Wolverine World Wide (WWW) 8-K Wolverine World Wide, Inc. Announces Record Performance for Fourth Quarter and Full Year; Guides to Record Revenue and Earnings In Fiscal 2011

Exhibit 99.1

WOLVERINE WORLD WIDE, INC.
9341 Courtland Drive, Rockford, MI 49351
Phone (616) 866-5500; FAX (616) 866-0257

FOR IMMEDIATE RELEASE
CONTACT: Don Grimes
(616) 863-4404

WOLVERINE WORLD WIDE, INC. ANNOUNCES RECORD PERFORMANCE FOR FOURTH QUARTER AND FULL YEAR; GUIDES TO RECORD REVENUE AND EARNINGS IN FISCAL 2011

Rockford, Michigan, February 1, 2011 —Wolverine World Wide, Inc. (NYSE: WWW) today reported record revenue and earnings per share for both the fourth quarter and full fiscal year ended January 1, 2011. This excellent financial performance underscores the broad strength and consumer appeal of the Company’s portfolio of lifestyle brands.

Reported revenue for the full year was a record $1.249 billion, an increase of 13.4% versus prior year revenue of $1.101 billion. Adjusted earnings per fully diluted share were $2.17, a 22.6% increase compared to 2009 adjusted earnings of $1.77 per share. Both years’ adjusted earnings exclude the impact of restructuring charges and other expenses related to the Company’s strategic restructuring plan that was completed in the second quarter of 2010. Reported fully diluted earnings for the year were $2.11 per share compared to $1.24 per share in 2009.

Reported revenue for the fourth quarter was a record $385.0 million, a 23.2% increase versus the prior year. Fully diluted earnings in the quarter were a record $0.52 per share, an increase of 15.6% compared to fourth quarter 2009 adjusted diluted earnings of $0.45. The prior year’s adjusted earnings exclude the impact of restructuring charges and other expenses related to the Company’s strategic restructuring plan. Reported earnings for the fourth quarter of 2009 were $0.33 per share.

“We are extremely pleased with the Company’s exceptional financial performance in 2010, highlighted by record revenue and record earnings per share,” said Blake W. Krueger, the Company’s Chairman and Chief Executive Officer. “All four branded operating groups contributed to the year’s record results, and all geographic regions delivered double-digit revenue growth. The Company’s fourth quarter performance was also exceptional, and this momentum, coupled with a strong double-digit order backlog and enthusiastic responses to our 2011 product offerings, positions the Company for an excellent 2011.”

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Q4 and Full Year 2010 page 2

Don Grimes, the Company’s Senior Vice President and Chief Financial Officer, commented, “The Company’s record financial performance in 2010 is a clear indication of the strength of our portfolio and the discipline with which we manage the business. We remain mindful of the need to deliver superior financial results while still making appropriate investments for the future.”

Highlights for the year:

• Gross margin for the full year was 39.6%, after adjusting for non-recurring restructuring and related charges included in cost of sales, compared to prior-year adjusted gross margin of 39.7%. Reported gross margin for the full year was 39.5% compared to 2009 reported gross margin of 39.2%.

• As a percentage of revenue, adjusted operating expenses were 27.8% of revenue, a decrease of 90 basis points compared to the prior year. Full-year operating expenses increased 9.8%, to $347.5 million, after adjusting for non-recurring restructuring and related charges in both years. Reported operating expenses for the full year were $350.3 million compared to 2009 reported operating expenses of $346.1 million.

• Consolidated inventory at the end of the year was $208.7 million, an increase of 32.0% compared to the prior year. The Company’s inventory level reflects both the excellent outlook for the first half of 2011 and strategic purchases ahead of announced price increases from third-party suppliers.

• The full-year effective tax rate was 27.1%, reflecting the net benefit from non-recurring adjustments, the settlement of a foreign tax audit and the reinstatement of the research and development tax credit.

• The Company repurchased 1,795,147 shares during 2010 for an aggregate cost of $51.2 million, or $28.52 per share. The Company continues to maintain a strong balance sheet, with no significant debt and $150.4 million of cash and cash equivalents at the end of the year.

The Company anticipates continued excellent growth across its portfolio of brands. Based on the very positive momentum in the business, the Company currently anticipates:

• Fiscal 2011 revenue in the range of $1.350 billion to $1.390 billion, representing growth of 8.1% to 11.3% versus the prior year;

• Full-year gross margin in line with the prior-year’s adjusted gross margin, as higher product costs are expected to be offset by strategic price increases and anticipated favorable mix;

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Q4 and Full Year 2010 page 3

• Modest operating expense leverage;

• A full-year effective tax rate of 29.0%;

• Fully diluted weighted average shares outstanding of 49.0 million; and

• Fully diluted earnings per share in the range of $2.35 to $2.45, representing growth of approximately 8% to 13% versus prior-year adjusted diluted earnings per share (growth of approximately 11% to 16% versus reported earnings per share).

Krueger concluded, “The state of the business has never been better. We have momentum, and opportunities exist for accelerated growth across our entire brand portfolio and all geographic regions. Our Company is known for its fanatical focus on product, and we are very excited about the upcoming launch of the Merrell Barefoot Collection and our brands’ ability to continue capitalizing on the Boot and Vintage Americana trends that are currently dominating footwear. All of these things, and more, put the Company in an enviable position as we look forward to another strong year in 2011.”

The Company will host a conference call at 8:30 a.m. ET today to discuss these results and current business trends. To listen to the call at the Company’s website, go to www.wolverineworldwide.com, click on “Investors” in the navigation bar, and then click on “Webcast” from the top navigation bar of the “Investors” page. To listen to the webcast, your computer must have Windows Media Player, which can be downloaded for free at www.wolverineworldwide.com. In addition, the conference call can be heard at www.streetevents.com. A replay of the call will be available at the Company’s website through February 15, 2011.

With a commitment to service and product excellence, Wolverine World Wide, Inc. is one of the world’s leading marketers of branded casual, active lifestyle, work, outdoor sport and uniform footwear and apparel. The Company’s portfolio of highly recognized brands includes: Bates^®, Chaco^®, Cushe^™, Hush Puppies^®, HYTEST^®, Merrell^®, Sebago^® Soft Style^® and Wolverine^®. The Company also is the exclusive footwear licensee of popular brands including CAT^®,Harley-Davidson^® and Patagonia^®. The Company’s products are carried by leading retailers in the U.S. and globally in more than 190 countries and territories. For additional information, please visit our website, www.wolverineworldwide.com.

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Q4 and Full Year 2010 page 4

This press release contains forward-looking statements. In addition, words such as “estimates,” “anticipates”, “expects,” “intends,” “should,” “will,” variations of such words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions (“Risk Factors”) that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. Therefore, actual results and outcomes may materially differ from what may be expressed or forecasted in such forward-looking statements. Uncertainty in global economic conditions makes it particularly difficult to predict product demand and other related matters and makes it more likely that the Company’s actual results could differ materially from expectations. Risk Factors include, among others: the Company’s ability to successfully develop brands and businesses; changes in duty structures in countries of import and export; trade defense actions by countries; changes in consumer preferences or spending patterns; cancellation of orders for future delivery; changes in planned customer demand, re-orders or at-once orders; the availability and pricing of foreign footwear factory capacity; reliance on foreign sourcing; regulatory or other changes affecting the supply of materials used in manufacturing; the availability of power, labor and resources in key foreign sourcing countries, including China; the impact of competition and pricing; the impact of changes in the value of foreign currencies and the relative value to the U.S. Dollar; the development of new initiatives; the development of apparel; retail buying patterns; consolidation in the retail sector; changes in economic and market conditions; acts and effects of international conflict and terrorism; weather; and additional factors discussed in the Company’s reports filed with the Securities and Exchange Commission and exhibits thereto. Other Risk Factors exist, and new Risk Factors emerge from time to time that may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. Furthermore, the Company undertakes no obligation to update, amend or clarify forward-looking statements.

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WOLVERINE WORLD WIDE, INC.

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
($000s, except per share data)

	4th Quarter Ended						Fiscal Year Ended
	January 1,			January 2,			January 1,			January 2,
	2011			2010			2011			2010
Revenue	$	385,025		$	312,530		$	1,248,517		$	1,101,056
Cost of products sold		242,291			188,523			754,537			663,461
Restructuring and related costs		—			1,234			1,406			5,873
Gross profit		142,734			122,773			492,574			431,722
Gross margin		37.1	%		39.3	%		39.5	%		39.2	%
Selling, general and administrative expenses		111,568			94,197			347,499			316,378
Restructuring and related costs		—			6,897			2,828			29,723
Operating expenses		111,568			101,094			350,327			346,101
Operating profit		31,166			21,679			142,247			85,621
Operating margin		8.1	%		6.9	%		11.4	%		7.8	%
Interest (income) expense, net		247			(112	)		387			111
Other (income), net		(1,288	)		(261	)		(1,366	)		(182	)
		(1,041	)		(373	)		(979	)		(71	)
Earnings before income taxes		32,207			22,052			143,226			85,692
Income taxes		6,560			5,314			38,756			23,780
Net earnings	$	25,647		$	16,738		$	104,470		$	61,912
Diluted earnings per share	$	0.52		$	0.33		$	2.11		$	1.24

CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)
($000s)

	January 1,		January 2,
	2011		2010
ASSETS:
Cash & cash equivalents	$	150,400	$	160,439
Receivables		196,457		163,755
Inventories		208,655		158,065
Other current assets		20,871		21,279
Total current assets		576,383		503,538
Property, plant & equipment, net		74,397		73,952
Other assets		132,044		130,443
Total Assets	$	782,824	$	707,933
LIABILITIES & EQUITY:
Current maturities on long-term debt	$	517	$	538
Accounts payable and other accrued liabilities		147,628		132,313
Total current liabilities		148,145		132,851
Long-term debt		517		1,077
Other non-current liabilities		90,265		91,972
Stockholders’ equity		543,897		482,033
Total Liabilities & Equity	$	782,824	$	707,933

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
($000s)

	Fiscal Year Ended
	January 1,			January 2,
	2011			2010
OPERATING ACTIVITIES:
Net earnings	$	104,470		$	61,912
Adjustments necessary to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		16,201			17,621
Deferred income taxes		(1,195	)		(7,845	)
Stock-based compensation expense		10,181			8,473
Pension		17,615			15,891
Restructuring and other transition costs		4,234			35,596
Cash payments related to restructuring		(7,516	)		(20,653	)
Other		1,179			(7,921	)
Changes in operating assets and liabilities		(78,922	)		65,535
Net cash provided by operating activities		66,247			168,609
INVESTING ACTIVITIES:
Business acquisitions		—			(7,954	)
Additions to property, plant and equipment		(16,370	)		(11,670	)
Other		(668	)		(2,679	)
Net cash used in investing activities		(17,038	)		(22,303	)
FINANCING ACTIVITIES:
Net borrowings under revolver		—			(59,500	)
Cash dividends paid		(21,415	)		(21,502	)
Purchase of common stock for treasury		(52,190	)		(6,566	)
Other		16,075			8,324
Net cash used in financing activities		(57,530	)		(79,244	)
Effect of foreign exchange rate changes		(1,718	)		3,875
Increase (decrease) in cash and cash equivalents		(10,039	)		70,937
Cash and cash equivalents at beginning of year		160,439			89,502
Cash and cash equivalents at end of year	$	150,400		$	160,439

REVENUE BY OPERATING GROUP
(Unaudited)
($000s)

	4th Quarter Ended
	January 1, 2011					January 2, 2010					Change
	Revenue		% of Total			Revenue		% of Total			$		%
Outdoor Group	$	134,947		35.1	%	$	110,369		35.3	%	$	24,578		22.3	%
Wolverine Footwear Group		97,945		25.4	%		76,759		24.6	%		21,186		27.6	%
Heritage Brands Group		65,101		16.9	%		51,740		16.6	%		13,361		25.8	%
Hush Puppies Group		38,884		10.1	%		33,396		10.7	%		5,488		16.4	%
Other		4,079		1.1	%		2,878		0.8	%		1,201		41.7	%
Total branded footwear, apparel and licensing revenue		340,956		88.6	%		275,142		88.0	%		65,814		23.9	%
Other business units		44,069		11.4	%		37,388		12.0	%		6,681		17.9	%
Total Revenue	$	385,025		100.0	%	$	312,530		100.0	%	$	72,495		23.2	%

	Fiscal Year Ended
	January 1, 2011					January 2, 2010					Change
	Revenue		% of Total			Revenue		% of Total			$		%
Outdoor Group	$	467,612		37.5	%	$	416,165		37.8	%	$	51,447		12.4	%
Wolverine Footwear Group		274,899		22.0	%		233,246		21.2	%		41,653		17.9	%
Heritage Brands Group		222,277		17.8	%		198,289		18.0	%		23,988		12.1	%
Hush Puppies Group		140,279		11.2	%		131,602		11.9	%		8,677		6.6	%
Other		12,577		1.0	%		11,865		1.1	%		712		6.0	%
Total branded footwear, apparel and licensing revenue		1,117,644		89.5	%		991,167		90.0	%		126,477		12.8	%
Other business units		130,873		10.5	%		109,889		10.0	%		20,984		19.1	%
Total Revenue	$	1,248,517		100.0	%	$	1,101,056		100.0	%	$	147,461		13.4	%

As required by the Securities and Exchange Commission Regulation G, the following tables contain information regarding the non-GAAP adjustments used by the Company in the presentation of its financial results:

WOLVERINE WORLD WIDE, INC.

RECONCILIATION OF REPORTED FINANCIAL RESULTS TO ADJUSTED FINANCIAL
RESULTS, EXCLUDING RESTRUCTURING AND RELATED COSTS*
(Unaudited)
($000s, except per share data)

	As Reported						As Adjusted
	4th Quarter Ended			Restructuring and			4th Quarter Ended
	January 2, 2010			Related Costs(a)			January 2, 2010
Diluted earnings per share	$	0.33		$	0.12		$	0.45
	As Reported						As Adjusted
	Fiscal Year Ended			Restructuring and			Fiscal Year Ended
	January 1, 2011			Related Costs(a)			January 1, 2011
Gross profit	$	492,574		$	1,406		$	493,980
Gross margin		39.5	%					39.6	%
Operating expenses	$	350,327		$	(2,828	)	$	347,499
% change from prior year		1.2	%					9.8	%
% of revenue		28.1	%					27.8	%
Diluted earnings per share	$	2.11		$	0.06		$	2.17
	As Reported						As Adjusted
	Fiscal Year Ended			Restructuring and			Fiscal Year Ended
	January 2, 2010			Related Costs(a)			January 2, 2010
Gross profit	$	431,722		$	5,873		$	437,595
Gross margin		39.2	%					39.7	%
Operating expenses	$	346,101		$	(29,723	)	$	316,378
% of revenue		31.4	%					28.7	%
Diluted earnings per share	$	1.24		$	0.53		$	1.77

(a)

These adjustments present the Company’s results of operations on a continuing basis without the effects of fluctuations in restructuring and related costs. The adjusted financial results are used by management to, and allow investors to, evaluate the operating performance of the Company on a comparable basis.

*

To supplement the consolidated financial statements presented in accordance with Generally Accepted Accounting Principles (“GAAP”), the Company describes what certain financial measures would have been in the absence of restructuring and related costs. The Company believes these non-GAAP measures provide useful information to both management and investors to increase comparability to the prior period by adjusting for certain items that may not be indicative of core operating measures. Management does not, nor should investors, consider such non-GAAP financial measures in isolation from, or as a substitution for, financial information prepared in accordance with GAAP. A reconciliation of all non-GAAP measures included in this press release, to the most directly comparable GAAP measures, are found in the financial tables above.