What changed in this filing

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Item 1. Business

2025-02-20 compared with 2024-02-22 · 54 added, 68 removed, 151 unchanged (45% of the section changed)

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The Company believes that its primary competitive advantages are its well-recognized brand names, patented proprietary designs, diverse product offerings and comfort technologies, wide range of distribution channels and diversified manufacturing and sourcing base.

The Company combines quality materials and skilled workmanship to produce footwear according to its specifications at both Company-owned and third-party manufacturing facilities.

The Company combines quality materials and skilled workmanship to produce footwear according to its specifications at third-party manufacturing facilities.

The Company’s products are sold at various price points targeting a wide range of consumers of casual, work, outdoor and athletic footwear and apparel.

The Company’s portfolio of brands are organized into the following reportable segments.

The Company’s portfolio of brands is organized into the following reportable segments.

• Active Group, consisting of Merrell ® footwear and apparel, Saucony ® footwear and apparel, Sweaty Betty ® activewear, and Chaco ® footwear;

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The Company's reportable segments and related brands are described in more detail below.

Merrell ® believes in sharing the simple power of being outside – no matter who you are, where you come from, who you love, or how you move.

With a persistent focus on innovation, thoughtful design and rigorous testing, Merrell ® has become a global leader in hiking footwear, with a rapidly growing following in trail running and lifestyle.

Merrell ® believes in sharing the simple power of being outside.

After over 40 years, with a persistent focus on innovation, design and testing, Merrell ® has become a global leader in hiking footwear, with a rapidly growing following in trail running and lifestyle.

All of this is fueled by a desire to build a world where everyone can safely enjoy the benefits of being outdoors.

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Saucony ® targets both elite and casual runners through award-winning design, innovation and performance technology.

The brand is focused on meeting the functional biomechanical needs of runners while delivering on their emotional style needs as well.

Widely recognized for award-winning technologies, Saucony ® innovations include PWRRUN™ PB, a beaded superfoam that delivers high-performance energy return;

The brand is focused on meeting the functional biomechanical needs of runners while delivering on their emotional

style needs as well.

Widely recognized for award-winning technologies, Saucony ® innovations include INCREDIRun foam, a revolutionary TPEE compound engineered to provide exceptional efficiency;

PWRRUN™ PB, a beaded superfoam that delivers high-performance energy return;

PWRRUN+™ a cushioning foam for a plush ride;

SPEEDROLL™ Technology, a blend of premium foam and forward geometry to promote a faster transition;

and PWRTRAC™, a trail-specific outsole rubber.

and SPEEDROLL™ Technology, a blend of premium foam and forward geometry to promote a faster transition.

Saucony ® offers five categories of performance footwear products;

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Through Saucony ® Run For Good brand platform and charitable foundation, Saucony ® is strengthening connections with consumers and elevating the positioning of the brand.

The brand’s products are distributed primarily through leading run specialty and sporting goods retailers, as well as in Company-owned Saucony ® retail stores and an eCommerce site.

The brand’s products are distributed primarily through leading run specialty, mall specialty and sporting goods retailers, as well as via an eCommerce site and in Company-owned Saucony ® retail stores.

Sweaty Betty ® :

Sweaty Betty ® is a global women’s activewear and lifestyle brand that has been on a mission to empower women through fitness and beyond since 1998.

Famous for its “bum-sculpting” leggings and innovative designs, Sweaty Betty ® fuses performance and style with technical, high-performance fabrics and responsibly sourced materials.

The brand services its loyal, fast-growing community worldwide through SweatyBetty.com, complemented by retail locations across the United Kingdom, Europe and Asia and the world’s best luxury retailers, including Selfridges, Harrods, Neiman Marcus and Nordstrom.

Famous and trusted for its “bum-sculpting” leggings and innovative designs, Sweaty Betty ® fuses performance and style with technical, high-performance fabrics and responsibly sourced materials designed to outlast, outperform and outfit active women at all life stages.

The brand services its loyal, fast-growing community worldwide through SweatyBetty.com, complemented by retail locations across the United Kingdom, United States, Europe, New Zealand and Asia and in the world’s best luxury retailers, including Selfridges, Harrods and Nordstrom.

Through the Sweaty Betty Foundation, the brand aims to give more girls access to activities they love, helping the next generation get and stay active for life.

For more than 30 years Chaco ® has been creating premium footwear for outdoor adventure in and out of water.

Originating as an innovation in the whitewater rafting world, Chaco ® is the vibrant outdoor brand designing footwear for all walks of life and for a lifetime of adventure.

Chaco ® products are distributed primarily through specialty footwear retailers, the Chaco ® eCommerce site, and other leading online and brick and mortar retailers.

For more than 35 years Chaco ® has been inspiring new generations to take on everyday adventures.

Originating as an innovator in the whitewater rafting world, Chaco ® continues to design footwear for all walks of life and for a lifetime of adventure, in and out of water.

Chaco ® products are distributed primarily though the Chaco ® eCommerce site and other leading online and brick and mortar retailers.

Wolverine ® :

For more than 140 years, Wolverine ® has existed to support people who forge their own path:

men and women who stop at nothing to build the future they want.

those who stop at nothing to build the future they want.

Wolverine ® designs and creates footwear, apparel and accessories made to outfit those working in the core trades across the world.

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Cat ® Footwear is driven by the belief that generations of builders, makers and creators can turn challenge into enduring greatness.

The Company is the exclusive global footwear licensee of Caterpillar Inc., and for over two decades, Cat ® Footwear has been living up to the hardworking spirit of both the Caterpillar ® trademark and the millions of consumers who trust the brand.

The Company is the exclusive global footwear licensee of Caterpillar Inc., and for over three decades, Cat ® Footwear has been living up to the hardworking spirit of both the Caterpillar ® trademark and the millions of consumers who trust the brand.

Cat ® Footwear originally created a small collection of rugged work boots designed to provide workers with the comfort and durability that met the challenges of the worksite.

Today, Cat ® Footwear offers a wide range of footwear, including work boots and casual shoes for men, women and children, sold through a global distribution network.

Today, Cat ® Footwear offers a wide range of footwear, including work boots and casual shoes for men and women, sold through a global distribution network.

CAT ® , CATERPILLAR, their respective logos, "Caterpillar Corporate Yellow", as well as corporate product identity used herein, are registered trademarks of Caterpillar Inc.

Bates ® Footwear is a leading supplier of tactical and uniform footwear for first responders and U.S.

Military members.

Bates ® Footwear is a leading supplier of tactical and uniform footwear for first responders.

Civilian uniform users include police officers, firefighters, security and emergency medical services workers, and others in light industrial occupations.

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HYTEST ® Safety Footwear :

The HYTEST ® product line consists of high-quality work boots and shoes that incorporate various specialty safety features designed to protect against hazards of the workplace, including steel toe, composite toe, nano toe, metatarsal guards, electrical hazard protection, static dissipating and conductive footwear.

HYTEST ® footwear is distributed primarily through a network of independently-owned Shoemobile ® mobile truck

retail outlets providing direct sales of the Company’s occupational and work footwear brands to workers at industrial facilities and also through direct sales arrangements with large industrial customers.

The HYTEST ® product line consists of high-quality work boots and shoes that incorporate various specialty safety features designed to protect against hazards of the workplace, including metatarsal guards, steel toe, composite toe, nano toe, electrical hazard protection, static dissipating, puncture resistant and conductive footwear.

HYTEST ® footwear is distributed primarily through a distributor network with Shoemobile ® mobile trucks and retail outlets providing direct sales of the Company’s occupational and work footwear brands to workers at industrial facilities and through direct sales arrangements with large industrial customers.

Other Businesses

In addition to its reportable segments, the Company operates sourcing operations, a multi-brand direct-to-consumer business, the licensing of its Stride Rite ® brand and Hush Puppies ® brand.

The Company’s results included in Other also included Sperry ® , which was sold in 2024, and Keds ® , which was sold in 2023.

The Company also operated a performance leathers business, which was sold in 2023.

Sperry ® was founded in 1935 by avid sailor, inventor and intrepid explorer Paul Sperry.

The brand is fully rooted in the history of American style and continues to craft the tools for life’s memorable experiences on, off and by the water.

From the invention of the world's first boat shoe, Sperry ® is a market leader in both boat shoes and wet weather boots, and has expanded its business into casuals and sneakers.

The brand is primarily distributed through Sperry.com and in Company owned Sperry ® retail stores, as well as leading premium and better lifestyle retailers.

Effective January 10, 2024 the Company sold the global Sperry ® business to Authentic Brands Group LLC.

For over 100 years, Keds ® has been making timeless, comfortable, accessible footwear for consumers to step out into the world their way.

Ever since the creation of the iconic Keds ® Champion "sneaker" back in 1916, Keds ® has held the belief that when we feel comfortable inside and out, we can leap forward and make our marks on the world.

This belief continues to inspire and drive us every day.

Keds ® designs every product to support everyone—to give them the versatility, comfort, and style they need to confidently live as their truest selves.

Keds ® is focused on driving unique marketing and product stories through Keds.com and distributing footwear at leading footwear retailers worldwide.

Effective February 4, 2023 the Company sold the global Keds ® business to Designer Brands, Inc.

The Company's results included in Other also include brands and businesses that the Company sold in 2023 and 2024, as noted below.

Hush Puppies ® :

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The Company believes that optimism is contagious and that by encouraging positivity it can help shape a better world.

Hush Puppies ® footwear is distributed through wholesale and licensed channels, and through eCommerce sites.

In addition, the Hush Puppies ® brand is licensed to third parties engaged in the manufacturing, marketing and distribution of apparel, handbags, eyewear, socks, watches and plush toys sold around the world.

As a result of the decision to license the brand in North America in 2023, Hush Puppies® became a fully global licensed brand with over 560 Hush Puppies stores and multiple eCommerce sites across the globe.

Hush Puppies®, with its basset hound icon, is one of the most well-known and loved brands worldwide.

The Company signed a multi-year license agreement in 2023 to license the Hush Puppies ® brand in the United States and Canada.

The Company sold the rights to the Hush Puppies ® trademarks, patents, copyrights and domains in China, Hong Kong and Macau to its current sublicensee, Beijing Jiaman Dress Co., Ltd.

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The Company signed a multi-year license agreement in 2017 to license the Stride Rite ® brand.

Wolverine Leathers Division:

The Wolverine Leathers Division markets pigskin leather for use primarily in the footwear industry.

The Company believes pigskin leather offers superior performance and other advantages over cowhide leather.

The Company’s waterproof and stain resistant leathers are featured in some of the Company’s footwear lines and also sold to external footwear brands.

The Wolverine Leathers Division was sold in two seperate transactions in 2023.

Sourcing Division:

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The multi-brand direct-to-consumer division includes retail stores that sell footwear and apparel from the Company's brand portfolio and other brands.

Sperry ® was founded in 1935 by avid sailor, inventor and intrepid explorer Paul Sperry.

The brand is fully rooted in the history of American style and continues to craft the tools for life’s memorable experiences on, off and by the water.

Effective January 10, 2024 the Company sold the global Sperry ® business to Authentic Brands Group LLC.

For over 100 years, Keds ® has been making timeless, comfortable, accessible footwear for consumers to step out into the world their way.

Effective February 4, 2023 the Company sold the global Keds ® business to Designer Brands, Inc.

Wolverine Leathers Division:

The Wolverine Leathers Division markets pigskin leather for use primarily in the footwear industry.

The Wolverine Leathers Division was sold in two separate transactions in 2023.

The Company’s marketing strategy is to develop brand-specific plans and related promotional materials that drive consumer demand creation, fuel consumer obsession and foster a consistent message for each of the Company’s brands across the globe.

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The Company’s marketing typically emphasizes compelling brand stories and brand recognition associated with new and existing products, the performance, comfort and quality features and styles of our products within each of the Company’s brands, as well as raising global brand relevance and awareness.

The Company’s brand marketing has an omni-channel, always-on approach and includes various means of delivery across digital, print and

radio, including advertising through event sponsorship, social networking sites, event sponsorships, in-store activation and sales and technical assistance.

The Company’s brand marketing has an omni-channel, always-on approach and includes various means of delivery across digital, print and radio, including advertising through event sponsorship, social networking sites, event sponsorships, in-store activation and sales and technical assistance.

The Company operates branded eCommerce sites that the Company believes are effective tools for marketing and selling to consumers.

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(iii) revenue from a network of third-party licensees;

and (iv) revenue and income from joint ventures that market the Company’s branded products in Mexico and China.

and (iv) revenue and income from a joint venture that markets the Company’s branded products in Mexico.

The Company’s international owned operations are located in markets where the Company believes it can gain a strategic advantage by directly controlling the sale of its products into retail accounts.

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(ii) source high quality raw materials from around the world;

and (iii) avoid capital expenditures necessary for additional owned factories.

and (iii) avoid capital expenditures necessary for owned factories.

The Company believes that its overall global manufacturing strategy provides the flexibility to properly balance the need for timely shipments, high quality products and competitive pricing.

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The Company holds a significant portfolio of registered and common law trademarks that identify its branded products and technologies.

The Company’s owned trademarks include Hush Puppies ® , Wolverine ® , Bates ® , Bounce ® , Chaco ® , HYTEST ® , Merrell ® , Saucony ® , Stride Rite ® , Sweaty Betty ® , and related logos and design marks.

The Company’s owned trademarks include but are not limited to Hush Puppies ® , Wolverine ® , Bates ® , Bounce ® , Chaco ® , HYTEST ® , Merrell ® , Saucony ® , Stride Rite ® , Sweaty Betty ® , and related logos and design marks.

The Company has footwear marketing and distribution rights under the Cat ® and Harley-Davidson ® trademarks pursuant to license arrangements with the respective trademark owners.

The Cat ® license was recently renewed and the license term runs through December 31, 2028 and the Harley-Davidson ® license term runs through December 31, 2024.

The Cat ® license term runs through December 31, 2028 and the Harley-Davidson ® license term runs through December 31, 2029.

Both licenses are subject to early termination for breach.

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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.

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 7:

"Management's Discussion and Analysis of Financial Condition and Results of Operations".

The Company's working capital could also be impacted by other events, including pandemics.

The Company's working capital could also be impacted by other events.

The Company markets its footwear and apparel lines in a highly competitive and fragmented environment.

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Employee Profile :

As of December 30, 2023, the Company had approximately 4,100 domestic and foreign production, office and sales employees.

One of the Company's Core Values is "Our People Are the Difference," and the Company works to maximize the engagement and contribution of its current workforce and to attract the best talent available from outside the organization when needed.

As of December 28, 2024, the Company had approximately 3,100 domestic and foreign retail, distribution, office and sales employees.

The Company values its employees and works to maximize the engagement and contribution of its current workforce and to attract the best talent available from outside the organization when needed.

Talent Recruitment, Retention and Development :

The Company's talent strategy is focused on attracting top talent and developing, engaging, investing in and retaining top employees through a variety of retention and development efforts and world class corporate amenities.

We strive to hire world class talent, while ensuring opportunities for growth and development for team members.

We strive to hire world class talent, while aiming to ensure opportunities for growth and development for team members.

Our engaging recruitment marketing website tells a compelling story of opportunity and inclusion, and highlights the Company culture.

With a focus on modern recruitment systems and strategies we aim to provide a seamless transition for new employees.

Development starts on day one with an enriching day one experience designed to help employees

start off on the right foot from the moment they begin their career with the Company.

Development starts on day one with an enriching day one experience designed to help employees start off on the right foot from the moment they begin their career with the Company.

The Company strives to be one of the best places to work.

The Company seeks to maximize engagement and contribution of team members and the Company stays connected with team members across many experience touchpoints throughout the employee lifecycle, including regular pulse and check in surveys.

Insights from these surveys are valuable to understanding employees' needs, which helps us develop strategies to maintain positive employee well-being.

The Company's annual talent planning process provides invaluable data to help retain top talent through career planning and leadership continuity by using that data to identify and mitigate succession gaps through hiring and development.

Insights from these surveys are valuable to understanding employees' needs, which helps us develop strategies to maintain positive employee sentiment and well-being.

The Company's annual talent planning process provides invaluable data to help retain key talent through career planning and leadership continuity by using that data to identify and mitigate succession gaps through hiring and development.

The Company benchmarks its benefits regularly and keeps abreast of current and effective strategies in order to offer a comprehensive and competitive compensation and benefits package that is specific to the Company's employees’ respective geographic region of employment including annual incentive programs, long-term incentive programs and health and wellness benefits, such as the corporate headquarters' on-site, state-of-the-art fitness center, child care, and doggie day care facilities for employees.

The Company believes that leaders should be developed at every stage of their career, from new managers to executives.

We have a global leadership development program for all people leaders in which we partner with top educational institutions.

This program focuses on sharpening participants' business leadership capabilities needed to grow the Company's business and people leadership capabilities needed to build, retain, and inspire top performing teams.

As we continue to evolve and transform, the continued development of leaders is critical to our future success.

To enhance employees career development, the Company offers a wide variety of virtual learning courses, instructor led classes, video libraries, and quick reference documents and provides tuition reimbursement to help employees achieve higher education goals.

Diversity, Equity, and Inclusion:

Wolverine Worldwide is committed to creating a diverse and inclusive culture where everyone feels a sense of belonging and being valued, and to building a team that is representative of everywhere the Company's employees work, live, and do business.

The Company started this journey in 2020, focusing on creating a framework, establishing relationships, and working with expert outside partners to lay a foundation on which to build.

The Company's newly established internal DE&I office plans to continue and amplify the progress made to date to advance the Company's diversity, equity and inclusion goals.

The Company encourages individuals to support these goals, including through internal Employee Resource Groups that connect, celebrate, and support communities across the organization.

The Company offers employees a comprehensive diversity, equity, and inclusion learning program which includes learning about inclusive teams, inclusive leadership, and inclusive selection.

Through partnership with Harvard Business School, our new manager leadership development program fosters collaboration and teaches managers leadership skills needed to build, retain, and inspire our teams.

The Company's internal global leadership programs teach skills needed to lead through transformation and build key leadership capabilities needed for the Company to

The Company also provides high potential assessments and executive coaching to its leadership to build capabilities needed to grow the Company’s business and talent.

To enhance all corporate employees’ career development and growth, the Company offers a vast library of expert-led courses covering business, technical, and creative skills, quick reference guides, toolkits and internal one-on-one professional coaching.

Inclusion and Belonging :

Wolverine World Wide is committed to creating an inclusive culture where everyone feels valued and respected, and all have an equal opportunity to succeed.

The Company recently launched UN1TED, the goal of which is to amplify the progress made to date in advancing the Company's inclusion and belonging initiatives.

The Company has internal Employee Resource Groups open to all employees that connect, celebrate, and support communities across the organization.

In addition, the Company offers employees a comprehensive inclusion learning program which includes learning about inclusive teams, inclusive leadership, and inclusive selection.

Health and Safety :

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business