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WOLVERINE WORLD WIDE REPORTS STRONG GAINS FOR SECOND QUARTER EARNINGS, SALES

 ROCKFORD, Mich., July 19 /PRNewswire/ -- Wolverine World Wide, Inc. (NYSE: WWW) today reported the best second quarter earnings since 1983 and a 10-percent sales increase over the 1992 period.
 Net earnings from continuing operations for the second quarter ended June 19, 1993, increased to $1.1 million, or $0.17 per share, versus a net loss of $472,000 or $0.07 per share, for the 12 weeks ended June 13, 1992. The total loss reported for the 1992 second quarter including discontinued operations was $1.7 million, or $0.26 per share. Current earnings were helped by lower operating expenses reflecting the benefits of the continuing cost reduction effort introduced in 1992.
 Net sales from continuing operations for the current quarter were $65.9 million compared to $60.1 million for the 1992 second quarter.
 Net earnings from continuing operations for the first half of 1993 were $1.8 million, or $0.27 per share, compared with the loss of $674,000, or $0.10 per share, reported for the first six months of 1992. The 1992 six month loss including discontinued operations was $3 million, or $0.46 per share. Net sales from continuing operations for the current half totaled $131.7 million, a 16 percent increase over the year-earlier period.
 "All four wholesale brands contributed to the second quarter sales increase with higher shipments to retail customers," said Geoffrey B. Bloom, Wolverine president and CEO. "The Wolverine Work and Outdoor Footwear Group set the pace with a 40 percent improvement over the record sales reported last year. Both our Bates Uniform Footwear and Tru-Stitch Slipper divisions also achieved double-digit sales increases during the second quarter."
 Bloom noted The Hush Puppies Company's modest sales increase was achieved despite the lack of promotional spending while the Hush Puppies brand was being repositioned.
 "Kick-off of the new Hush Puppies advertising campaign in late August and the introduction of new packaging and point of purchase materials will strongly suport the fall 1993 retail effort," Bloom said. "While the retail climate continues to be tough, our company-owned Hush Puppies shops showed a 5 percent same store sales increase for the quarter which reflects consumer demand for footwear that combines comfort, value and style."
 Bloom reported the Rockford Manufacturing Group had mixed results for the quarter. "The strong profit contribution of the men's footwear factories in Michigan and the Caribbean was partially offset by lower production levels that negatively impacted operating results for our women's shoe plants in Arkansas and the tannery in Michigan," he said.
 Wolverine World Wide, Inc. manufactures and markets a wide variety of branded footwear and pigskin leather. Major branded products of the company include: Hush Puppies(R) shoes, 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.
 NOTE: For more information on Wolverine World Wide, Inc., simply dial 1-800-PRO-INFO and enter number 168.
 WOLVERINE WORLD WIDE, INC.
 CONSOLIDATED STATEMENT OF OPERATIONS
 (Unaudited; $000s, except share and per-share data)
 12 Weeks Ended 24 Weeks Ended
 June 19, June 13, June 19, June 13,
 1993 1992 1993 1992
 Net sales and other
 operating income $65,902 $60,104 $131,761 $113,785
 Earnings (loss) from
 continuing operations
 before income taxes 1,552 (662) 2,591 (944)
 Income tax (credit) 468 (190) 807 (207)
 Earnings (loss) from
 continuing operations 1,084 (472) 1,784 (674)
 (Loss) from discontinued
 operations, net of
 income taxes --- (1,262) --- (1,599)
 Cumulative effect of
 accounting changes --- --- --- (750)
 Net earnings (loss) $1,084 ($1,784) $1,784 ($3,023)
 Earnings (loss)
 per share:
 Continuing operations $0.17 ($0.07) $0.27 ($0.10)
 Discontinued operations --- (0.19) --- (0.25)
 Cumulative effect of
 accounting changes --- --- --- ($0.11)
 Net earnings (loss) $0.17 ($0.26) $0.27 ($0.46)
 Shares used for computing
 earnings per share 6,747,426 6,630,134 6,722,589 6,601,096
 WOLVERINE WORLD WIDE, INC.
 CONDENSED BALANCE SHEET
 ($000s)
 June 19, June 13,
 1993 1992
 Assets:
 Cash & securities $1,520 $1,213
 Receivables 50,054 47,824
 Inventories 85,729 75,956
 Net current assets,
 discontinued operations 465 35,985
 Other current assets 18,874 10,984
 Total current assets 156,642 171,962
 Plant & equipment, net 30,878 31,714
 Net noncurrent assets,
 discontinued operations 0 3,171
 Other assets 26,130 18,765
 Total assets $213,650 $225,612
 Liabilities & Equity:
 Notes payable $4,660 $13,109
 Current maturities on long-term debt 4,459 5,776
 Accounts payable and other
 accrued liabilities 33,309 30,446
 Total current liabilities 42,428 49,331
 Long-term debt 59,654 61,582
 Other noncurrent liabilities 8,992 6,944
 Stockholders' equity 102,576 107,755
 Total liabilities & equity $213,650 $225,612
 -0- 7/19/93
 /CONTACT: Jim Lovejoy of Wolverine World Wide, 616-866-5539/
 (WWW)


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

JG-KE -- DE028 -- 3312 07/19/93 18:58 EDT
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