On this page of StockholderLetter.com we present the latest annual shareholder letter from WOLVERINE WORLD WIDE INC /DE/ — ticker symbol WWW. Reading current and past WWW letters to shareholders can bring important insights into the investment thesis.

 •  3/19/2025 Letter Continued (Full PDF)
 •  3/22/2023 WWW Stockholder Letter
 •  3/20/2024 WWW Stockholder Letter
 •  More "Textiles & Apparel" Category Stockholder Letters
 •  WWW Benford's Law Stock Score = 94

WWW Shareholder/Stockholder Letter Transcript:

2024
ANNUAL
REPORT


LETTER FROM THE CHAIRMAN
2024 was an important year in
the transformation of Wolverine
Worldwide.
I   m pleased to report that in 2024 the Company
delivered on its plan for its shareholders, driven by
signi   cantly stronger    nancial performance, substantial
improvement in talent and capabilities, and a stronger
foundation for sustainable long-term growth. The
Board will continue to actively engage with the
management team in developing and overseeing
execution of the Company   s clear strategy, taking into
Tom Long, Chairman of the Board
account volatile market conditions.
We would like to extend special thanks to Dave Kollat
and Jodi Bricker for their valuable contributions over
the years. They are not standing for reelection this
year, and we will miss them. To ensure the Board
continues to be equipped with the right mix of skills
and experiences, we plan to    ll these seats with new
directors who bring a powerful range of backgrounds
and relevant growth-oriented industry expertise.
We are con   dent Wolverine will make meaningful
progress in the year ahead.
On behalf of the entire Board of Directors, thank you
for your continued support.
Tom Long
Chairman of the Board
2024 ANNUAL REPORT
1

LETTER FROM THE CEO
Delivering an Ambitious
Turnaround
Entering 2024, we had outlined a three-phase plan
to turn around Wolverine Worldwide     focused on
stabilizing the Company, transforming the organization,
and ultimately in   ecting to growth     and our team
delivered across all aspects of this effort. We
successfully completed the stabilization phase
and strengthened the balance sheet,    nishing the
year with less than half the debt we held 24 months
earlier and the cleanest inventory position since
the pandemic. We also meaningfully improved the
business    pro   tability, achieving record gross margin
and delivering earnings per share nearly six times
greater than the prior year. Finally, and importantly,
the Company in   ected to growth in the    nal quarter of
2024     establishing momentum for the year ahead.
Accelerating Growth
While it   s early in our in   ection phase, Wolverine
Worldwide is indeed growing again     with the Saucony
brand leading the way, which is expected to deliver a
mid-teens increase in 2025. Our growth is due in large
part to the good progress we   ve made to transform
the Company and begin to once again build our
tremendous brands around the world. We reshaped
our portfolio for enhanced focus, and we   ve developed
stronger capabilities to execute our Brand-building
Model     intent on building awesome products, telling
amazing stories, and driving the business. To underpin
our model, we bolstered consumer and trend insights.
To complement our product engine, we added new
talent, implemented advanced tools for greater
effectiveness and ef   ciency, and opened our    rst-ever
Innovation Hub in downtown Boston to tap into the
concentration of exceptional talent in the region. To
strengthen our marketing capabilities, we recruited new
marketing leadership across our brands and created
an in-house studio for nimble asset creation to engage
today   s always-on consumers. Finally, to help drive
the business in the marketplace, we deployed brand
protection measures and more disciplined distribution
management, developed more strategic relationships
with our partners domestically and internationally,
and established a compelling platform to activate our
2024 ANNUAL REPORT
Christopher Hufnagel,
President and Chief Executive Of   cer
brands with impact
through our key city
initiative     beginning
in Tokyo and
London. Wolverine
Worldwide is
a meaningfully
different company
today than it was
a year ago, now
poised to enable the
pro   table growth of
our brands.
The Opportunity Ahead
Our brands are originals and leaders in attractive
performance markets that we believe are aligned
with long-term, macro consumer trends and provide
a sizeable opportunity for penetration into broader
lifestyle wearing occasions. We believe their potential
is signi   cant, and we are seeing our efforts begin to
deliver results     giving us con   dence in our strategy.
In 2025 and beyond, we intend to take a balanced
approach to further expand pro   tability while investing
in our brands and capabilities to drive sustainable
growth     all with a focus on maximizing returns and
value for our shareholders.
Our team is proud of the work we   ve done, but we are
not satis   ed. We are driven by a vision to Make. Every
Day. Better. for our consumers, our communities, and
for you     our shareholders. The next chapter in our
Company   s 142-year history     one    xated on growth    
is undoubtedly the most important one yet. We can   t
wait to deliver once again.
As always, thank you for your continued support of
Wolverine Worldwide.
Be Well and Be Safe,
Christopher Hufnagel
President and Chief Executive Of   cer
2

Looking to the future, we are    rmly focused as an
organization on a new vision for Wolverine Worldwide:
VISION
We make great
things   
Every day
matters   
Our consumers are
moved to live   
VALUES
Be Great.
Win Together.
Make Amazing.
Stay Curious.
Act Now.
Deliver Results.
2024 ANNUAL REPORT
3



 3/19/2025 Letter Continued (Full PDF)