What changed in this filing

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Item 1. Business

2026-02-27 compared with 2025-02-20 · 34 added, 35 removed, 170 unchanged (29% of the section changed)

20 unchanged sentences

The Other category consists of Sperry ® footwear, Keds ® footwear, Hush Puppies ® footwear and apparel, the Company’s leather marketing operations, sourcing operations that include third-party commission revenues, multi-branded direct-to-consumer retail stores and the Stride Rite ® licensed business.

The Corporate category consists of gains on the sale of businesses and trademarks, unallocated corporate expenses, such as corporate employee costs, corporate facility costs, reorganization activities, impairment of long-lived assets and environmental and other related costs.

The Corporate category consists of gains on the sale of businesses and trademarks, unallocated corporate expenses, such as corporate employee costs, corporate facility costs, IT costs, reorganization activities, impairment of long-lived assets and environmental and other related costs.

The reportable segments are engaged in designing, manufacturing, sourcing, marketing, licensing and distributing branded footwear, apparel and accessories.

10 unchanged sentences

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 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;

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

Saucony ® offers five categories of performance footwear products;

Competition, Road, Trail, Train and Walking;

as well as the Originals lifestyle footwear inspired by Saucony ® products of the 1970's to 2000's.

The brand is focused on meeting the functional biomechanical demands of runners, while delivering on their everyday

emotional needs for style and self-expression.

Widely recognized for award-winning technologies, Saucony® innovations include INCREDIRUN™ cushioning technology, a revolutionary TPEE compound engineered to provide exceptional efficiency;

PWRRUN™ PB , a beaded PEBA-based cushioning technology that delivers high-performance energy return;

PWRRUN+™ a SC-TPU cushioning technology for a plush ride;

CENTERPATH™ technology to provide support and protection and SPEEDROLL™ technology, a blend of a carbon fiber or TPU plate and forward geometry to promote a faster transition.

Saucony ® offers five categories of performance running products;

Fast & Light, Neutral Cushioning, Max Cushioning, Stability and Trail;

as well as Originals lifestyle footwear inspired by Saucony ® products of the 1970's to 2000's.

Saucony ® also offers a complete line of performance running apparel and select lifestyle apparel pieces.

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, mall specialty and sporting goods retailers, as well as via an eCommerce site and in Company-owned Saucony® retail stores .

2 unchanged sentences

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.

The brand services its loyal, fast-growing community worldwide through SweatyBetty.com, complemented by retail locations across the United Kingdom, Europe, New Zealand and Asia.

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.

3 unchanged sentences

Wolverine ® :

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

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.

The brand is known for its heritage, durability, and best-in-class performance comfort technology, as well as the Wolverine ® 1000 Mile collection of premium lifestyle boots handcrafted in the USA from archival patterns.

Wolverine ® products can be found online at Wolverine.com and across a variety of retail channels including online retail, farm & fleet, work specialty, outdoor specialty, department stores and national family stores.

The most important work demands the strongest foundation.

For over 140 years, Wolverine ® has supported the irreplaceable men and women building the future, equipping them with unwavering comfort and confidence from the ground up.

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

The brand is known for its heritage and best-in-class performance comfort technology, as well as the Wolverine ® 1000 Mile collection of premium lifestyle boots handcrafted in the USA from archival patterns.

Wolverine ® products can be found online at Wolverine.com and across a variety of retail channels including online retail, farm & fleet, specialty, department stores and national family stores.

Cat ® Footwear:

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 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 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.

Cat ® Footwear , the official footwear licensee of Caterpillar Inc., is committed to extending the Cat brand to consumers around the world.

Since 1994, Cat ® Footwear has been igniting consumers’ passion for the Cat brand.

What began as a small collection of work boots has grown into a global offering of work boots and lifestyle shoes sold in nearly 140 countries and territories around the world.

Cat ® Footwear is trusted globally by consumers for providing shoes that are as rugged, durable and as unapologetic as Cat earthmovers, so that consumers can break new ground.

CAT ® , CATERPILLAR, LET'S DO THE WORK, their respective logos, "Caterpillar Corporate Yellow", the "Power Edge" and Cat "Modern Hex" trade dress as well as corporate and product identity used herein, are trademarks of Caterpillar and may not be used without permission.

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

26 unchanged sentences

Multi-brand Direct-to-Consumer Division:

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

The multi-brand direct-to-consumer division includes a retail store 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.

27 unchanged sentences

License and distribution arrangements enable the Company to generate sales in other markets without the capital commitment required to maintain related foreign operations, employees, inventories or localized marketing programs.

The Company divested its ownership interests in the China joint venture entities effective January 1, 2024.

The Company continues to develop its international network of third-party licensees and distributors to market its branded products.

15 unchanged sentences

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 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’s owned trademarks include but are not limited to Hush Puppies ® , Wolverine ® , Bates ® , 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.

8 unchanged sentences

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:

15 unchanged sentences

Employee Profile :

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.

As of January 3, 2026, the Company had approximately 3,050 domestic and foreign retail, distribution, office and sales employees.

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

Talent Recruitment, Retention and Development :

5 unchanged sentences

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 sentiment and well-being.

The Company stays connected with team members across many experience touchpoints throughout the employee lifecycle.

The Company is committed to empowering our people to drive organizational growth through accessible experiences that energize and engage employees throughout their journey with the Company.

Insights from regular pulse and check in surveys are valuable to understanding employees' sentiments and needs, which helps us develop strategies to maintain positive employee engagement 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.

6 unchanged sentences

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.

Fostering inclusivity is an integral part of the Company’s culture.

The UN1TED (United) office exists to encourage a culture where every person thrives, feels valued, and is able to authentically contribute.

As the next evolution of our inclusion efforts, UN1TED is rooted in the understanding that our strengths lie in the rich tapestry of cultures, experiences and perspectives of each consumer, employee, and partner.

We are dedicated to creating opportunities for all, from the internal policies we implement to the external partnerships we cultivate.

Health and Safety :

9 unchanged sentences

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