this release as “adjusted” financial results and the financial results of the "ongoing business" are non-GAAP measures. Adjusted financial results exclude environmental and other related costs net of recoveries, non-cash imp
Slide 19: Non-GAAP Reconciliations
+ Investor Presentation | 1Q25 Non-GAAP Reconciliations RECONCILIATION OF REPORTED REVENUE RECONCILIATION OF REPORTED REVENUE TO ADJUSTED TO ADJUSTED REVENUE* REVENUE ON A CONSTANT CURRENCY BASIS* (Unaudited) (Unaudited) (In millions) (In millions) Constant Constant GAAP Basis Foreign GAAP Basis Rep
Slide 20: Non-GAAP Reconciliations
+ Investor Presentation | 1Q25 Non-GAAP Reconciliations RECONCILIATION OF REPORTED GROSS MARGIN RECONCILIATION OF REPORTED OPERATING MARGIN TO ADJUSTED GROSS MARGIN * TO ADJUSTED OPERATING MARGIN (Unaudited) (Unaudited) (In millions) (In millions) GAAP Basis Divestiture (2) As Adjusted GAAP Basis Ad
Slide 21: Non-GAAP Reconciliations
+ Investor Presentation | 1Q25 Non-GAAP Reconciliations RECONCILIATION OF REPORTED GROSS MARGIN RECONCILIATION OF REPORTED OPERATING MARGIN TO ADJUSTED GROSS MARGIN * TO ADJUSTED OPERATING MARGIN (Unaudited) (Unaudited) (In millions) (In millions) GAAP Basis Adjustments (1) Divestiture (2) As Adjust
Slide 22: Non-GAAP Reconciliations
+ Investor Presentation | 1Q25 Non-GAAP Reconciliations RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED 2025 SECOND QUARTER GUIDANCE RECONCILIATION TABLES DILUTED EPS ON A CONSTANT CURRENCY BASIS* RECONCILIATION OF REPORTED GUIDANCE TO ADJUSTED TO GUIDANCE, (Unaudited) REPORTED DILUTED EPS GUIDAN
Slide 23: Investor Relations Contact Information
+ Investor Presentation | 1Q25 Investor Relations Contact Information investor.relations@wwwinc.com 23
Slide 24: Investor Presentation | First Quarter 2025
Investor Presentation | First Quarter 2025