Wolverine World Wide, Inc. achieved record revenue totaling $991.9 million for its 2004 fiscal year ended on January 1, 2005, an 11.6% increase over 2003 revenue of $888.9 million. For the fourth quarter of 2004, the company reported revenue of $307.4 million, an 8.7% increase over fourth quarter 2003 revenue of $282.8 million. Earnings per share, on a pre-split basis, for fiscal 2004 grew to $1.64, a 29.1% increase over the $1.27 per share reported in 2003. Fourth quarter 2004 earnings per share increased to $0.52, a 13.0% increase over fourth quarter 2003 earnings per share of $0.46.

Adjusting for the Company’s 3-for-2 stock split which becomes effective today, post-split earnings per share for fiscal 2004 and the fourth quarter were $1.09 and $0.34 respectively.

“Wolverine World Wide had an exceptional 2004 as evidenced by the Company’s strong financial performance,” stated Timothy J. ODonovan, the Company’s President and CEO. “All of our operating groups experienced double- digit profit improvements during the year with the Merrell business leading the way as it achieved strong double-digit sales gains and was the top earnings producer for the business.

“Our success in 2004 went well beyond our financial results. From Merrell Continuum to Wolverine MultiShox, we enhanced the market positions of our brands with some of the freshest and most innovative products in the industry. Sebago was successfully integrated into the business with a complete retooling of its product offerings and brand marketing. Globally, weve never been stronger, as illustrated by the gains in market share for the Hush Puppies, Merrell and CAT footwear brands. The Company’s European initiatives gained further traction with strong double-digit revenue gains as we continued to capitalize on the service advantages of our European infrastructure.

“I am also pleased to announce actions taken in the first quarter of 2005 that will continue to expand our reach in Canada and Europe. In Canada, we transitioned the Wolverine Boots and Shoes and CAT Footwear businesses from a distributor model to an owned-wholesale business. We now directly wholesale all of our major brands in Canada and are one of the largest footwear marketers in this important region. In Europe, we acquired the Merrell distributor businesses in both Sweden and Finland, consistent with our planned strategy of expanding our owned-wholesale operations in the pan-European market. These acquisitions, while relatively limited in scope, leverage existing international resources and provide a foundation for future growth.”

“For fiscal 2004, all branded operating groups showed significant sales growth and the financial strength of the business has never been better,” reported the Company’s CFO, Stephen L. Gulis Jr. “We generated a record level of cash from operating activities, approximately $105 million, and our key financial ratios and metrics improved during the year. This financial performance culminated with our recent announcement of a 3-for-2 stock split and 50% dividend increase.”

ODonovan concluded, “Our 2004 year-end backlog is up more than 13% over prior year-end levels. This solid backlog position is a testament to the strength of the product initiatives across all of our brands and the retailer and consumer excitement surrounding our Spring/Summer product offerings. Looking ahead to 2005, we are one step closer to realizing our vision of becoming the world’s premier non-athletic footwear company as we anticipate crossing the $ 1.0 billion mark in revenue for the first time in the Company’s history.

“We are increasing our previously stated 2005 estimates of revenue by $5.0 million to a range of $1.040 to $1.060 billion and are increasing pre-split earnings per share by $.02 per share to a range of $1.79 to $1.86. These estimates are in line with our previously stated long-term financial objectives of growing revenue in the mid to upper single-digit range and generating double-digit earnings per share growth. On a post-split basis, 2005 earnings per share estimates range from $1.19 to $1.24. These estimates do not include the effect of accounting changes which require the expensing of stock options and do not reflect any impact from the potential repatriation of foreign earnings under the American Jobs Creation Act of 2004.”

                       Wolverine World Wide, Inc.

                  Consolidated Statements Of Operations
                               (Unaudited)

                ($000's, except share and per share data)
                     4th Quarter Ended         Fiscal Year Ended

                       January 1,   January 3,   January 1,   January 3,
                            2005         2004         2005         2004
                       (16 weeks)   (17 weeks)   (52 weeks)   (53 weeks)

  Revenue               $307,368     $282,830     $991,909     $888,926
  Cost of products sold  192,364      177,876      617,774      562,338
   Gross profit          115,004      104,954      374,135      326,588

  Selling and
   administrative
    expenses              84,284       78,523      274,125      246,652
   Operating profit       30,720       26,431      100,010       79,936

  Interest expense           749        1,669        3,245        5,474
  Other income              (462)      (1,187)        (305)        (686)
                             287          482        2,940        4,788
   Earnings before income
    taxes and minority
     interest             30,433       25,949       97,070       75,148
  Income taxes             9,590        7,318       30,879       23,262

   Earnings before
    minority interest     20,843       18,631       66,191       51,886
  Minority interest          134           23          253          170
   Net earnings          $20,709      $18,608      $65,938      $51,716

  Diluted earnings per
   share (pre-split)        $.52         $.46        $1.64        $1.27
  Diluted earnings per
   share (post-split)       $.34         $.31        $1.09         $.85