Wolverine World Wide, Inc. Annual Report 2024

Plain-text annual report

2024 ANNUAL REPORT 2024 ANNUAL REPORT 1 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 significantly stronger financial 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 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 fill these seats with new directors who bring a powerful range of backgrounds and relevant growth-oriented industry expertise. We are confident 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 Tom Long, Chairman of the Board 2024 ANNUAL REPORT 2 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 profitable 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 significant, and we are seeing our efforts begin to deliver results – giving us confidence in our strategy. In 2025 and beyond, we intend to take a balanced approach to further expand profitability 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 satisfied. 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 fixated 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 Officer 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 inflecting to growth – and our team delivered across all aspects of this effort. We successfully completed the stabilization phase and strengthened the balance sheet, finishing 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’ profitability, achieving record gross margin and delivering earnings per share nearly six times greater than the prior year. Finally, and importantly, the Company inflected to growth in the final quarter of 2024 – establishing momentum for the year ahead. Accelerating Growth While it’s early in our inflection 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 efficiency, and opened our first-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 Christopher Hufnagel, President and Chief Executive Officer 2024 ANNUAL REPORT 3 Be Great. Win Together. Make Amazing. Stay Curious. Act Now. Deliver Results. VALUES VISION Looking to the future, we are firmly focused as an organization on a new vision for Wolverine Worldwide: We make great things… Every day matters… Our consumers are moved to live… 2024 ANNUAL REPORT 4 Christopher Hufnagel President & Chief Executive Officer Bishu Jayaram Chief Supply Chain Officer Tom Kennedy President, Work Group Amy Klimek Chief Human Resources Officer Susie Kuhn President, Active Group Dave Latchana Chief Legal Officer & Corporate Secretary Taryn Miller Chief Financial Officer & Treasurer Brett Parent Chief Strategy Officer Dee Slater Chief Information Officer & Senior Vice President, Central Services Isabel Soriano President, International Group Tom Long Chairman of the Board, Wolverine World Wide, Inc.; Retired Chief Executive Officer, MillerCoors LLC Stacia Andersen Former Executive Vice President, Chief Customer Officer, PetSmart LLC Jeffrey M. Boromisa Retired Executive Vice President, Kellogg International; President, Latin America and Senior Vice President, Kellogg Company Jodi Bricker Strategic Advisor, Luminary Impact Fund; Former Chief Executive Officer, Quay Australia William K. Gerber Managing Director, Cabrillo Point Capital LLC; Retired Executive Vice President and Chief Financial Officer, Kelly Services, Inc. Christopher Hufnagel President & Chief Executive Officer, Wolverine World Wide, Inc. David T. Kollat President and Chairman, 22, Inc. Brenda J. Lauderback Retired President, Wholesale and Retail Group, Nine West Group, Inc. DeMonty Price Former President, Chief Operating, Service and Values Officer, RH formerly known as Restoration Hardware Kathleen Wilson-Thompson Retired Executive Vice President & Global Chief Human Resources Officer, Walgreens Boots Alliance, Inc. EXECUTIVE MANAGEMENT BOARD OF DIRECTORS 2024 ANNUAL REPORT 5 FORWARD-LOOKING STATEMENTS This Annual Report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about our future operating results. All statements other than statements of historical or current facts made in this Annual Report are forward-looking. We use words such as such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “intends,” “is likely,” “plans,” “predicts,” “projects,” “should,” “will,” variations of such words and similar expressions to identify forward-looking statements. Forward-looking statements reflect management’s current expectations and are inherently uncertain. Actual results or outcomes could differ materially for a variety of reasons. Risks and uncertainties that could cause our actual results to differ significantly from management’s expectations are described in our 2024 Annual Report on Form 10-K, included herein. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The forward-looking statements in this report speak only as of the date of the report. We do not undertake an obligation to update, amend or clarify forward-looking statements, whether as a result of new information, future events or otherwise. [This page intentionally left blank] (!'&''& &(%'&!+!" &&"! *->4593?:9 "% !!(%#"%'#(%&(!''"&'"! "% 0"'&(%'& +!'" CFH<9:=G75@M95F9B898979A69F CF '%!&'"!%#"%'#(%&(!''"&'"! "% 0"'&(%'& +!'" CFH<9HF5BG=H=CBD9F=C8:FCAHC CAA=GG=CB:=@9BIA69F *")%!*"%*! 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Annual Meeting The annual meeting of shareholders will be held virtually on May 1, 2025, at 10:00 a.m. E.D.T. Shareholders as of the close of business on March 3, 2025, may attend the meeting by visiting www.virtualshareholdermeeting.com/WWW2025. A Special Offer for Our Shareholders We encourage you to experience our brands for yourself. Shareholders are invited to take advantage of a special 30% discount on Company products. Exclusions and limitations may apply. Please contact a member of our Consumer Relations team at the special Wolverine Worldwide shareholder toll-free number, 1-866-889-3151, to receive more information about this offer. A member of our Consumer Relations team can assist shareholders with placing an order for any of our Company products available at one of our branded websites: Catfootwear.com | Chacos.com Hytest.com | Merrell.com | Saucony.com SweatyBetty.com | Wolverine.com Corporate Headquarters 9341 Courtland Drive, N.E. Rockford, Michigan 49351 Telephone 616.866.5500 Common Stock Listing New York Stock Exchange (Symbol: WWW) Independent Registered Public Accounting Firm Ernst & Young, LLP Registrar and Transfer Agent Computershare P.O. Box 505000 Louisville, KY 40233-5000 Telephone: 800.942.5909 Investor Relations Taryn Miller Chief Financial Officer BATES®, CHACO®, HUSH PUPPIES®, HYTEST®, MERRELL®, SAUCONY®, SWEATY BETTY®, WOLVERINE®, and related design marks are registered and unregistered trademarks of Wolverine World Wide, Inc. or its subsidiaries. CAT®, CATERPILLAR®, and related design marks are registered trademarks of Caterpillar Inc. HARLEY, HARLEY- DAVIDSON®, and related design marks are registered trademarks of Harley-Davidson Motor Company, Inc. Cat Footwear and Harley-Davidson Footwear are produced under license by Wolverine World Wide, Inc. Other trademarks and design marks are properties of their respective owners. ©2025 Wolverine World Wide, Inc. All rights reserved.

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