Wolverine World Wide Inc. on Wednesday announced that its board of directors has approved a new, four-year share repurchase program, authorizing up to $400 million in share repurchases that 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. Today’s announcement further reflects our long-term confidence in our business model and the ability to generate significant cash flow into the future,” said Mike Stornant, Wolverine’s SVP and CFO. “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 including price, market conditions, and in compliance with any restrictions contained within the company’s credit agreements.