Wolverine World Wide, Inc. · NYSE:WWW
Wolverine World Wide — Q2 2025 Earnings Presentation
32 slides from Wolverine World Wide's earnings presentation, Aug 6, 2025
Slide 1: Investor Presentation | Second Quarter 2025
Investor Presentation | Second Quarter 2025 1
Slide 2: Forward-Looking Statements
+ Investor Presentation | 2Q25 Forward-Looking Statements This presentation contains forward-looking statements, including statements regarding the Company's outlook for 2025 including, among others: reported and constant currency revenue; reported gross margin; reported and adjusted operating margi
Slide 3: Company Overview
+ Investor Presentation | 2Q25 Company Overview 3
Slide 4: A Portfolio of Global Performance Brands
+ Investor Presentation | 2Q25 A Portfolio of Global Performance Brands Vision: Make. Every day. Better. $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 diversifi
Slide 5: Key Strategic Advantages
+ Investor Presentation | 2Q25 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 6: Strategic Advantages: Authentic, Innovative Brands
+ Investor Presentation | 2Q25 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 7: Strategic Advantages: Attractive Markets
+ Investor Presentation | 2Q25 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 8: Strategic Advantages: Extensive Global Distribution Network
+ Investor Presentation | 2Q25 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 9: Brand-Building Model
+ Investor Presentation | 2Q25 Brand-Building Model Our Brand-Building Model is focused on product, storytelling, and driving the business to deliver profitable growth in line with our value creation strategy Awesome Amazing Driving the Awesome Products Storytelling Business Products Amazing Storyte
Slide 10: Shareholder Value Creation Model
+ Investor Presentation | 2Q25 Shareholder Value Creation Model Over time, we aspire 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-Digit Growth
Slide 11: Financial Results & Outlook
+ Investor Presentation | 2Q25 Financial Results & Outlook 11
Slide 12: 2Q25 Financial Results
+ Investor Presentation | 2Q25 2Q25 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 in the Appendix showing the impact of these adjus
Slide 13: 2Q25 Financial Results
+ Investor Presentation | 2Q25 2Q25 Financial Results Financial results for ongoing business¹ as of June 28, 2025: 2Q25 RESULTS GUIDANCE² Adjusted $474M $440M to $450M Revenue³ Y/Y: +11.6% // C$4 +10.4% Gross Margin 47.2% - Y/Y: +410 bps Adjusted 9.2% Approximately Operating Margin³ Y/Y: +290 bps 7.
Slide 14: Revenue Performance by Group
+ Investor Presentation | 2Q25 Revenue Performance by Group Active Work FY24 Results: $1,246 million (-13.4% Y/Y) FY24 Results: $455 million (-5.3% Y/Y) 2Q25 Results: $356 million (+16.2% Y/Y) 2Q25 Results: $108 million (+2.4% Y/Y) Group Group FY24 Results: $598 million (-11.5% Y/Y) FY24 Results: $1
Slide 15: 2Q25 Performance Table
+ Investor Presentation | 2Q25 2Q25 Performance Table (in millions) June 28, 2025 June 29, 2024 Y/Y Change Constant Currency Change2 Reported Segment Revenue Results: Active Group $355.5 $305.9 16.2% 14.3% Work Group $107.5 $105.0 2.4% 2.9% Other $11.2 $14.3 (21.7%) (19.6%) Total Revenue $474.2 $425
Slide 16: Driving an Inflection
+ Investor Presentation | 2Q25 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 through the first two
Slide 17: 3Q25 Guidance for Ongoing Business
+ Investor Presentation | 2Q25 3Q25 Guidance for Ongoing1 Business Financial results for 2025, and comparable results from 2024, in each case, for our ongoing business exclude the results of the Sperry business. Revenue $450M – $460M Revenue is expected to increase 3.3% at the midpoint of the range
Slide 18: Tariff Action Plan
+ Investor Presentation | 2Q25 Tariff Action Plan We have a clear strategy to navigate the current tariff environment supported by our diversified and nimble supply chain, asset-light global distribution, and a team focused on fast and bold action. Mitigate SOURCING FROM CHINA INTO US • Minimize tar
Slide 19: Appendix
+ Investor Presentation | 2Q25 Appendix 19
Slide 20: Non-GAAP Information
+ Investor Presentation | 2Q25 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 21: Reconciliations
+ Investor Presentation | 2Q25 Non-GAAP Reconciliations RECONCILIATION OF REPORTED REVENUE TO ADJUSTED REVENUE ON A CONSTANT CURRENCY BASIS (Unaudited) (In millions) Constant Constant GAAP Basis Foreign GAAP Basis Reported Currency Basis Currency 2025-Q2 Exchange Impact 2024-Q2 Change 2025-Q2 Change
Slide 22: Reconciliations
+ Investor Presentation | 2Q25 Non-GAAP Reconciliations RECONCILIATION OF REPORTED REVENUE TO ADJUSTED REVENUE (Unaudited) (In millions) GAAP Basis Divestiture As Adjusted Revenue - Fiscal 2025 Q2 $474.2 $— $474.2 Revenue - Fiscal 2025 Q1 $412.3 $— $412.3 Revenue - Fiscal 2024 Q4 $494.7 $— $494.7 Re
Slide 23: Reconciliations
+ Investor Presentation | 2Q25 Non-GAAP Reconciliations RECONCILIATION OF REPORTED REVENUE TO ADJUSTED REVENUE* (Unaudited) (In millions) GAAP Basis Divestiture (1) As Adjusted Revenue - Fiscal 2024 $1,755.0 $4.6 $1,750.4 Revenue - Fiscal 2023 $2,242.9 $250.8 $1,992.1 1. 2024 adjustments reflect the
Slide 24: Reconciliations
+ Investor Presentation | 2Q25 Non-GAAP Reconciliations RECONCILIATION OF REPORTED GROSS MARGIN TO ADJUSTED GROSS MARGIN (Unaudited) (In millions) GAAP Basis Divestiture (1) As Adjusted Gross Profit - Fiscal 2025 Q2 $224.0 $— $224.0 Gross margin 47.2% 47.2% Gross Profit - Fiscal 2024 Q2 $183.2 ($0.3
Slide 25: Reconciliations
+ Investor Presentation | 2Q25 Non-GAAP Reconciliations RECONCILIATION OF REPORTED GROSS MARGIN TO ADJUSTED GROSS MARGIN * (Unaudited) (In millions) GAAP Basis Adjustments (1) Divestiture (2) As Adjusted Gross Profit - Fiscal 2024 $781.5 $— ($0.1) $781.4 Gross margin 44.5% 44.6% Gross Profit - Fisca
Slide 26: Reconciliations
+ Investor Presentation | 2Q25 Non-GAAP Reconciliations RECONCILIATION OF REPORTED OPERATING MARGIN TO ADJUSTED OPERATING MARGIN (Unaudited) (In millions) GAAP Basis Adjustments (1) Divestiture (2) As Adjusted Operating Profit - Fiscal 2025 Q2 $40.7 $2.7 $— $43.4 Operating margin 8.6% 9.2% Operating
Slide 27: Reconciliations
+ Investor Presentation | 2Q25 Non-GAAP Reconciliations RECONCILIATION OF REPORTED OPERATING MARGIN TO ADJUSTED OPERATING MARGIN (Unaudited) (In millions) Adjustments (1) (2) GAAP Basis Divestiture As Adjusted Operating Profit (Loss) - Fiscal 2024 $101.0 $19.1 $10.8 $130.9 Operating margin 5.8% 7.5%
Slide 28: Reconciliations
+ Investor Presentation | 2Q25 Non-GAAP Reconciliations RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED DILUTED EPS ON A CONSTANT CURRENCY BASIS (Unaudited) Foreign (1) (2) As As Adjusted EPS GAAP Basis Adjustments Divestiture Exchange Adjusted On a Constant Impact Currency Basis EPS - Fiscal 202
Slide 29: Reconciliations
+ Investor Presentation | 2Q25 Non-GAAP Reconciliations RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED DILUTED EPS ON A CONSTANT CURRENCY BASIS* (Unaudited) Foreign (1) (2) GAAP Basis Adjustments Divestiture As Adjusted Exchange As Adjusted EPS On a Impact Constant Currency Basis EPS - Fiscal 20
Slide 30: Reconciliations
+ Investor Presentation | 2Q25 Non-GAAP Reconciliations 2025 THIRD QUARTER GUIDANCE RECONCILIATION TABLES RECONCILIATION OF REPORTED GUIDANCE TO ADJUSTED TO GUIDANCE, REPORTED DILUTED EPS GUIDANCE TO ADJUSTED DILUTED EPS GUIDANCE AND SUPPLEMENTAL INFORMATION* (Unaudited) (In millions, except earning
Slide 31: Reconciliations
+ Investor Presentation | 2Q25 Non-GAAP Reconciliations 2025 SECOND QUARTER GUIDANCE RECONCILIATION TABLES RECONCILIATION OF REPORTED GUIDANCE TO ADJUSTED TO GUIDANCE, REPORTED DILUTED EPS GUIDANCE TO ADJUSTED DILUTED EPS GUIDANCE AND SUPPLEMENTAL INFORMATION* (Unaudited) (In millions, except earnin
Slide 32: Thank You.
Thank You. investor.relations@wwwinc.com