Wolverine Worldwide plans $400M share buyback
Wolverine Worldwide is launching a new $400 million share repurchase program.
The Rockford-based maker of footwear and apparel said today its board of directors approved a four-year share repurchase program, authorizing up to $400 million in share repurchases.
The move is incremental to the remaining balance of the company’s share repurchase program that was authorized in February 2019.
“Wolverine Worldwide has a long history of returning capital to shareholders, including share repurchases,” said Mike Stornant, SVP and CFO, Wolverine Wolrdwide.
“Today’s announcement further reflects our long-term confidence in our business model and the ability to generate significant cash flow into the future.
“While the Wolverine team is focused on driving the global growth of our brands and improving bottom-line performance, we are fortunate to be in an enviable position of having significant capacity to allocate capital in a variety of ways to enhance shareholder value.”
The company will repurchase shares as deemed appropriate, based on factors such as price and market conditions, and in compliance with any restrictions contained within the company’s credit agreements.
Founded in 1883, Wolverine Worldwide (NYSE: WWW) makes footwear and apparel for a variety of markets: casual, active lifestyle, work, outdoor sport, athletic, children’s and uniform.
In addition to its own portfolio of 10 brands — Bates, Chaco, Hush Puppies, HYTEST, Keds, Merrell, Saucony, Sperry, Stride Rite and Wolverine — the company also is the global footwear licensee of the brands Cat and Harley-Davidson.
Its products are carried by retailers in about 200 countries and territories.
The company reported revenue of about $2.2 billion in 2018.