[X]        QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the second twelve week accounting period ended June 14, 2003

OR

[  ]        TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from          to         

Commission File Number: 1-6024

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes    X          No       

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).

Yes    X          No       

Indicate the number of shares outstanding of each of the issuer's classes of common stock as of the latest practicable date.

There were 46,440,780 shares of Common Stock, $1 par value, outstanding as of July 25, 2003, of which 6,363,046 shares are held as Treasury Stock.

FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements that are based on management's beliefs, assumptions, current expectations, estimates and projections about the footwear business, worldwide economics and the Company itself including, without limitation, statements in Part 1, Item 2 regarding the Company's financial condition, liquidity and capital resources and statements in Part 1, Item 3 regarding market risk. Words such as "anticipates," "believes," "estimates," "expects," "forecasts," "intends," "is likely," "plans," "predicts," "projects," "should," "will," variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions ("Risk Factors") that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. Therefore, actual results and outcomes may materially differ from what may be expressed or forecasted in such forwar d-looking statements.

Risk Factors include, but are not limited to, uncertainties relating to changes in demand for the Company's products; changes in consumer preferences or spending patterns; the cost and availability of inventories, services, labor and equipment furnished to the Company; the cost and availability of contract manufacturers; the cost and availability of raw materials, including leather; the impact of competition and pricing by the Company's competitors; changes in government and regulatory policies; foreign currency fluctuations; changes in trading policies or import and export regulations; changes in interest rates, tax laws, duties, tariffs, quotas or applicable assessments; technological developments; changes in local, domestic or international economic and market conditions including the severity of the continued weakness in the U.S. economy; the size and growth of footwear markets; service interruptions at shipping and receiving ports; changes in the amount or severity of inclement weather; changes due t o the growth of Internet commerce; popularity of particular designs and categories of footwear; the ability of the Company to manage and forecast its growth and inventories; the ability to secure and protect trademarks, patents and other intellectual property; integration and operation of newly acquired businesses; changes in business strategy or development plans; the ability to attract and retain qualified personnel; labor strikes or disruptions; the ability to retain rights to brands licensed by the Company; loss, bankruptcy and credit limitations of significant customers; relationships with international distributors and licensees; the Company's ability to meet at-once orders; the exercise of future purchase options by the U.S. Department of Defense on previously awarded contracts; the risk of doing business in developing countries and economically volatile areas; and domestic and international terrorism and war. Additionally, concern regarding acts of terrorism, the war in Iraq and subsequent events hav e created significant global economic and political uncertanties that may have material and adverse effects on consumer demand, foreign sourcing of footwear, shipping and transportation, product imports and exports and the sale of products in foreign markets. Also, health concerns and travel restrictions relating to Severe Acute Respiratory Syndrome (SARS) and related illnesses have the potential to cause material disruptions to supply chain, product development and consumer purchasing activities. These Risk Factors could have a material adverse impact on the Company's financial condition and results of operations as well as the footwear and retail industries generally. These matters are representative of the Risk Factors that could cause a difference between an ultimate actual outcome and a forward-looking statement. Historical operating results are not necessarily indicative of the results that may be expected in the future. The Risk Factors included here are not exhaustive. Other Risk Factors exist, and n ew Risk Factors emerge from time-to-time, that may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. Furthermore, the Company undertakes no obligation to update, amend or clarify forward-looking statements, whether as a result of new information, future events or otherwise.

PART I. FINANCIAL INFORMATION

ITEM 1.     Financial Statements

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

CONSOLIDATED CONDENSED BALANCE SHEETS
(Thousands of dollars)

See notes to consolidated condensed financial statements

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

CONSOLIDATED CONDENSED BALANCE SHEETS - Continued

(Thousands of dollars, except share data)

(  ) - Denotes deduction.
See notes to consolidated condensed financial statements

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS
OF OPERATIONS

(Thousands of dollars, except shares and per share data)
(Unaudited)

See notes to consolidated condensed financial statements

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS
OF STOCKHOLDERS' EQUITY

(Thousands of dollars, except share data)
(Unaudited)

See notes to consolidated condensed financial statements

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

(Thousands of dollars)
(Unaudited)

(  ) - Denotes reduction in cash and cash equivalents.
See notes to consolidated condensed financial statements

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
June 14, 2003 and June 15, 2002

1. Basis of Presentation

The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting solely of normal recurring accruals) considered necessary for fair presentation have been included in the accompanying financial statements. For further information, refer to the consolidated financial statements and footnotes included in the Company's Annual Report on Form 10-K for the fiscal year ended December 28, 2002. Certain amounts previously reported in 2002 have been reclassified to conform with the presentation used in 2003.

2. Fluctuations

The Company's sales are seasonal. Seasonal sales patterns and the fact that the fourth quarter has sixteen or seventeen weeks as compared to twelve weeks in each of the first three quarters can cause significant differences in sales and earnings from quarter to quarter. These differences, however, have followed a consistent pattern each year.

3. Net Earnings Per Share

The following table sets forth the reconciliation of weighted average shares used in the computation of basic and diluted earnings per share:

Options to purchase 787,901 and 816,571 shares of common stock for the 12 and 24 weeks ended June 14, 2003 and 751,497 and 781,751 shares for the 12 and 24 weeks ended June 15, 2002 have not been included in the denominator for the computation of diluted earnings per share because the related exercise prices were greater than the average market price for the period and, therefore, they were nondilutive.

4. Comprehensive Income (Loss)

Comprehensive income (loss) represents net earnings and any revenue, expenses, gains and losses that, under accounting principles generally accepted in the United States, are excluded from net earnings and recognized directly as a component of stockholders' equity.

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS - continued
June 14, 2003 and June 15, 2002

The ending accumulated other comprehensive loss is as follows (thousands of dollars):

The reconciliation from net earnings to comprehensive income is as follows (thousands of dollars):

5. Business Segments

The Company has one reportable segment that is engaged in the manufacture and marketing of branded footwear to the retail sector, including casual shoes, slippers, moccasins, dress shoes, boots, uniform shoes, work shoes and performance outdoor footwear. Revenue of this segment is derived from the sale of branded footwear products to external customers and the Company's retail division as well as royalty income from the licensing of the Company's trademarks and brand names to licensees and distributors. The business units comprising the branded footwear segment manufacture or source, market and distribute products in a similar manner. Branded footwear is distributed through wholesale channels and under licensing and distributor arrangements.

The other business units in the following table consist of the Company's retail, apparel and accessory licensing, tannery and pigskin procurement operations. The Company operated 64 domestic retail stores at June 14, 2003 that sell Company-manufactured and sourced products, as well as footwear manufactured by unaffiliated companies. The other business units distribute products through retail and wholesale channels.

There have been no changes in the way the Company measures segment profits or in its basis of determining business segments.

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS - continued
June 14, 2003 and June 15, 2002

Business segment information is as follows (thousands of dollars):

6. Financial Instruments and Risk Management

The Company's financial instruments consist of cash and cash equivalents, accounts and notes receivable, accounts and notes payable and long-term debt. Except for fixed-rate, long-term debt at June 14, 2003 with a carrying value of $72,857,000 and a fair value of $76,634,000, the Company's estimate of the fair values of these financial instruments approximates their carrying amounts at June 14, 2003. Fair value was determined using discounted cash flow analyses and current interest rates for similar instruments. The Company does not hold or issue financial instruments for trading purposes.

The Company follows Statement of Financial Accounting Standards (SFAS) No. 133, Accounting for Derivative Instruments and Hedging Activities, as amended by SFAS Nos. 137 and 138. These statements require that all derivative instruments be recorded on the balance sheet at fair value and establish criteria for designation and effectiveness of hedging relationships. The Company utilizes foreign currency forward exchange contracts to manage the volatility associated with foreign currency inventory purchases made by non-U.S. wholesale operations in the normal course of business. At June 14, 2003, foreign exchange contracts with a notional value of $27,251,000 were outstanding to purchase various currencies (principally

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS - continued
June 14, 2003 and June 15, 2002

U.S. dollars) with maturities ranging up to one year. These contracts have been designated as cash flow hedges. As of June 14, 2003, a liability of $1,388,000 has been recognized for the fair value of the foreign exchange contracts.

The fair value of the foreign exchange contracts represents the estimated receipts or payments necessary to terminate the contracts. Hedge effectiveness is evaluated by the hypothetical derivative method. Any hedge ineffectiveness is reported within the other income (expense) caption of the statements of operations. Hedge ineffectiveness was not material to the consolidated financial statements at June 14, 2003. If, in the future, the foreign exchange contracts are determined to be ineffective hedges or terminated before their contractual termination dates, the Company would be required to reclassify into earnings all or a portion of the unrealized amounts related to the cash flow hedges that are currently included in accumulated other comprehensive loss within stockholders' equity.

The Company does not require collateral or other security on trade accounts receivable.

7. Stock-based Compensation

The Company has elected to follow Accounting Principles Board (APB) Opinion No. 25, Accounting for Stock Issued to Employees, and related interpretations, in accounting for its stock incentive plans because the alternative fair value accounting provided under SFAS No.123, Accounting for Stock-Based Compensation, requires the use of option valuation models that were not specifically developed for valuing the types of stock incentives maintained by the Company. Under APB Opinion No. 25, compensation expense is recognized when the market price of the stock underlying an award on the date of grant exceeds any related exercise price.

Pro forma information regarding net earnings and earnings per share is required by SFAS No. 123, and has been determined as if the Company had accounted for its stock awards using the fair value method. The fair value of these awards was estimated at the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions for the 2003 year-to-date: risk-free interest rate of 2.8% (4.4% in 2002); dividend yield of 1.3% (1.1% in 2002); expected market price volatility factor of 0.40 (0.49 in 2002); and an expected option life of four years.

The estimated weighted-average fair value for each option granted was $5.09 and $6.19 for 2003 and 2002 year-to-dates, respectively.

The Black-Scholes option pricing model was developed for use in estimating the fair value of traded options that have no vesting provisions and are fully transferable. In addition, the model requires input of highly subjective assumptions. Because the Company's stock options have characteristics significantly different from traded options and the input assumptions can materially affect the estimate of fair value, management believes that the Black-Scholes option model does not necessarily provide a reliable measure of the fair value of the Company's stock options.

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS - continued
June 14, 2003 and June 15, 2002

For purposes of pro forma disclosures, the estimated fair values of stock options are amortized to expense over the related vesting periods. The Company's pro forma information under SFAS No. 123 is as follows (thousands of dollars, except per share data):

8. Litigation and Contingencies

The Company is involved in various environmental claims and other legal actions arising in the normal course of business. The environmental claims include sites where the Environmental Protection Agency has notified the Company that it is a potentially responsible party with respect to environmental remediation. These remediation claims are subject to ongoing environmental impact studies, assessment of remediation alternatives, allocation of cost between responsible parties and concurrence by regulatory authorities and have not yet advanced to a stage where the Company's liability is fixed. However, after taking into consideration legal counsel's evaluation of all actions and claims against the Company, management is currently of the opinion that their outcome will not have a significant effect on the Company's consolidated financial position or future results of operations.

Pursuant to certain of the Company's lease agreements, the Company has provided financial guarantees to third parties in the form of indemnification provisions. These provisions indemnify and reimburse the third parties for costs, including but not limited to adverse judgments in lawsuits and taxes and operating costs. The terms of the guarantees are equal to the terms of the related lease agreements. The Company is not able to calculate the maximum potential amount of future payments it could be required to make under these guarantees, as the potential payment is dependent on the occurrence of future unknown events.

On July 17, 2003, the Company's 153 tannery employees, members of the United Food and Commercial Workers Union Local 600, voted to strike as their existing contract expired. The Company does not expect the strike to have a significant impact on the Company's future operations or finanical results.

9. Business Acquisitions

On July 24, 2003, the Company entered into a letter of intent to acquire the business and select net operating assets of Sebago, Inc. for cash. The acquisition is subject to the execution of a definitive agreement and is expected to close in October 2003.

NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS - continued
June 14, 2003 and June 15, 2002

On January 16, 2002, the Company established a new subsidiary to operate the CAT® footwear business in the European market. This new entity, Wolverine Europe Limited, purchased assets consisting of accounts receivable, inventory, limited amortizable intangible assets and fixed assets totaling approximately $21,247,000 from Overland Group Limited of London, England and assumed liabilities of approximately $8,514,000. Cash and other consideration of $27,790,000 was remitted for the acquisition, resulting in goodwill of $15,057,000 after allocation of the purchase price to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. The former owner of Overland Group Limited is a 5% minority stockholder in the new subsidiary. The markets served directly by Wolverine Europe Limited include Austria, France, Germany, Ireland, The Netherlands, Switzerland and the United Kingdom. Wolverine Europe Limited also coordinates and supports other European markets serve d by independently-owned distributors. Consolidated pro forma revenue and net earnings for the first quarter of 2002, assuming the transaction occurred at the beginning of the year, would not have been materially different from reported amounts.

10. New Accounting Standards

DISPOSAL OBLIGATIONS
In June 2002, the Financial Accounting Standards Board (FASB) issued SFAS No. 146, Accounting for Costs Associated with Exit or Disposal Activities, which requires liabilities for costs related to exit or disposal activities to be recognized when the liability is incurred. SFAS No. 146 supersedes EITF Issue No. 94-3, Liability Recognition for Certain Employee Termination Benefits and Other Costs to Exit an Activity, and is effective for the Company in fiscal 2003. The Company adopted SFAS No. 146 as of the first day of fiscal 2003 and does not expect that the adoption of this statement will have a significant impact on the Company's financial position or results of operations.

GUARANTOR ACCOUNTING
In November 2002, the FASB issued Interpretation No. 45, Guarantor's Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness of Others (FIN 45). FIN 45 changes current practice in accounting for, and disclosure of, guarantees. FIN 45 will require certain guarantees to be recorded at fair value on the Company's balance sheet, a change from current practice, which is generally to record a liability only when a loss is probable and reasonably estimable, as those terms are defined in SFAS No. 5, Accounting for Contingencies. FIN 45 also requires a guarantor to make significant new disclosures, even when the likelihood of making any payments under the guarantee is remote, which is another change from current practice. The disclosure requirements of FIN 45 are effective immediately and are included in Note 8, "Litigation and Contingencies." The initial recognition and initial measurement provisions are applicable on a prospective basis to guarantees issued or modified after December 28, 2002. The Company expects that the new recognition and measurement provisions will not have a significant impact on the Company's future financial position or results of operations.

CONSOLIDATION OF VARIABLE INTEREST ENTITIES
In January 2003, the FASB issued Interpretation No. 46, Consolidation of Variable Interest Entities (FIN 46).  This standard clarifies the application of Accounting Research Bulletin No. 51, Consolidated Financial Statements, and addresses consolidation by business enterprises of variable interest entities.  FIN 46 requires existing unconsolidated variable interest entities to be consolidated by their primary beneficiaries if the entities do not effectively disperse risk among the parties involved.  FIN 46 also enhances the disclosure requirements related to variable interest entities.  This statement is effective for variable interest entities created or in which an enterprise obtains an interest after January 31, 2003.  FIN 46 will be effective for the Company beginning January 4, 2004 for all interests in variable interest entities acquired before February 1, 2003.  The adoption of FIN 46 is not expected to have a material impact on the Company's financial posit ion or results of operations.

Revenue of $184.0 million for the 2003 second quarter exceeded the 2002 second quarter level of $169.3 million by $14.7 million (8.7%) and 2003 year-to-date revenue of $375.5 million exceeded the 2002 year-to-date level of $346.6 million by $28.9 million (8.4%). A portion of the Company's revenue increase was generated by currency gains which improved revenue by 2.1% and 2.4% for the 2003 second quarter and year-to-date, respectively, when compared to the same periods of 2002. Revenue for the Company's branded footwear segment, consisting of The Hush Puppies Company, Wolverine Slippers, the Wolverine Footwear Group (comprised of the Wolverine®, Hytest®, Stanley®, Bates® and Harley-Davidson® brands), Merrell Performance Footwear and CAT Footwear, increased $16.1 million (10.9%) for the 2003 second quarter and $31.5 million (10.2%) for 2003 year-to-date as compared to the respective periods of 2002. The Company's other business units, consisting of Hush Puppies Retail, Apparel and Access ory Licensing, Wolverine Leathers and Wolverine Procurement, reported a decrease in revenue of $1.4 million (5.9%) for the 2003 second quarter and $2.6 million (6.7%) for 2003 year-to-date as compared to the respective periods of 2002.

The Hush Puppies Company reported a decrease in revenue of $0.5 million (2.0%) in the 2003 second quarter and an increase of $3.0 million (5.1%) for 2003 year-to-date when compared to the applicable periods of 2002. The decrease for the 2003 second quarter was primarily the result of Hush Puppies U.S. experiencing soft sales during the quarter due to a cold spring and weak overall retail results from retailers cautious about reordering product. The 2003 year-to-date increase was generated primarily from the Hush Puppies U.K. and Hush Puppies Canada wholesale operations as a result of expanded product distribution and heightened consumer demand. Also, Hush Puppies International recorded mid-teen percentage increases in revenue for both the 2003 second quarter and year-to-date, reflecting continued strong licensing results in Australia, Japan and Germany. Wolverine Slippers 2003 second quarter and year-to-date revenue increased when compared to the same periods of 2002 as a result of greater shipments to a key U.S. catalog retailer.

The Wolverine Footwear Group's revenue increased $2.9 million (4.6%) and $3.8 million (3.0%) for the 2003 second quarter and year-to-date, respectively, as compared to the same periods of 2002. Revenue for the Bates® brand generated percentage increases in the upper-teens and mid-twenties for the 2003 second quarter and 2003 year-to-date, respectively, as compared to the same periods of 2002 resulting from increased shipments of technically superior boot products to the Department of Defense and a new line of tactical ultra-light uniform footwear for the civilian uniform market. Revenue increases from Harley-Davidson® footwear improved in the mid-teen percentages as compared to the 2002 second quarter and upper single-digit percentages for the 2003 year-to-date due to expanded distribution in the department store channels and continued product demand from the Harley-Davidson® specialty retailer network. Stanley® Footgear reported more than a fifty percent improvement in revenue for the 200 3 second quarter due to increased demand by its primary retailer, Payless ShoeSource, Inc. Revenue decreased for Wolverine® Boots and Shoes (including Hytest®) for the 2003 second quarter and year-to-date as compared to the same periods of 2002 due to soft retail conditions in the work boot sector and a change in sales mix to lower average priced products.

Merrell Performance Footwear continued its strong growth, reporting an increase in revenue of $5.2 million (13.5%) and $15.5 million (19.0%) for the 2003 second quarter and year-to-date, respectively, compared to the same periods of 2002. Revenue gains were recognized in all of Merrell's wholesale operations. The European wholesale and licensing businesses generated the highest percentage of the increase, posting revenue gains in the upper-thirties and mid-fifties for the 2003 second quarter and year-to-date, respectively, compared to the same periods of 2002 due to continued product and retail expansion.

The CAT Footwear Group reported a $2.0 million (10.9%) and $1.9 million (4.5%) increase in revenue for the combined U.S. wholesale and international markets for the 2003 second quarter and year-to-date,

The Company's other business units reported combined decreases in revenue of $1.4 million (5.9%) and $2.6 million (6.7%) for the 2003 second quarter and year-to-date, respectively. Hush Puppies Retail's revenue increased 4.2% for the 2003 second quarter as a result of a mid-single digit same store revenue increase and new store openings and remained flat for 2003 year-to-date compared to the same periods of 2002. Wolverine Leathers and Wolverine Procurement combined recorded decreases in revenue of $1.8 million and $2.7 million for the 2003 second quarter and year-to-date, respectively, compared to the same periods of 2002 due primarily to reduced market demand for sueded leather used for footwear. Revenue for Apparel and Accessory Licensing increased slightly for both the 2003 second quarter and year-to-date compared to the same periods of 2003.

Gross margin as a percentage of revenue for the 2003 second quarter and year-to-date was 35.7% and 35.9%, respectively, compared to 36.4% and 35.7% for the same periods of 2002. Gross margin dollars increased $4.1 million or 6.7% for the 2003 second quarter compared to the same period of 2002 and increased $11.2 million or 9.1% for the 2003 year-to-date compared to the same period of 2002. The gross margin percentages for the branded footwear businesses were 35.7% for the 2003 second quarter and 35.9% for 2003 year-to-date compared to 36.4% and 35.7% for the same periods of 2002, respectively. The margin decrease in the 2003 second quarter compared to the 2002 second quarter for the branded footwear businesses reflects a larger mix of lower margin Bates® and Wolverine Slipper shipments offset by improved margins from the majority of the remaining brands. Additionally, the Company incurred closing and operating costs related to the consolidation of its Mexican manufacturing operation into its Dominican Republic facilities. These costs decreased margins by fifty basis points. The gross margin percentage for the other business units decreased to 35.7% for the 2003 second quarter from 36.5% for the same period of 2002 as a result of lower margins recognized by Wolverine Leathers and Wolverine Procurement. The gross margin percentage increase for the other business units to 36.2% for 2003 year-to-date compared to 35.7% for the same period of 2002 was due to the improved margins in the Company's retail operation and mix changes.

Selling and administrative expenses of $50.8 million for the 2003 second quarter increased $4.3 million from the 2002 second quarter level of $46.5 million and, as a percentage of revenue, increased to 27.6% in 2003 compared to 27.5% in the 2002 second quarter. Selling and administrative expenses for 2003 year-to-date of $107.7 million increased $10.3 million from $97.4 million for the same period of 2002 and, as a percentage of revenue, increased to 28.7% in 2003 compared to 28.1% for 2002 year-to-date. The change in the selling and administrative expenses includes planned increases of $1.6 million and $3.3 million in pension expense for the 2003 second quarter and year-to-date, respectively. The strengthening in the currencies of the Company's foreign subsidiaries also increased selling and administrative expenses for 2003 as these amounts are translated into U.S. dollars for consolidation. Excluding the pension expense and currency impacts, core selling and administrative expenses as a percentage of re venue would have been reduced by 120 and 110 basis points for the 2003 second quarter and year-to-date, respectively.

Interest expense for the 2003 second quarter was $1.4 million, compared to $1.6 million for the same period of 2002. Interest expense for 2003 and 2002 year-to-date was $2.8 million and $3.2 million, respectively. The decrease in interest expense reflects a reduction in the balance due under senior notes outstanding resulting from principal payments made since the end of the 2002 second quarter.

The 2003 second quarter and year-to-date annualized estimated tax rate of 32.5% compares to 33.0% for the respective periods in the prior year. The decrease in the 2003 tax rate from 2002 relates to a higher percentage of income being generated in foreign jurisdictions with lower tax rates.

Net cash provided by operating activities was $28.9 million for 2003 year-to-date compared to $41.2 million for 2002 year-to-date. The reduction of working capital requirements helped contribute cash of $4.6 million in 2003 and $14.7 million in 2002. Cash at June 14, 2003, was $40.1 million compared to $26.8 million at June 15, 2002.

Accounts receivable of $152.4 million at June 14, 2003, reflects an increase of $5.6 million (3.8%) from the balance at June 15, 2002, and a decrease of $3.9 million (2.5%) from the December 28, 2002, balance. The increase in accounts receivable was less than half the increase of the revenue gain. The number of average days' sales outstanding at June 14, 2003, was 68.6 days, compared with 76.9 days at June 15, 2002, and 70.9 days at December 28, 2002. No single customer accounted for more than 5% of the outstanding accounts receivable balance at June 14, 2003.

Inventories of $172.0 million at June 14, 2003, reflect a decrease of $9.6 million (5.3%) compared to the balance at June 15, 2002, and an increase of $3.0 million (1.8%) over the balance at December 28, 2002. The decrease in inventories from the prior year relates primarily to an asset management program focused on improving inventory turns and reducing SKU's (Stock Keeping Units). As of June 14, 2003, the Company's backlog was 5.4% higher than the prior year's level.

Accounts payable and other accrued liabilities of $67.7 million at June 14, 2003, reflect a $3.9 million (6.1%) increase over the $63.8 million balance at June 15, 2002, and a $2.5 million (3.9%) increase from the $65.1 million balance at December 28, 2002. The increase in accounts payable and other accrued liabilities compared to the 2002 second quarter level was primarily attributable to an increased liability for foreign currency contracts and timing of payments for income taxes.

Additions to property, plant and equipment of $8.7 million for 2003 year-to-date compares to $5.8 million reported for the same period of 2002. The majority of capital expenditures were for information system enhancements, distribution equipment and building improvements. Depreciation and amortization expense was $8.5 million for 2003 year-to-date compared to $8.3 million for the same period of 2002. The Company leases machinery, equipment and certain warehouse, office and retail store space under operating lease agreements that expire at various dates through 2018.

The Company has a long-term revolving credit agreement that expires in May 2006 and allows for borrowings up to $150.0 million, of which $10.0 million is allocated to the Company's Canadian subsidiary. Of the remaining $140.0 million facility available, $35.0 million can be utilized by the Company's European subsidiaries. The revolving credit facility is used to support working capital requirements. Proceeds from existing credit facilities and cash flows from operations are expected to be sufficient to meet working capital needs in the foreseeable future. Any excess cash flows from operations are expected to be used to purchase property, plant and equipment, pay down existing debt, fund internal and external growth initiatives, pay dividends and repurchase the Company's common stock.

Long-term debt of $74.3 million at June 14, 2003, compares to $87.9 million and $72.9 million at June 15, 2002, and December 28, 2002, respectively. The decrease in debt at June 14, 2003, compared to June 15, 2002, was the result of annual principal payments on the Company's senior notes. The increase in debt from the December 28, 2002, balance was a result of borrowings made on the revolving credit facility to fund working capital investments. The Company had commercial letter-of-credit facilities outstanding of $7.0 million and $9.2 million at June 14, 2003, and June 15, 2002, respectively. The decrease in letters of credit is due to the elimination of letter-of-credit requirements in favor of open account terms for a majority of the Company's footwear suppliers. The total debt to total capital ratio for the Company was 16.3% at June 14, 2003, 18.8% at June 15, 2002, and 16.5% at December 28, 2002.

Effective August 19, 2002, the Company's Board of Directors approved a common stock repurchase program authorizing the repurchase of an additional 2.0 million shares of common stock over a 24-month period. There were 78,700 shares ($1.4 million in market value) repurchased during the 2003 second quarter and 1,010,300 total cumulative shares ($16.3 million in market value) repurchased under the program at the end of the 2003 second quarter. The Company had a previous repurchase program for the repurchase of up to 2.0 million shares of common stock over 24 months from October 3, 2000, to October 3, 2002, with 541,500 shares ($9.5 million in market value) repurchased during the 2002 second quarter, 1,476,300 shares ($22.8 million in market value) repurchased during fiscal 2002 and 1,971,800 total cumulative shares ($29.6 million in market value) repurchased under the program. The primary purpose of these stock repurchase programs is to increase stockholder value. The Company intends to continue to repurchase shares of its common stock in open market transactions, from time to time, depending upon market conditions and other factors.

The Company declared dividends of $2.1 million in the 2003 second quarter, or $.055 per share. This represents a 22.2% increase over the $.045 per share declared in the 2002 second quarter. The dividend is payable August 1, 2003, to stockholders of record on July 1, 2003.

On January 16, 2002, the Company acquired, through a newly formed subsidiary, Wolverine Europe Limited, certain assets totaling $21.2 million and assumed certain liabilities of $8.5 million of the European CAT® footwear business from Overland Group Limited of London, England. Cash and other consideration paid totaled $27.8 million, resulting in goodwill of $15.1 million after allocation of the purchase price to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. This acquisition is discussed further in Note 9 to the financial statements above.

Critical Accounting Policies

The preparation of the Company's consolidated financial statements requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. On an ongoing basis, management evaluates these estimates. Estimates are based on historical experience, when available, and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

Management believes that an understanding of the following critical accounting policies is important to an overall understanding of the consolidated financial statements.

INCOME TAXES
The Company operates in multiple tax jurisdictions both inside and outside the United States of America. Accordingly, management must determine the appropriate allocation of income in accordance with local law for each of these jurisdictions. The Company believes its tax accruals are adequate to cover exposures related to changes in income allocation between tax jurisdictions. The carrying value of the Company's deferred tax assets assumes that the Company will be able to generate sufficient taxable income in future years to utilize these deferred tax assets. If these assumptions change, the Company may be required to record valuation allowances against its gross deferred tax assets in future years. Management evaluates the potential for realizing gross deferred tax assets and assesses the need for valuation allowances on a quarterly basis. The Company did not record a valuation allowance at June 14, 2003 or June 15, 2002.

ITEM 3.          Quantitative and Qualitative Disclosures about Market Risk

The information concerning quantitative and qualitative disclosures about market risk contained in the Company's Annual Report on Form 10-K for its fiscal year ended December 28, 2002, is incorporated herein by reference.

The Company faces market risk to the extent that changes in foreign currency exchange rates affect the Company's foreign assets, liabilities and inventory purchase commitments and to the extent that its long-term debt requirements are affected by changes in interest rates. The Company manages these risks by attempting to denominate contractual and other foreign arrangements in U.S. dollars and by maintaining a significant percentage of fixed-rate debt. The Company does not believe that there has been a material change in the nature of the Company's primary market risk exposures, including the categories of market risk to which the Company is exposed and the particular markets that present the primary risk of loss to the Company. As of the date of this Form 10-Q Quarterly Report, the Company does not know of or expect there to be any material change in the general nature of its primary market risk exposure in the near term.

The methods used by the Company to manage its primary market risk exposures, as described in the sections of its annual report incorporated herein by reference in response to this item, have not changed materially during the current year. As of the date of this Form 10-Q Quarterly Report, the Company does not expect to change its methods used to manage its market risk exposures in the near term. However, the Company may change those methods in the future to adapt to changes in circumstances or to implement new techniques.

The Company's market risk exposure is mainly comprised of its vulnerability to changes in foreign currency exchange rates and interest rates. Prevailing rates and rate relationships in the future will be primarily determined by market factors that are outside of the Company's control. All information provided in response to this item consists of forward-looking statements. Reference is made to the section captioned "Forward-Looking Statements" at the beginning of this document for a discussion of the limitations on the Company's responsibility for such statements.

The Company also has production facilities in the Dominican Republic and Mexico where financial statements are prepared in U.S. dollars as the functional currency; however, operating costs are paid in the local currencies. Royalty revenue generated by the Company from third-party foreign licensees is calculated in the licensees' local currencies, but paid in U.S. dollars. Accordingly, the Company could be subject to related foreign currency remeasurement gains and losses in 2003 and beyond.

ITEM 4.          Controls and Procedures

Within 90 days prior to the date of filing this report, an evaluation was performed under the supervision and with the participation of the Company's management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company's disclosure controls and procedures. Based on and as of the time of such evaluation, the Company's management, including the Chief Executive Officer and Chief Financial Officer, concluded that the Company's disclosure controls and procedures were effective in timely alerting them to material information relating to the Company (including its consolidated subsidiaries) required to be included in the Company's periodic filings with the Securities and Exchange Commission. There have been no significant changes in the Company's internal controls or in other factors that could significantly affect internal controls subsequent to the time of such evaluation.

PART II. OTHER INFORMATION

ITEM 2.          Changes in Securities and Use of Proceeds

On April 22, 2003, Phillip D. Matthews, the Company's Lead Director, exercised an option to purchase 15,187 shares of Company Common Stock for $3.55555 per share. The option that Mr. Matthews exercised was granted in 1993 under an individual compensation arrangement entered upon his appointment as Chairman of the Board, a position held by Mr. Matthews through 1996. The issuance of Company Common Stock to Mr. Matthews pursuant to the option exercise is exempt from registration pursuant to Section 4(6) of the Securities Act of 1933, as amended, because Mr. Matthews is a director of the Company.

ITEM 4.          Submission of Matters to a Vote of Security Holders

On April 24, 2003, the Company held its 2003 Annual Meeting of Stockholders. The purposes of the meeting were: to elect three directors for three-year terms expiring in 2006; to consider and approve the proposed Stock Incentive Plan of 2003; and to consider and ratify the appointment of Ernst & Young LLP as the Company's independent auditors for the current fiscal year.