INDUSTRY NEWS

ROCKFORD, Mich.-- Wolverine World Wide (NYSE:WWW) has reported strong results for the second quarter ended June 19, 2010, including its second consecutive quarter of record earnings per share.

Second quarter reported revenue was $258.2 million, an increase of 4.8 percent versus the prior year. Continued growth was partially offset by the delay into the subsequent quarter of a shipment to a third-party distributor and, as expected, by lower closeout sales - the latter of which had a beneficial impact on gross margin in the quarter. Foreign exchange had minimal impact on reported revenue in the quarter.

"The momentum in our business this year continued into the second quarter with very solid growth in both revenue and earnings," said chairman and CEO Blake Krueger. "Our strong financial results were well balanced across our portfolio, with all four major branded operating groups contributing to the outstanding earnings performance. Our retail and e-commerce businesses also delivered impressive results. The company's exceptional year-to-date earnings performance is a clear testament to the power of our global business model."

Due to the strong year-to-date revenue performance across the portfolio and continued solid order trends, the company is increasing its full-year revenue estimate to a range of $1.190 billion to $1.220 billion, representing growth of 8.1 percent to 10.8 percent versus the prior year. The company is also increasing its full-year earnings outlook, excluding restructuring and related charges of $0.06 per share, to a range of $1.98 to $2.04 per share. This range represents growth of 11.9 percent to 15.3 percent versus the prior year's adjusted diluted earnings per share of $1.77. Reported earnings per diluted share are anticipated in the range of $1.92 to $1.98.

Krueger continued, "The company is off to an excellent start this year. Our increased 2010 revenue and earnings guidance reflects the strength and momentum of our lifestyle brands in the global marketplace. Product innovation and compelling marketing across our portfolio are driving success at retail, as consumers have embraced our new product offerings. We remain committed to meeting, and exceeding, the wants and needs of our consumers while also delivering superior financial returns to our shareholders."

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