SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the third twelve week accounting period ended September 9, 1995

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______ to ________

Commission File Number 1-6024

WOLVERINE WORLD WIDE, INC.
(Exact Name of Registrant as Specified in its Charter)

DELAWARE 38-1185150
(State or Other Jurisdiction of (IRS Employer Identification No.)
Incorporation or Organization)

9341 COURTLAND DRIVE, ROCKFORD, MICHIGAN 49351
(Address of Principal Executive Offices) (Zip Code)

(616) 866-5500
(Registrant's Telephone Number, including Area Code)

Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of
1934 during the preceding twelve (12) months (or for such shorter period that
the registrant was required to file such reports) and (2) has been subject to
such filing requirements for the past ninety (90) days.

Yes __X__ No _____

Indicate the number of shares outstanding of each of the issuer's classes of
common stock as of the latest practical date.

There were 17,011,227 shares of Common Stock, $1 par value, outstanding as
of September 30, 1995 of which 562,903 shares are held as Treasury Stock.
The shares outstanding, excluding shares held in treasury, have been
adjusted for the 3-for-2 stock split paid on May 15, 1995, on shares
outstanding at the close of business on May 1, 1995.

PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

CONSOLIDATED CONDENSED BALANCE SHEETS
(THOUSANDS OF DOLLARS)

September 9, December 31, September 10,
1995 1994 1994
(UNAUDITED) (AUDITED) (UNAUDITED)

ASSETS

CURRENT ASSETS
Cash and cash equivalents $ 1,950 $ 2,949 $ 2,103
Accounts receivable, less allowances
September 9, 1995 - $5,296
December 31, 1994 - $3,959
September 10, 1994 - $4,708 85,615 70,669 71,588
Inventories:
Finished products 68,388 48,637 51,094
Raw materials and work in process 41,994 30,388 33,265
110,382 79,025 84,359

Other current assets 14,932 14,902 10,912
Net current assets of discontinued operations 75 991 3,727

TOTAL CURRENT ASSETS 212,954 168,536 172,689

PROPERTY, PLANT & EQUIPMENT
Gross cost 102,364 97,028 96,195
Less accumulated depreciation 62,969 61,680 62,087
39,395 35,348 34,108

OTHER ASSETS 24,084 26,267 27,558

TOTAL ASSETS $ 276,433 $ 230,151 $ 234,355

See notes to consolidated condensed financial statements.

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WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

CONSOLIDATED CONDENSED BALANCE SHEETS - CONTINUED
(THOUSANDS OF DOLLARS)

September 9, December 31, September 10,
1995 1994 1994
(UNAUDITED) (AUDITED) (UNAUDITED)

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
Notes payable to banks $ 2,936 $ 1,432 $ 2,822
Accounts payable and other accrued liabilities 36,415 41,284 34,566
Current maturities of long-term debt 120 304 433
TOTAL CURRENT LIABILITIES 39,471 43,020 37,821

LONG-TERM DEBT (less current maturities) 80,700 43,482 64,520

OTHER NONCURRENT LIABILITIES 11,304 11,125 10,362

STOCKHOLDERS' EQUITY
Common Stock - par value $1, authorized
25,000,000 shares; shares issued
(including shares in treasury):
September 9, 1995 - 17,007,082 shares
December 31, 1994 - 16,705,013 shares
September 10, 1994 - 16,535,260 shares 17,007 11,315 11,251
Additional paid-in capital 21,833 25,004 24,641
Retained earnings 112,343 101,873 93,048
Accumulated translation adjustments 298 332 398
Cost of shares in treasury:
September 9, 1995 - 562,903 shares
December 31, 1994 - 533,992 shares
September 10, 1994 - 683,992 shares (6,523) (6,000) (7,686)

TOTAL STOCKHOLDERS' EQUITY 144,958 132,524 121,652

TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 276,433 $ 230,151 $ 234,355

See notes to consolidated condensed financial statements.

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WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS
OF OPERATIONS
(THOUSANDS OF DOLLARS, EXCEPT PER SHARE DATA)
(UNAUDITED)

12 WEEKS ENDED 6 WEEKS ENDED
September 9, September 10, September 9, September 10,
1995 1994 1995 1994

NET SALES AND OTHER OPERATING INCOME $ 100,460 $ 91,910 $ 63,080 $ 237,995

Cost of products sold 71,707 65,005 184,049 165,562
GROSS MARGIN 28,753 26,905 79,031 72,433

Selling and administrative expenses 20,053 20,222 60,138 57,874
OPERATING INCOME 8,700 6,683 18,893 14,559

OTHER EXPENSES (INCOME):
Interest expense 1,489 1,272 3,142 2,888
Interest income (155) (132) (560) (328)
Other - net (83) 15 (404) 796
1,251 1,155 2,178 3,356

EARNINGS FROM CONTINUING OPERATIONS
BEFORE INCOME TAXES 7,449 5,528 16,715 11,203
Income taxes 2,242 1,771 5,114 3,592

EARNINGS FROM CONTINUING OPERATIONS 5,207 3,757 11,601 7,611
Loss from discontinued operations,
net of income taxes - 70 - 249

NET EARNINGS $ 5,207 $ 3,687 $ 11,601 $ 7,362

PRIMARY EARNINGS (LOSS) PER SHARE:
Continuing operations $ .31 $ .23 $ .69 $ .47
Discontinued operations - - - (.02)
Net earnings $ .31 $ .23 $ .69 $ .45

Fully diluted earnings per share $ .31 $ .23 $ .69 $ .45

CASH DIVIDENDS PER SHARE $ .035 $ .027 $ .103 $ .080

SHARES USED FOR NET EARNINGS
PER SHARE COMPUTATION:
Primary 16,974,116 16,362,308 16,819,285 16,322,601
Fully diluted 17,003,586 16,659,728 16,900,529 16,638,534

See notes to consolidated condensed financial statements.
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WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

(THOUSANDS OF DOLLARS)
(UNAUDITED)

36 WEEKS ENDED
September 9, September 10,
1995 994

OPERATING ACTIVITIES
Net earnings from continuing operations $ 11,601 $ 7,611
Depreciation, amortization and other non-cash items 3,242 1,898
Loss from discontinued operations - (249)
Changes in operating assets and liabilities:
Accounts receivable (14,946) (9,438)
Inventories (31,357) (17,534)
Other current assets 2,886 1,899
Accounts payable and other accrued liabilities (4,869) 3,209

NET CASH USED IN OPERATING ACTIVITIES (33,443) (12,604)

FINANCING ACTIVITIES
Proceeds from long-term borrowings 58,181 38,000
Payments of long-term borrowings (21,147) (21,442)
Proceeds from short-term borrowings 3,504 1 ,189
Payments of short-term borrowings (2,000) (315)
Cash dividends (1,131) (1,300)
Proceeds from shares issued under employee stock plans 1,998 1,590

NET CASH PROVIDED BY FINANCING ACTIVITIES 39,405 17,722

INVESTING ACTIVITIES
Additions to property, plant and equipment (8,448) (5,587)
Other 1,487 (1,158)

NET CASH USED IN INVESTING ACTIVITIES (6,961) (6,745)

DECREASE IN CASH AND CASH EQUIVALENTS (999) (1,627)

Cash and cash equivalents at beginning of year 2,949 3,730

CASH AND CASH EQUIVALENTS AT END OF THIRD QUARTER $ 1,950 $ 2,130

( ) - Denotes reduction in cash and cash equivalents.

See notes to consolidated condensed financial statements.

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WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
SEPTEMBER 9, 1995

NOTE A - BASIS OF PRESENTATION

The accompanying unaudited consolidated condensed financial statements have
been prepared in accordance with generally accepted accounting principles for
interim financial information and with the instructions to Form 10-Q and Rule
10-01 of Regulation S-X. Accordingly, they do not include all of the
information and footnotes required by generally accepted accounting principles
for complete financial statements. In the opinion of management, all
adjustments (consisting of normal recurring accruals) considered necessary for
fair presentation have been included. For further information, refer to the
consolidated financial statements and footnotes included in the Company's
Annual Report on Form 10-K for the fiscal year ended December 31, 1994.
Certain amounts in 1994 have been reclassified to conform with the
presentation used in 1995.

NOTE B - FLUCTUATIONS

The Company's sales are seasonal, particularly in its major divisions, Hush
Puppies<reg-trade-mark> and the Wolverine Footwear Group. Seasonal sales
patterns and the fact that the fourth quarter has sixteen or seventeen weeks
as compared to twelve weeks in each of the first three quarters cause
significant differences in sales and earnings from quarter to quarter. These
differences, however, follow a consistent pattern each year.

NOTE C - COMMON STOCK

On March 10, 1994, the Company announced a 3-for-2 stock split on shares
outstanding on March 21, 1994. Also, on April 19, 1995, the Company announced
an additional 3-for-2 stock split on shares outstanding on May 1, 1995. All
share and per share data have been retroactively adjusted for the increased
shares resulting from these stock splits.

NOTE D - EARNINGS PER SHARE

Primary earnings per share are computed based on the weighted average shares
of common stock outstanding during each period assuming that the stock splits
described in Note C had been completed at the beginning of the earliest period
presented. Common stock equivalents (stock options) are included in the
computation of primary and fully diluted earnings per share.

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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS

RESULTS OF OPERATIONS - COMPARISONS OF THIRD QUARTER 1995 TO THIRD QUARTER
1994

Third quarter net sales and other operating income of $100.5 million for 1995
exceeded 1994 levels by $8.6 million (a 9.3% increase), and 1995 year-to-date
net sales of $263.1 million compares to $238.0 million recorded for the
comparable period of 1994 (a 10.5% increase). The strong performance of the
Wolverine Footwear Group continued, accounting for $6.8 million of the
quarterly net sales and other operating income increase and $21.5 million of
the year-to-date increase. Current year third quarter increases of $3.0
million and year-to-date increases of $4.6 million generated by United States
Department of Defense contracts helped offset a $1.3 million third quarter
decrease in the Hush Puppies Retail Division, a result of a 1994 decision to
downsize the retail operations. Sales in the Hush Puppies Wholesale
Division remained flat due to the generally difficult retail environment
for apparel and footwear in the United States. The Leather and Tru-Stitch
Divisions recognized slight sales increases which are in line with the
Company's plan.

Gross margin as a percentage of net sales and other operating income for the
third quarter of 1995 was 28.6% compared to the prior year level of 29.3%.
Year-to-date gross margin of 30.0% for 1995 compares to 30.4% for 1994.
Improved margins were recorded in the Wolverine Footwear Group through
increased licensing revenues and manufacturing and sourcing efficiencies.
The Leather Division continued its strong performance reporting a
year-to-date $1.8 million gross margin increase. The increase in gross
margin was achieved by significant reductions in fixed costs, a shift in
product mix to higher value added products and price adjustments. These
improvements were offset by decreases in the Hush Puppies Wholesale and
Retail Divisions, resulting from the continued soft retail climate which
impacts both initial wholesale margins and retail promotional pricing
requirements.

Selling and administrative costs totaling $20.0 million (20.0% of net sales)
for the third quarter of 1995 remained relatively consistent with the 1994
third quarter levels of $20.2 million (22.0% of net sales). Year-to-date
selling and administrative expenses of $60.1 million (22.9% of net sales) in
1995 are comparable to $57.9 million (24.3% of net sales) in 1994. Year-to-date
selling, advertising and distribution costs associated with the increased
sales volume combined with advertising and promotional investments for
Wolverine Brand accounted for $4.3 million of the increase. Offsetting
decreases in direct selling costs were reported in the Hush Puppies Retail
Division totaling $.9 million, which were due to the strategic
repositioning of the Hush Puppies Retail Division. Hush Puppies Wholesale
distribution costs have decreased 13% from $3.1 million to $2.7 million,
reflecting the implementation of a new incentive wage program designed to
reduce costs through increased productivity.

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Interest expense for the third quarter of 1995 was $1.5 million, compared to
$1.3 million for the same period of 1994. Year-to-date interest expense for
1995 and 1994 was $3.1 million and $2.9 million, respectively. The 1995
interest expense totals reflect an increase in borrowings outstanding
partially offset by reduced senior debt interest rates and average borrowing
costs. Increased borrowings were needed to fund working capital requirements
associated with sales growth.

The effective income tax rates on net earnings from continuing operations
decreased on a year-to-date basis in 1995 from 1994 levels (30.6% compared
to 32.1%). The effective tax rates reflect the anticipated annualized rate
for the Company giving consideration to the non-taxable net earnings of
foreign subsidiaries.

Net earnings from continuing operations of $5.2 million ($.31 per share) for
the twelve weeks ended September 9, 1995 compared favorably to earnings of
$3.8 million ($.23 per share) for the respective period of 1994. Year-to-date
net earnings from continuing operations of $11.6 million ($.69 per share) in
1995 compared with earnings of $7.6 million ($.47 per share) for the same
period of 1994. Increased earnings are primarily a result of the items noted
above.

FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

Accounts receivable of $85.6 million at September 9, 1995 reflect an increase
of $14.0 million and $14.9 million over the balances at September 10, 1994 and
December 31, 1994, respectively. Inventories of $110.4 million at September
9, 1995 reflect an increase of $26.0 million and $31.4 million over the
balances at September 10, 1994 and December 31, 1994, respectively. The
increases in accounts receivable were directly related to increased volume.
Inventories were increased to meet anticipated future demand in both
wholesaling and manufacturing. Third quarter order backlogs have increased
25% when compared to 1994, supporting the requirement for increased
inventories. Fourth quarter shipments are expected to reduce inventories to
levels which will be commensurate with the growth of the Company's wholesale
businesses.

Other current assets totaling $14.9 million at September 9, 1995 were
unchanged from December 31, 1994 levels and is $4.0 million higher than the
September 10, 1994 balance. The increases were primarily a result of the
current portion of notes receivable from the 1992 disposition of the Brooks
operations becoming classified as a current asset.

Total interest bearing debt of $83.8 million on September 9, 1995 compares to
$67.8 million and $45.2 million at September 10, 1994 and December 31, 1994,
respectively. The increase in debt since December 31, 1994 was a result of
the seasonal working capital requirements of the Company. The increase over
September 10, 1994 was primarily attributable to additional investment in
inventories to meet anticipated sales demand in the last quarter of 1995. The

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Company is currently examining its long term capital requirements. It is
expected that continued growth of the Company will require increases in
capital funding over the next several years. An expansion of warehousing and
administrative facilities is being contemplated and alternatives for meeting
these and other of the Company's capital needs are being evaluated.

The Company issued $30.0 million of senior debt during the third quarter of
1994 with an interest rate of 7.81%. Proceeds were used to pay $21.4 million
of existing 10.4% senior debt and to reduce balances outstanding under a
revolving credit facility. Additionally, the long-term revolving debt
scheduled to expire in June 1995 was renegotiated during 1994 to provide more
favorable terms and conditions and the Company's revolving credit facility was
extended through June 1998.

The 1995 third quarter dividend declared of $.035 per share of common stock
represents a 29.6% increase over the $.027 per share (post split) declared for
the third quarter of 1994. The dividend is payable February 1, 1996 to
stockholders of record on January 2, 1996.

The Company's increased investments in capital improvements have resulted in a
$1.3 million increase in depreciation expense for year-to-date 1995 over the
same period of 1994. These capital investments reflect the ongoing
integration of manufacturing facilities and refurbishment of a corporate
office building.

During the fourth quarter of 1994, the Company adopted a formal plan to
withdraw from its Lamont's leased shoe department business, which resulted in
a charge to 1994 fourth quarter earnings of $1.2 million. This plan was
completed as of July 15, 1995.

PART II. OTHER INFORMATION

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.

(a) EXHIBITS. The following documents are filed as exhibits to this
report on Form 10-Q:

Exhibit
NUMBER DOCUMENT
3.1 Certificate of Incorporation, as amended. Previously filed as Exhibit
4(a) to the Company's Quarterly Report on Form 10-Q for the period
ended June 18, 1994. Here incorporated by reference.

3.2 Amended and Restated Bylaws. Previously filed as Exhibit 3(b) to the
Company's Annual Report on Form 10-K for the fiscal year ended January
1, 1994. Here incorporated by reference.

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3.3 Amendment to Bylaws. Previously filed as Exhibit 3.3 to the Company's
Quarterly Report on Form 10-Q for the period ended March 25, 1995.
Here incorporated by reference.

4.1 Certificate of Incorporation, as amended. See Exhibit 3.1 above.

4.2 Rights Agreement dated as of May 7, 1987, as amended and restated as
of October 24, 1990. Previously filed with Amendment No. 1 to the
Company's Form 8-A filed November 13, 1990. Here incorporated by
reference. This agreement has been amended by the Second Amendment to
Rights Agreement included as Exhibit 4.6 below.

4.3 Amended and Restated Credit Agreement dated as of October 13, 1994
with NBD Bank, N.A. as Agent. Previously filed as Exhibit 4(c) to the
Company's Annual Report on Form 10-K for the fiscal year ended
December 31, 1994. Here incorporated by reference.

4.4 Note Agreement dated as of August 1, 1994 relating to 7.81% Senior
Notes. Previously filed as Exhibit 4(d) to the Company's Quarterly
Report on Form 10-Q for the period ended September 10, 1994. Here
incorporated by reference.

4.5 The Registrant has several classes of long-term debt instruments
outstanding in addition to that described in Exhibit 4.4 above. The
amount of none of these classes of debt exceeds 10% of the Company's
total consolidated assets. The Company agrees to furnish copies of
any agreement defining the rights of holders of any such long-term
indebtedness to the Securities and Exchange Commission upon request.

4.6 Second Amendment to Rights Agreement made as of October 28, 1994
(amending the Rights Agreement included as Exhibit 4.2 above).
Previously filed as Exhibit 4(f) to the Company's Annual Report on
Form 10-K for the fiscal year ended December 31, 1994. Here
incorporated by reference.

10.1 Supplemental Executive Retirement Plan.

27 Financial Data Schedule.

(b) REPORT ON FORM 8-K. No reports on Form 8-K have been filed during
the period for which this report is filed.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

WOLVERINE WORLD WIDE, INC.
AND SUBSIDIARIES

October 23, 1995 s/Geoffrey B. Bloom
Date Geoffrey B. Bloom
President and Chief Executive Officer
(Duly Authorized Signatory for Registrant)

October 23, 1995 s/Stephen L. Gulis, Jr.
Date Stephen L. Gulis, Jr.
Vice President and Chief Financial Officer
(Principal Financial Officer and Duly
Authorized Signatory of Registrant)

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EXHIBIT INDEX

3.2 Amended and Restated Bylaws. Previously filed as Exhibit 3(b) to the
Company's Annual Report on Form 10-K for the fiscal year ended January
1, 1994. Here incorporated by reference.

3.3 Amendment to Bylaws. Previously filed as Exhibit 3.3 to the Company's
Quarterly Report on Form 10-Q for the period ended March 25, 1995.
Here incorporated by reference.

4.1 Certificate of Incorporation, as amended. See Exhibit 3.1 above.

10.1 Supplemental Executive Retirement Plan.

27 Financial Data Schedule.

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