WOLVERINE WORLD WIDE INC /DE/WWW
WOLVERINE WORLD WIDE INC /DE/ Segments Disclosure
BUSINESS SEGMENTS
The Company’s portfolio of brands is organized into the following two reportable segments.
•Active Group, consisting of Merrell® footwear and apparel, Saucony® footwear and apparel, Sweaty Betty® activewear, and Chaco® footwear; and
•Work Group, consisting of Wolverine® footwear and apparel, Cat® footwear, Bates® uniform footwear, Harley-Davidson® footwear and HYTEST® safety footwear;
The Company's operating segments are the Active Group, Work Group, and Sweaty Betty®. Sweaty Betty® and the Active Group were evaluated and combined into one reportable segment because they meet the similar economic characteristics and qualitative aggregation criteria set forth in the relevant accounting guidance. The Company's chief operating decision maker is
the President and Chief Executive Officer. The chief operating decision maker uses segment operating profit to assess the performance of and to allocate resources to each segment.
Kids' footwear offerings from Saucony®, Sperry®, Keds®, Merrell®, Hush Puppies® and Cat® are included with the applicable brand.
The Company also reports “Other” and “Corporate” categories. Other consists of Sperry® footwear, Keds® footwear, Hush Puppies® footwear and apparel, the Company’s leather marketing operations, sourcing operations that include third-party commission revenues, multi-branded direct-to-consumer retail store and the Stride Rite® licensed business. The Corporate category consists of gains on the sale of businesses and trademarks, unallocated corporate expenses, such as corporate employee costs, corporate facility costs, IT costs, reorganization activities, impairment of long-lived assets and environmental and other related costs.
The reportable segments are engaged in designing, manufacturing, sourcing, marketing, licensing and distributing branded footwear, apparel and accessories. Revenue for the reportable segments includes revenue from the sale of branded footwear, apparel and accessories to third-party customers; revenue from third-party licensees and distributors; and revenue from the Company’s direct-to-consumer businesses. The Company’s reportable segments are determined based on how the Company internally reports and evaluates financial information used to make operating decisions.
Company management uses various financial measures to evaluate the performance of the reportable segments. The following is a summary of certain key financial measures for the respective fiscal periods indicated. The significant expense categories and amounts align with the segment-level information that is regularly provided to the Company's chief operating decision maker.
| 2025 | |||||||||||||||||||||||||||||
| (In millions) | Active Group | Work Group | Other | Corporate | Total | ||||||||||||||||||||||||
| Revenue | $ | 1,407.8 | $ | 422.2 | $ | 44.3 | $ | — | $ | 1,874.3 | |||||||||||||||||||
| Cost of goods sold | 719.9 | 263.8 | 6.7 | (2.8) | 987.6 | ||||||||||||||||||||||||
| Selling, general and administrative expenses | 434.7 | 85.7 | 9.0 | 207.1 | 736.5 | ||||||||||||||||||||||||
| Operating income | $ | 253.2 | $ | 72.7 | $ | 28.6 | $ | (204.3) | $ | 150.2 | |||||||||||||||||||
| Interest expense, net | 32.8 | ||||||||||||||||||||||||||||
| Other income, net | (4.1) | ||||||||||||||||||||||||||||
| Earnings before income taxes | $ | 121.5 | |||||||||||||||||||||||||||
| Depreciation and amortization expense: | $ | 6.4 | $ | 0.4 | $ | 1.4 | $ | 17.7 | $ | 25.9 | |||||||||||||||||||
| Capital expenditures: | $ | 3.0 | $ | — | $ | 0.2 | $ | 11.3 | $ | 14.5 | |||||||||||||||||||
| Total Assets: | $ | 979.6 | $ | 245.4 | $ | 87.7 | $ | 396.6 | $ | 1,709.3 | |||||||||||||||||||
| Goodwill: | $ | 321.3 | $ | 61.1 | $ | 48.9 | $ | — | $ | 431.3 | |||||||||||||||||||
| 2024 | |||||||||||||||||||||||||||||
| (In millions) | Active Group | Work Group | Other | Corporate | Total | ||||||||||||||||||||||||
| Revenue | $ | 1,246.1 | $ | 455.3 | $ | 53.6 | $ | — | $ | 1,755.0 | |||||||||||||||||||
| Cost of goods sold | 674.4 | 295.8 | 13.2 | (6.4) | 977.0 | ||||||||||||||||||||||||
| Selling, general and administrative expenses | 386.8 | 90.3 | 9.1 | 194.3 | 680.5 | ||||||||||||||||||||||||
| Operating income | $ | 184.9 | $ | 69.2 | $ | 31.3 | $ | (187.9) | $ | 97.5 | |||||||||||||||||||
| Interest expense, net | 42.7 | ||||||||||||||||||||||||||||
| Other income, net | (3.3) | ||||||||||||||||||||||||||||
| Earnings before income taxes | $ | 58.1 | |||||||||||||||||||||||||||
| Depreciation and amortization expense: | $ | 6.7 | $ | 0.4 | $ | 1.9 | $ | 17.2 | $ | 26.2 | |||||||||||||||||||
| Capital expenditures: | $ | 5.6 | $ | — | $ | 1.8 | $ | 12.8 | $ | 20.2 | |||||||||||||||||||
| Total Assets: | $ | 1,011.6 | $ | 266.2 | $ | 79.4 | $ | 317.2 | $ | 1,674.4 | |||||||||||||||||||
| Goodwill: | $ | 315.4 | $ | 60.2 | $ | 49.0 | $ | — | $ | 424.6 | |||||||||||||||||||
| 2023 | |||||||||||||||||||||||||||||
| (In millions) | Active Group | Work Group | Other | Corporate | Total | ||||||||||||||||||||||||
| Revenue | $ | 1,439.1 | $ | 480.6 | $ | 323.2 | $ | — | $ | 2,242.9 | |||||||||||||||||||
| Cost of goods sold | 853.0 | 321.1 | 191.3 | 3.6 | 1,369.0 | ||||||||||||||||||||||||
| Selling, general and administrative expenses | 445.8 | 101.4 | 99.1 | 294.4 | 940.7 | ||||||||||||||||||||||||
| Segment operating profit | $ | 140.3 | $ | 58.1 | $ | 32.8 | $ | (298.0) | $ | (66.8) | |||||||||||||||||||
| Interest expense, net | 63.5 | ||||||||||||||||||||||||||||
| Other expense, net | 2.5 | ||||||||||||||||||||||||||||
| Loss before income taxes | $ | (132.8) | |||||||||||||||||||||||||||
| Depreciation and amortization expense: | $ | 10.7 | $ | 0.4 | $ | 2.9 | $ | 21.1 | $ | 35.1 | |||||||||||||||||||
| Capital expenditures: | $ | 9.7 | $ | 0.1 | $ | 0.1 | $ | 4.7 | $ | 14.6 | |||||||||||||||||||
Geographic dispersion of revenue from external customers, based on shipping destination is as follows:
| Fiscal Year | |||||||||||||||||
| (In millions) | 2025 | 2024 | 2023 | ||||||||||||||
| United States | $ | 896.2 | $ | 893.4 | $ | 1,217.9 | |||||||||||
| Foreign: | |||||||||||||||||
| Europe, Middle East and Africa | 601.5 | 529.6 | 540.8 | ||||||||||||||
| Asia Pacific | 181.7 | 150.9 | 253.2 | ||||||||||||||
| Canada | 83.2 | 82.6 | 107.1 | ||||||||||||||
| Latin America | 111.7 | 98.5 | 123.9 | ||||||||||||||
| Total from foreign territories | 978.1 | 861.6 | 1,025.0 | ||||||||||||||
| Total revenue | $ | 1,874.3 | $ | 1,755.0 | $ | 2,242.9 | |||||||||||
The location of the Company’s tangible long-lived assets, which comprises property, plant and equipment and lease right-of-use assets, is as follows:
| (In millions) | January 3, 2026 | December 28, 2024 | December 30, 2023 | ||||||||||||||
| United States | $ | 105.5 | $ | 117.6 | $ | 131.9 | |||||||||||
| Foreign countries | 75.0 | 74.2 | 82.6 | ||||||||||||||
| Total | $ | 180.5 | $ | 191.8 | $ | 214.5 | |||||||||||
The Company does not believe that it is dependent upon any single customer because no customer accounts for more than 10% of consolidated revenue in any year.
During fiscal 2025, the Company sourced 100% of its footwear products and apparel and accessories from third-party suppliers, located primarily in the Asia Pacific region. While changes in suppliers could cause delays in manufacturing and a possible loss of sales, management believes that other suppliers could provide similar products on comparable terms.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2026 | Feb 27, 2026 | Showing above |
| 2024 | Feb 20, 2025 | |
| 2023 | Feb 22, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 26, 2021 | |
| 2019 | Feb 26, 2020 | |
| 2018 | Feb 26, 2019 | |
| 2017 | Feb 27, 2018 | |
| 2016 | Feb 28, 2017 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.