Wolverine World Wide, Inc. (the “Company”) is a leading designer, marketer and licensor of a broad range of quality casual footwear and apparel; performance outdoor and athletic footwear and apparel; kids’ footwear; industrial work shoes, boots and apparel; and uniform shoes and boots. The Company’s portfolio of owned and licensed brands includes: Bates®, Cat®, Chaco®, Harley-Davidson®, Hush Puppies®, HYTEST®, Merrell®, Saucony®, Stride Rite®, Sweaty Betty® and Wolverine®. The Company’s products are marketed worldwide through owned operations, through licensing and distribution arrangements with third parties, and through joint ventures. The Company also operates retail stores and eCommerce sites to market both its own brands and branded footwear and apparel from other manufacturers.

Effective January 1, 2024, the Company completed the sale of the Company’s equity interests in joint venture entities that sourced and marketed Merrell® and Saucony® footwear and apparel products in China. See Note 17 for further discussion.

The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions to the Quarterly Report on Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for a complete presentation of the financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for fair presentation have been included in the accompanying financial statements. For further information, refer to the consolidated financial statements and notes included in the Company’s 2024 Form 10-K.

The Company’s fiscal year is the 52- or 53-week period that ends on the Saturday nearest to December 31. Fiscal year 2025 has 53 weeks and fiscal year 2024 had 52 weeks. The Company reports its quarterly results of operations on the basis of 13-week quarters for each of the first three fiscal quarters and a 13 or 14-week period for the fourth fiscal quarter. References to particular years or quarters refer to the Company’s fiscal years ended on the Saturday nearest to December 31 or the fiscal quarters within those years.

The Company experiences moderate fluctuations in sales volume during the year, as reflected in quarterly revenue. The Company expects current seasonal sales patterns to continue in future years. The Company also experiences some fluctuation in its levels of working capital, typically reflecting an increase in net working capital requirements near the end of the first and third fiscal quarters as the Company builds inventory to support peak shipping periods. Historically, cash provided by operating activities is higher in the second half of the fiscal year due to collection of wholesale channel receivables and higher direct-to-consumer sales during the holiday season. The Company meets its working capital requirements through internal operating cash flows and, as needed, borrowings under its revolving credit facility, as discussed in more detail under the caption "Liquidity and Capital Resources" in Item 2: "Management's Discussion and Analysis of Financial Condition and Results of Operations". The Company's working capital could also be impacted by other events.

The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or an asset group may not be recoverable. Each impairment test is based on a comparison of the carrying amount of the asset or asset group to the future undiscounted net cash flows expected to be generated by the asset or asset group. If such assets are considered to be impaired, the impairment amount to be recognized is the amount by which the carrying value of the assets exceeds their fair value.

In the first quarter of 2024, the Company incurred $6.1 million in non-cash impairment charges on the long-lived property, plant and equipment and lease right-of-use assets at the Company’s distribution center in Louisville, Kentucky to adjust the

carrying value of the assets to their estimated fair value. The Louisville distribution center impairment charges were related to the Company’s transformation activities and actions to consolidate distribution operations. The long-lived assets had no fair value after the Company stopped using the distribution center.

In the second quarter of 2024, the Company recorded $3.2 million in non-cash impairment charges on certain Corporate U.S. and Canada office long-lived property, plant and equipment and right-of-use assets, to adjust the carrying amount of the assets to estimated fair value. The impairment primarily resulted from divestiture activities and consolidation of corporate office space. Fair value was estimated based on the discounted cash flows of estimated rental income from subleases, net of estimated expenses.

During the third quarter of 2025, the Company changed its method of accounting for certain domestic inventory valued using the last-in, first-out (“LIFO”) method to the first-in, first-out (“FIFO”) inventory valuation method. Inventory valued under the LIFO method represented approximately 23.0% and 23.8% of the Company’s total inventories as of December 28, 2024 and December 30, 2023, respectively. This change in accounting principle is preferable because it improves comparability with the Company’s peers, more closely resembles the physical flow of inventory, aligns with how the Company internally manages the business, and conforms all of the Company’s distribution warehouse inventory to the FIFO method of accounting. Additionally, the Company intends to make a change from LIFO to FIFO for our tax provision in accordance with IRS rules and regulations.

The Company applied this change in inventory costing method by retrospectively adjusting its historical financial statements. The tables below illustrate the impacts for the quarter and year-to-date periods ended September 27, 2025 and historical financial statement line items within the accompanying financial statements that were adjusted as a result of the retrospective application:


	Quarter Ended September 27, 2025						Year-To-Date Ended September 27, 2025
(In millions, except share data)	As Computed under LIFO		Effect of Change		As Reported		As Computed under LIFO		Effect of Change		As Reported
Consolidated Condensed Statement of Operations and Comprehensive Income (Loss)
Cost of goods sold	$	249.5	$	(2.4)	$	247.1	$	717.2	$	(3.7)	$	713.5
Earnings (loss) before income taxes	30.7		2.4		33.1		77.5		3.7		81.2
Income tax expense (benefit)	6.2		0.6		6.8		11.8		0.9		12.7
Net earnings (loss)	24.5		1.8		26.3		65.7		2.8		68.5
Net earnings (loss) attributable to Wolverine World Wide, Inc.	23.3		1.8		25.1		61.2		2.8		64.0
Comprehensive income (loss)	17.4		1.8		19.2		69.9		2.8		72.7
Comprehensive income (loss) attributable to Wolverine World Wide, Inc.	16.1		1.8		17.9		64.8		2.8		67.6

Net earnings (loss) per share:
Basic	$	0.28	$	0.02	$	0.30	$	0.73	$	0.03	$	0.76
Diluted	$	0.28	$	0.02	$	0.30	$	0.73	$	0.03	$	0.76


	Quarter Ended September 28, 2024						Year-To-Date Ended September 28, 2024
(In millions, except share data)	As Originally Reported		Effect of Change		As Adjusted		As Originally Reported		Effect of Change		As Adjusted
Consolidated Condensed Statement of Operations and Comprehensive Income (Loss)
Cost of goods sold	$	241.0	$	0.5	$	241.5	$	696.5	$	1.5	$	698.0
Earnings (loss) before income taxes	29.4		(0.5)		28.9		33.1		(1.5)		31.6
Income tax expense (benefit)	5.1		(0.1)		5.0		6.9		(0.3)		6.6
Net earnings (loss)	24.3		(0.4)		23.9		26.2		(1.2)		25.0
Net earnings (loss) attributable to Wolverine World Wide, Inc.	23.6		(0.4)		23.2		23.3		(1.2)		22.1
Comprehensive income (loss)	29.7		(0.4)		29.3		23.3		(1.2)		22.1
Comprehensive income (loss) attributable to Wolverine World Wide, Inc.	29.4		(0.4)		29.0		21.4		(1.2)		20.2

Net earnings (loss) per share:
Basic	$	0.28	$	—	$	0.28	$	0.28	$	(0.01)	$	0.27
Diluted	$	0.28	$	—	$	0.28	$	0.28	$	(0.01)	$	0.27


	Quarter Ended June 28, 2025						Year-To-Date Ended June 28, 2025
(In millions, except share data)	As Originally Reported		Effect of Change		As Adjusted		As Originally Reported		Effect of Change		As Adjusted
Consolidated Condensed Statement of Operations and Comprehensive Income (Loss)
Cost of goods sold	$	250.2	$	—	$	250.2	$	467.7	$	(1.3)	$	466.4
Earnings (loss) before income taxes	33.6		—		33.6		46.8		1.3		48.1
Income tax expense (benefit)	4.6		—		4.6		5.6		0.3		5.9
Net earnings (loss)	29.0		—		29.0		41.2		1.0		42.2
Net earnings (loss) attributable to Wolverine World Wide, Inc.	26.8		—		26.8		37.9		1.0		38.9
Comprehensive income (loss)	37.9		—		37.9		52.5		1.0		53.5
Comprehensive income (loss) attributable to Wolverine World Wide, Inc.	35.1		—		35.1		48.7		1.0		49.7

Net earnings (loss) per share:
Basic	$	0.32	$	—	$	0.32	$	0.45	$	0.02	$	0.47
Diluted	$	0.32	$	—	$	0.32	$	0.45	$	0.02	$	0.47


	Quarter Ended June 29, 2024						Year-To-Date Ended June 29, 2024
(In millions, except share data)	As Originally Reported		Effect of Change		As Adjusted		As Originally Reported		Effect of Change		As Adjusted
Consolidated Condensed Statement of Operations and Comprehensive Income (Loss)
Cost of goods sold	$	242.0	$	0.5	$	242.5	$	455.5	$	1.0	$	456.5
Earnings (loss) before income taxes	18.0		(0.5)		17.5		3.7		(1.0)		2.7
Income tax expense (benefit)	2.4		(0.1)		2.3		1.8		(0.2)		1.6
Net earnings (loss)	15.6		(0.4)		15.2		1.9		(0.8)		1.1
Net earnings (loss) attributable to Wolverine World Wide, Inc.	14.2		(0.4)		13.8		(0.3)		(0.8)		(1.1)
Comprehensive income (loss)	12.9		(0.4)		12.5		(6.4)		(0.8)		(7.2)
Comprehensive income (loss) attributable to Wolverine World Wide, Inc.	12.2		(0.4)		11.8		(8.0)		(0.8)		(8.8)

Net earnings (loss) per share:
Basic	$	0.17	$	—	$	0.17	$	(0.01)	$	(0.01)	$	(0.02)
Diluted	$	0.17	$	—	$	0.17	$	(0.01)	$	(0.01)	$	(0.02)


	Quarter Ended March 29, 2025						Quarter Ended March 30, 2024
(In millions, except share data)	As Originally Reported		Effect of Change		As Adjusted		As Originally Reported		Effect of Change		As Adjusted
Consolidated Condensed Statement of Operations and Comprehensive Income (Loss)
Cost of goods sold	$	217.5	$	(1.3)	$	216.2	$	213.5	$	0.5	$	214.0
Earnings (loss) before income taxes	13.2		1.3		14.5		(14.3)		(0.5)		(14.8)
Income tax expense (benefit)	1.0		0.3		1.3		(0.6)		(0.1)		(0.7)
Net earnings (loss)	12.2		1.0		13.2		(13.7)		(0.4)		(14.1)
Net earnings (loss) attributable to Wolverine World Wide, Inc.	11.1		1.0		12.1		(14.5)		(0.4)		(14.9)
Comprehensive income (loss)	14.6		1.0		15.6		(19.3)		(0.4)		(19.7)
Comprehensive income (loss) attributable to Wolverine World Wide, Inc.	13.6		1.0		14.6		(20.2)		(0.4)		(20.6)

Net earnings (loss) per share:
Basic	$	0.13	$	0.02	$	0.15	$	(0.19)	$	—	$	(0.19)
Diluted	$	0.13	$	0.02	$	0.15	$	(0.19)	$	—	$	(0.19)


	September 27, 2025						September 28, 2024
(In millions)	As Computed under LIFO		Effect of Change		As Reported		As Originally Reported		Effect of Change		As Adjusted
Consolidated Condensed Balance Sheets
Finished products, net	$	280.1	$	10.9	$	291.0	$	283.9	$	9.2	$	293.1
Deferred income taxes	96.9		(2.5)		94.4		93.1		(2.1)		91.0
Retained earnings	885.5		8.4		893.9		833.0		7.1		840.1


	December 28, 2024
(In millions)	As Originally Reported		Effect of Change		As Adjusted
Consolidated Condensed Balance Sheets
Finished products, net	$	237.8	$	7.2	$	245.0
Deferred income taxes	93.7		(1.6)		92.1
Retained earnings	849.5		5.6		855.1


	Year-To-Date Ended September 27, 2025						Year-To-Date Ended September 28, 2024
(In millions)	As Computed under LIFO		Effect of Change		As Reported		As Originally Reported		Effect of Change		As Adjusted
Consolidated Condensed Statement of Cash Flows
Net earnings (loss)	$	65.7	$	2.8	$	68.5	$	26.2	$	(1.2)	$	25.0
Deferred income taxes	(0.7)		0.9		0.2		23.5		(0.3)		23.2
Inventories	(38.2)		(3.7)		(41.9)		87.2		1.5		88.7

The change in accounting principle was not material to any individual line item within operating activities of the consolidated condensed statement of cash flows and there was no net change to the previously reported net cash provided by (used in) operating activities for any periods not presented.