Wolverine World Wide Inc. (WWW) 2019年年度报告「NYSE」.pdf

1、ANNUAL2019REPORT$2.27 BILLION IN TOTAL REVENUE RECORD EPSRETURNED VALUETO SHAREHOLDERS$223 MILLION OF OPERATING CASH FLOWREPRESENTING GROWTH OF 2.3%ON A CONSTANT CURRENCY BASIS$320 MILLION OF SHARE REPURCHASES25%DIVIDEND INCREASEOF$2.252019 FINANCIAL0N AN ADJUSTED BASISHIGHLIGHTSLETTER TO OURSHAREHO

2、LDERS2019 was another successful year for the Company with further progress against our Global Growth Agenda.This agenda is our road map for growth and is focused on developing an innovative and faster Product Creation Engine,implementing a modern,consumer-driven Digital-Direct Offense,and accelerat

3、ing our growth in International markets.Focused efforts and investments behind these pillars helped build momentum and allowed us to deliver top-line growth as we worked to fulfill our vision to“Build a family of the most admired performance and lifestyle brands on earth.”Despite challenging retail

4、and wholesale markets,international trade tensions,foreign currency fluctuations,and other macro-level issues,the Company achieved several key milestones in 2019 that I am proud to share with you.2019 FINANCIAL REVIEW RECORD ADJUSTED EARNINGS AND STRONG CASH FLOWWe are pleased with the financial per

5、formance of the Company in 2019,with record adjusted earnings per share of$2.25,an increase of 4%compared to the prior year.Revenue of$2.27 billion grew at a constant currency rate of 2.3%and the Company delivered an adjusted operating margin of 11.5%.Our operating model has consistently generated h

6、ealthy cash flows,with 2019 operating cash flow exceeding$220 million.Using our strong balance sheet and cash generation,we continued to invest to drive organic growth throughout the year which directly benefited our accelerating direct-to-consumer business and momentum in our largest brands.Capital