Wolverine World Wide, Inc. Announces Authorization of Seven-Million-Share Repurchase Program, Declares Quarterly Dividend

    ROCKFORD, Mich., April 19 /CNW/ -- Wolverine World Wide, Inc. (NYSE:   WWW)
today announced that its Board of Directors has authorized the repurchase of
seven million shares of common stock, representing approximately 12.8 percent
of the issued and outstanding shares at the end of the first quarter.  Share
repurchases are authorized to be made over a three- year period at times and
amounts considered appropriate by the Company, based on factors including
price and market conditions.  Since 2000, the Company has repurchased
approximately 15 million shares (split-adjusted) pursuant to five previously
approved repurchase programs.  In 2006 alone, the Company returned nearly
$42.5 million to shareholders through a now-completed share repurchase
    In addition, the Company announced that its Board of Directors declared a
quarterly cash dividend of $.09 per share of common stock.  This dividend is
payable on August 1, 2007 to stockholders of record on July 2, 2007 and
represents a $.36 per share annual dividend.  Since 2002, reflecting the
Company's ongoing commitment to returning capital to shareholders, the
Company's declared annual cash dividend has increased at a compound annual
growth rate of nearly 25 percent.  In February 2007, the Board of Directors
announced a 20 percent increase in the annual dividend, marking the 14th
consecutive year of double-digit dividend increases.
    "Our sustained focus on profitable growth has continued to translate into
consistent returns for our shareholders," said Blake W. Krueger, President and
CEO.  "We expect to generate approximately $110 million in cash from operating
activities in 2007, which provides flexibility to increase our future return
to shareholders, whether through cash dividends or stock repurchase programs
such as the seven-million-share repurchase authorization announced today --
the largest repurchase program in Company history."
    "Although this strategy represents a sizeable financial investment by the
Company, our prudent approach to capital allocation, combined with our strong
balance sheet and robust cash flows, will provide the financial flexibility
needed to drive the growth of our core brands and capitalize on new business
initiatives.  As before, we remain committed to growing the economic value of
our business, guided by our vision to become a leading global multi-branded
footwear and apparel company."
    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(R), Hush
Puppies(R), HYTEST(R), Merrell(R), Sebago(R) and Wolverine(R).  The Company is
also the exclusive footwear licensee of popular brands including CAT(R),
Harley-Davidson(R) and Patagonia(R). The Company's products are carried by
leading retailers in the U.S. and are distributed internationally in nearly
180 countries. For additional information, please visit our website,

    This press release contains forward-looking statements, including those
relating to 2007 sales and earnings, new business initiatives, corporate
growth and expansion into apparel. In addition, words such as "estimates,"
"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.  Risk Factors include, among
others:  changes in duty structures in countries of import and export
including anti-dumping measures in Europe with respect to leather footwear
imported from China and Vietnam and safety footwear imported from China and
India; 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;
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, including the Chinese Yuan, and
the relative value to the U.S. Dollar; integration and operation of newly
acquired and licensed businesses; the development of new initiatives in
apparel; retail buying patterns; consolidation in the retail sector; changes
in economic and market conditions; acts and effects of war and terrorism;
weather; the conclusion of the year-end audit by the independent auditors and
any potential adjustments; 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.

For further information:

For further information: Stephen L. Gulis Jr. of Wolverine World Wide, 
Inc., +1-616-866-5570 Web Site: http://www.wolverineworldwide.com/

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890