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EX - 99.1 2 earningsrelease2021 - q1.htm EXHIBIT 99.1 WOLVERINE W worldwide Exhibit 99.1 9341 Courtland Drive NE , Rockford , MI 49351 Phone ( 616 ) 866-5500 FOR IMMEDIATE RELEASE CONTACT : Michael D. Stornant ( 616 ) 866-5728 WOLVERINE WORLDWIDE RAISES FULL - YEAR OUTLOOK AND REPORTS STRONG FIRST - QUARTER RESULTS 84 % eCommerce revenue growth leads Q1 performance ROCKFORD , Mich . , May 12 , 2021 – Wolverine World Wide , Inc. ( NYSE : WWW ) today reported financial results for the first quarter ended April 3 , 2021 , and updated its full 2021 fiscal year revenue and earnings outlook . " We believe 2021 will be a breakthrough year for the Company , and our first quarter performance was an excellent start , ” said Blake W. Krueger , Wolverine Worldwide's Chairman and Chief Executive Officer . “ In the first quarter , Merrell revenue grew nearly 25 % , and Saucony revenue was up nearly 60 % compared to last year , powered by our accelerated digital strategy and big new product stories that are resonating with consumers . Our ongoing investment in digital fueled eCommerce growth of 84 % , well ahead of our expectations . Our brands are well positioned in trending , performance - oriented product categories like running , hiking , and work ; and their momentum remains strong . We anticipate growth to continue to accelerate moving forward . " FIRST - QUARTER 2021 REVIEW • • • • • Reported revenue was $ 510.7 million , up 16.3 % versus the prior year . On a constant currency basis , revenue was up 14.3 % versus the prior year . Owned eCommerce reported revenue grew 83.6 % versus the prior year . Reported gross margin was 43.5 % , compared to 41.4 % in the prior year . Adjusted gross margin was 44.3 % , compared to 41.4 % in the prior year . Reported operating margin was 11.4 % , compared to 3.8 % in the prior year . Adjusted operating margin was 10.2 % , compared to 6.9 % in the prior year . Reported diluted earnings per share were $ 0.45 , compared to $ 0.16 in the prior year . Adjusted diluted earnings per share were $ 0.40 , and , on a constant currency basis , were $ 0.40 , compared to $ 0.28 in the prior year . Inventory at the end of the quarter was down 20.8 % versus the prior year . Cash flow from operating activities generated $ 26.3 million in the quarter , or $ 102.9 million more than in the prior year . Total debt at the end of the quarter was $ 720.4 million , or $ 505.7 million less than in the prior year , and total liquidity at the end of the quarter was $ 1.2 billion . " The Company drove strong financial results for the first quarter , delivering meaningful revenue growth and gross margin expansion in the face of certain supply chain obstacles that have plagued the industry , " said Mike Stornant , Senior Vice President and Chief Financial Officer . “ Demand for our brands is strong , as evidenced by our better - than - expected eCommerce growth and our robust wholesale order book . Core inventory levels continue to increase in Q2 to support the business trends , and we expect to be well 1