WOLVERINE WORLD WIDE REPORTS HIGHER EARNINGS AND SALES FOR YEAR AND FOURTH QUARTER

    ROCKFORD, Mich., Feb. 24 /PRNewswire/ -- Wolverine World Wide, Inc. (NYSE: WWW) today reported the best fourth quarter and annual results in more than a decade.
    Net earnings for the 16 weeks ended January 1, 1994 increased to $7.7 million, or $1.08 per share, compared to a loss of $571,000, or $0.08 per share, for the respective quarter of 1992.  The 1992 results included a charge of $6.9 million, or $1.04 per share, relating to the disposal and discontinued operations of the Brooks athletic shoe business.
    Net sales from continuing operations for the 1993 fourth quarter were $120.1 million, a 13 percent increase over the $106.3 million reported for the final quarter of 1992.
    "All four wholesale footwear divisions contributed to the fourth quarter sales gain," said Geoffrey B. Bloom, Wolverine President and CEO.  "This Hush Puppies Division reported significantly higher earnings, and record sales and earnings were reported by our Wolverine Work and Outdoor Footwear Group, Tru-Stitch Footwear Division and the Bates Uniform Footwear Division."
    Net earnings for the current year totaled $11.5 million, or $1.65 per share, versus a loss of $10.9 million, or $1.65 per share, for all of 1992.  The 1992 results included charges of $14.8 million, or $2.24 per share, for the disposal and operating loss related to Brooks, and $750,000, or $0.11 per share for accounting changes.  After adjusting for these charges, earnings from continuing operations reflect a 149 percent increase.
    Net sales from continuing operations for 1993 rose 14 percent to $333.1 million compared with $293.1 million for the prior year.
    "The strategic focus of our Company is reflected in the 1993 results.  The repositioning of our Hush Puppies brand and maximizing the continuing growth of our Wolverine Work and Outdoor Group will continue to lead the Company's earnings growth during 1994," Bloom said. "Additionally, our well-balanced mix of domestic manufacturing and offshore sourcing will continue to ensure the supply of high-quality, market-right footwear at competitive prices for our brands."
    "The turnaround is behind us.  Our challenge for 1994 and beyond is to achieve consistent levels of sales and earnings growth which will maximize long-term shareholder value, and we are optimistic that we will meet this challenge in 1994," Bloom concluded.
    Wolverine World Wide, Inc. manufactures and markets a wide variety of branded footwear and pigskin leather.  Major branded products of the Company are:  Hush Puppies(R) shoes, Wolverine(R) Work and Outdoor footwear, Wolverine Wilderness(R) footgear, apparel and accessories, Coleman(R) footgear, Bates(R) uniform footwear and Bates Floaters(R), Tru-Stitch(R) slippers, Sioux-Mox(R) moccasins, Wimzees(R) casual footwear, Kroupana(R) sueded pigskin and Breathin' Brushed Pigskin(R) leather.
                         WOLVERINE WORLD WIDE, INC.
                          CONDENSED BALANCE SHEET
                            (Unaudited; $000's)
                                                      Jan. 1,   Jan. 2,
                                                       1994      1993
    ASSETS:
    Cash & Securities                                 $3,730    $2,375
    Receivables                                       62,362    51,510
    Inventories                                       70,556    64,264
    Net current assets, discontinued operations          ---    10,994
    Other current assets                              12,864    19,070
    Total current assets                             149,512   148,213
    Plant & equipment, net                            31,623    30,507
    Net noncurrent assets, discontinued operations       ---     8,200
    Other assets                                      24,581    17,576
    Total Assets                                    $205,716  $204,496
    LIABILITIES & EQUITY:
    Notes payable                                     $1,948   $16,377
    Current maturities on long-term debt               4,732     5,766
    Accounts payable and other accrued liabilities    31,626    30,213
    Total current liabilities                         38,306    52,356
    Long-term debt                                    44,913    42,656
    Other noncurrent liabilities                       9,747     9,356
    Stockholders' equity                             112,750   100,128
    Total Liabilities & Equity                      $205,716  $204,496
                       WOLVERINE WORLD WIDE, INC.
                  CONSOLIDATED STATEMENT OF OPERATIONS
                              (Unaudited)
               ($000's, except share and per share data)
                             16 Weeks Ended(A)       52 Weeks Ended(A)
                            Jan. 1,     Jan. 2,     Jan. 1,     Jan. 2,
                             1994        1993        1994        1993
    Net sales and other
     operating income      $120,070    $106,300    $333,143    $293,136
    Earnings from
     continuing operations
     before income taxes    $10,368      $8,912     $15,932      $6,478
    Income tax (credit)       2,706       2,556       4,440       1,858
    Earnings continuing
     operations              $7,662      $6,356     $11,492      $4,620
    (Loss) from discontinued
     operations, net of
     income taxes               ---      (6,927)        ---     (14,811)
    Cumulative effect of
     accounting changes         ---         ---         ---        (750)
    Net earnings (loss)      $7,662       $(571)    $11,492    $(10,941)
    Primary earnings (loss)
     per share:
    Continuing operations     $1.08       $0.96       $1.65       $0.70
    Discontinued operations     ---       (1.04)        ---       (2.24)
    Cumulative effect of
     accounting changes         ---         ---         ---       (0.11)
    Net earnings (loss)       $1.08      $(0.08)      $1.65      $(1.65)
    Shares used for
     computing earnings
     per share            7,083,224   6,653,611   6,985,216   6,627,436
    (A) NOTE:  Fiscal year represents 53 weeks for period ended January 2, 1993.  Fourth quarter represents 17 weeks for quarter ended January 2, 1993.
    -0-                      2/24/94
    /CONTACT:  Jim Lovejoy of Wolverine World Wide, 616-866-5539/
    (WWW)

CO: Wolverine World Wide, Inc. ST: Michigan IN: SU: ERN

SB-ML -- DE007 -- 5615 02/24/94 09:51 EST