Wolverine World Wide, Inc. achieved record revenue for the first quarter of 2006 totaling $262.8 million, a 7.2% increase over first quarter 2005 revenue of $245.2 million. Earnings per share during the first quarter of 2006 grew to 34 cents per share compared to 27 cents per share reported for the same quarter last year, an increase of 25.9%.

“We are pleased with our exceptional first quarter results,” stated Timothy J. O'Donovan, the Company's Chairman and CEO. “This quarter's record performance reflects our global strategy of building a strong portfolio of consumer lifestyle brands. All four of our major marketing groups contributed to the profit improvement in the quarter and each posted double-digit earnings gains. These results include the impact of our continued investment in our Patagonia Footwear and Merrell Apparel initiatives which are on track and progressing toward their respective Spring 2007 and Fall 2007 launches.

“The Merrell brand continued its momentum as our leading sales and profit driver. In the quarter, the global Merrell business recorded double-digit revenue growth in the high teens while earnings grew at an even greater rate. Earnings improvements were balanced globally with Merrell's U.S., Canadian, European and international distributor businesses all reporting double-digit increases. Additionally, the Company's overall European business generated strong profits in the quarter as both revenue and earnings grew at a double- digit pace.”

“Record first quarter earnings were driven by strong gross margin expansion,” reported the Company's CFO, Stephen L. Gulis Jr. “Gross margin during the first quarter of 2006 grew to an all-time record 40.3 percent, a 100 basis point improvement over first quarter 2005. This improvement resulted primarily from increased sales of higher margin lifestyle products, strong inventory management and a positive impact from foreign currency. The Company also generated 40 basis points of expense leverage inclusive of FAS 123® stock incentive expense and the investment spending noted above.

“Our balance sheet strengthened further in the first quarter as we reduced inventory levels by 7.6%, kept our accounts receivable growth below the rate of our revenue growth and ended the quarter with a cash balance in excess of $46 million. Additionally, we repurchased 866,700 shares in the quarter totaling $18.8 million.”

Mr. O'Donovan concluded, “Looking ahead, our order backlog was up over 14% at the close of the first quarter on a comparative basis with the first quarter of 2005. We are reaffirming the Company's 2006 estimates and continue to expect revenue to range from $1.110 billion to $1.130 billion and earnings per share to range from $1.34 to $1.40. However, based on the strength of margins in the first quarter and continuing consumer demand for our global brands, our earnings outlook has improved and we now expect earnings per share to be in the upper half of the range.”

                          WOLVERINE WORLD WIDE, INC.

                    CONSOLIDATED STATEMENTS OF OPERATIONS
                                 (Unaudited)
                       ($000's, except per share data)

                                                   12 Weeks Ended
                                                March 25,    March 26,
                                                  2006         2005

    Revenue                                     $262,839     $245,175
    Cost of products sold                        156,964      148,769
        Gross margin                             105,875       96,406

    Selling and administrative expenses           76,247       72,154
        Operating margin                          29,628       24,252

    Interest expense, net                            109          519
    Other expense (income)                           134         (133)
                                                     243          386
        Earnings before income taxes              29,385       23,866

    Income taxes                                   9,756        7,733

    Net earnings                                 $19,629      $16,133

    Diluted earnings per share                      $.34         $.27