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utr:Y
xbrli:pure
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 1 - us-gaap:OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-->
<!-- xbrl,ns -->
<!-- xbrl,nx -->
<font style="font-family:times new roman" size="2"><b></b></font>
<font style="font-family:times new roman" size="2"><b></b></font>
<font style="font-family:times new roman" size="2">
<b></b></font>
<font style="font-family:times new roman" size="2">
</font>
<p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES </b></font></p>
<p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>Nature of Operations </b></font></p>
<p style="margin-top:6px;margin-bottom:0px;padding-bottom:0px;"><font style="font-family:times new roman" size="2">
Wolverine World Wide, Inc. (the “Company”) is a leading designer, manufacturer and marketer of a broad range of quality casual footwear and apparel; performance outdoor footwear and apparel;
industrial work shoes, boots and apparel; and uniform shoes and boots. The Company’s portfolio of owned and licensed brands includes: <i>Bates</i><font style="font-family:times new roman" size="1"><sup>
®</sup></font>, <i>Cat</i><font style="font-family:times new roman" size="1"><sup>®</sup></font> Footwear,
<i>Chaco</i><font style="font-family:times new roman" size="1"><sup>®</sup></font>, <i>Cushe</i><font style="font-family:times new roman" size="1"><sup>
®</sup></font>, <i>Harley-Davidson</i><font style="font-family:times new roman" size="1"><sup>®</sup></font>
Footwear, <i>Hush Puppies</i><font style="font-family:times new roman" size="1"><sup>®</sup></font>, <i>HyTest</i><font style="font-family:times new roman" size="1"><sup>
®</sup></font>, <i>Merrell</i><font style="font-family:times new roman" size="1"><sup>®</sup></font>,
<i>Patagonia</i><font style="font-family:times new roman" size="1"><sup>®</sup></font> Footwear, <i>Sebago</i><font style="font-family:times new roman" size="1"><sup>
®</sup></font>, <i>Soft Style</i><font style="font-family:times new roman" size="1"><sup>®</sup></font> and
<i>Wolverine</i><font style="font-family:times new roman" size="1"><sup>®</sup></font>. Licensing and distribution arrangements with third parties extend the global reach of the
Company’s brand portfolio. The Company also operates a consumer-direct division to market both its own brands and branded footwear and apparel from other manufacturers and a leathers division that markets <i>Wolverine Performance
Leathers</i>™. </font></p>
<p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>Basis of Presentation </b></font></p>
<p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2">The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with accounting principles generally accepted in
the United States (“U.S. GAAP”) for interim financial information and with the instructions to the Quarterly Report on Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes
required by U.S. GAAP for a complete presentation of the financial statements. In the opinion of management, all adjustments (consisting 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 31, 2011. </font></p>
<p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>Revenue Recognition </b></font></p>
<p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2">
Revenue is recognized on the sale of products manufactured or sourced by the Company when the related goods have been shipped, legal title has passed to the customer and collectability is reasonably
assured. Revenue generated through licensees and distributors involving products bearing the Company’s trademarks is recognized as earned according to stated contractual terms upon either the purchase or shipment of branded products by
licensees and distributors. </font></p>
<p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">The Company records provisions for estimated sales returns and allowances at the time of sale based on historical
rates of returns and allowances and specific identification of outstanding returns not yet received from customers. However, estimates of actual returns and allowances in any future period are inherently uncertain and actual returns and allowances
may differ from these estimates. If actual or expected future returns and allowances were significantly greater or lower than established reserves, a reduction or increase to net revenues would be recorded in the period this determination was made.
</font></p>
<p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>Cost of Goods Sold </b></font></p>
<p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2">
Cost of goods sold includes the actual product costs, including inbound freight charges, purchasing, sourcing, inspection and receiving costs. Warehousing costs are included in selling, general and
administrative expenses. </font></p>
<p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>Seasonality </b></font></p>
<p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2">
The Company’s business is subject to seasonal influences and the Company’s fiscal year has twelve weeks in each of the first three quarters and, depending on the fiscal calendar, sixteen or
seventeen weeks in the fourth quarter. Both of these factors can cause significant differences in revenue, earnings and cash flows from quarter to quarter; however, the differences have followed a consistent pattern in previous years. </font></p>
<p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>Reclassifications </b></font></p>
<p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2">
Certain prior period amounts on the consolidated condensed financial statements have been reclassified to conform to current period presentation. These reclassifications did not affect net earnings.
</font></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 2 - us-gaap:EarningsPerShareTextBlock-->
<p style="margin-top:0px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>2. EARNINGS PER SHARE </b></font></p>
<p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2">The Company calculates earnings per share in accordance with Financial Accounting Standards Board
(“FASB”) Accounting Standards Codification (“ASC”) Topic 260, Earnings Per Share (“ASC 260”). ASC 260 addresses whether instruments granted in share-based payment transactions are participating securities prior to
vesting, and therefore need to be included in the earnings allocation in computing earnings per share under the two-class method. Under the guidance in ASC 260, the Company’s unvested share-based payment awards that contain non-forfeitable
rights to dividends or dividend equivalents, whether paid or unpaid, are participating securities and must be included in the computation of earnings per share pursuant to the two-class method. </font></p>
<p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2">The following table sets forth the computation of basic and diluted earnings per share: </font></p>
<p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p>
<table cellspacing="0" cellpadding="0" width="76%" border="0" style="border-collapse:collapse; text-align: left" align="center">
<!-- Begin Table Head -->
<tr>
<td width="72%"> </td>
<td valign="bottom" width="9%"> </td>
<td> </td>
<td> </td>
<td> </td>
<td valign="bottom" width="9%"> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="6" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>12 Weeks Ended</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>March 24,</b></font><br /><font style="font-family:times new roman" size="1"><b>2012</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1">March 26,</font><br /><font style="font-family:times new roman" size="1">2011</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr bgcolor="#cceeff">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Numerator:</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"> </td>
<td valign="bottom"> </td>
<td valign="bottom"> </td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"> </td>
<td valign="bottom"> </td>
<td valign="bottom"> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Net earnings</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b>$</b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>31,180</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">35,863</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
</tr>
<tr bgcolor="#cceeff">
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Adjustment for earnings allocated to non-vested restricted common stock</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>(586</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b>) </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(588</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Net earnings used in calculating basic earnings per share</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>30,594</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">35,275</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
</tr>
<tr bgcolor="#cceeff">
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Adjustment for earnings reallocated from non-vested restricted common stock</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>24</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">18</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Net earnings used in calculating diluted earnings per share</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b>$</b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>30,618</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">35,293</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#cceeff">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Denominator:</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"> </td>
<td valign="bottom"> </td>
<td valign="bottom"> </td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"> </td>
<td valign="bottom"> </td>
<td valign="bottom"> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Weighted average shares outstanding</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>48,434,063</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">49,292,383</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
</tr>
<tr bgcolor="#cceeff">
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Adjustment for non-vested restricted common stock</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>(1,400,866</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b>) </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(1,379,644</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Shares used in calculating basic earnings per share</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>47,033,197</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">47,912,739</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
</tr>
<tr bgcolor="#cceeff">
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Effect of dilutive stock options</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>1,124,300</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">1,264,737</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Shares used in calculating diluted earnings per share</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>48,157,497</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">49,177,476</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#cceeff">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Net earnings per share:</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"> </td>
<td valign="bottom"> </td>
<td valign="bottom"> </td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"> </td>
<td valign="bottom"> </td>
<td valign="bottom"> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:5.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Basic</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b>$</b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>0.65</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0.74</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
</tr>
<tr bgcolor="#cceeff">
<td valign="top">
<p style="margin-left:5.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Diluted</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b>$</b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>0.64</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0.72</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
</tr>
<!-- End Table Body -->
</table>
<p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">Share-based awards relating to 533,792 and 268,901 shares of common stock outstanding at March 24, 2012 and March 26, 2011,
respectively, have not been included in the denominator for the computation of diluted earnings per share because the related exercise prices of these shares were greater than the average market price for the quarters then-ended and they were,
therefore, anti-dilutive. </font></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 3 - us-gaap:GoodwillAndIntangibleAssetsDisclosureTextBlock-->
<p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>3. GOODWILL AND OTHER NON-AMORTIZABLE INTANGIBLES </b></font></p>
<p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2">The changes in the carrying amount of goodwill and other non-amortizable intangibles are as follows: </font></p>
<p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p>
<table cellspacing="0" cellpadding="0" width="76%" border="0" style="border-collapse:collapse; text-align: left" align="center">
<!-- Begin Table Head -->
<tr>
<td width="76%"> </td>
<td valign="bottom" width="7%"> </td>
<td> </td>
<td> </td>
<td> </td>
<td valign="bottom" width="7%"> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Goodwill</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Trademarks</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr bgcolor="#cceeff">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Balance at March 26, 2011</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">39,881</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">16,535</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Intangibles acquired</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">–</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">1,075</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
</tr>
<tr bgcolor="#cceeff">
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Foreign currency translation effects</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(987</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(235</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Balance at December 31, 2011</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">38,894</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">17,375</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
</tr>
<tr bgcolor="#cceeff">
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Foreign currency translation effects</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>536</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(2</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Balance at March 24, 2012</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b>$</b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>39,430</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">17,373</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 4 - us-gaap:ComprehensiveIncomeNoteTextBlock-->
<p style="margin-top:0px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>4. COMPREHENSIVE INCOME (LOSS) </b></font></p>
<p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2">Comprehensive income (loss) represents net earnings and any revenue, expenses, gains and losses that, under U.S. GAAP, are excluded
from net earnings and recognized directly as a component of stockholders’ equity. </font></p>
<p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2">The ending accumulated other comprehensive income
(loss) is as follows: </font></p>
<p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p>
<table cellspacing="0" cellpadding="0" width="92%" border="0" style="border-collapse:collapse; text-align: left" align="center">
<!-- Begin Table Head -->
<tr>
<td width="62%"> </td>
<td valign="bottom" width="4%"> </td>
<td> </td>
<td> </td>
<td> </td>
<td valign="bottom" width="4%"> </td>
<td> </td>
<td> </td>
<td> </td>
<td valign="bottom" width="4%"> </td>
<td> </td>
<td> </td>
<td> </td>
<td valign="bottom" width="4%"> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Foreign</b></font><br /><font style="font-family:times new roman" size="1"><b>Currency</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Foreign</b></font><br /><font style="font-family:times new roman" size="1"><b>Exchange<br />Contracts</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Defined</b></font><br /><font style="font-family:times new roman" size="1"><b>Benefit</b></font><br /><font style="font-family:times new roman" size="1">
<b>Pension<br />Plans</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Accumulated<br />Other<br />Comprehensive<br />Income (Loss)</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr bgcolor="#cceeff">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Balance at January 1, 2011</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">11,548</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(1,815</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(50,856</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(41,123</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">) </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Current-period other comprehensive income (loss)</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">7,139</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(1,306</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">—  </font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">5,833</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#cceeff">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Balance at March 26, 2011</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">18,687</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(3,121</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(50,856</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(35,290</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">) </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Current-period other comprehensive income (loss)</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(18,428</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">6,415</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(23,726</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(35,739</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#cceeff">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Balance at December 31, 2011</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">259</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">3,294</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(74,582</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(71,029</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">) </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Current-period other comprehensive income (loss)</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">1,991</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(2,142</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">—  </font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(151</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#cceeff">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Balance at March 24, 2012</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b>$</b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>2,250</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b>$</b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>1,152</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b>$</b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>(74,582</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b>) </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b>$</b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>(71,180</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b>) </b></font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 5 - us-gaap:SegmentReportingDisclosureTextBlock-->
<p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>5. BUSINESS SEGMENTS </b></font></p>
<p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2">The Company has one reportable segment that is engaged in designing, manufacturing, sourcing, marketing, licensing and distributing
branded footwear, apparel and accessories. Revenue from this segment is derived from the sale of branded footwear, apparel and accessories to third-party customers and royalty income from the licensing of the Company’s trademarks and brand
names to third-party licensees and distributors. The operating units aggregated into the branded footwear, apparel and licensing reportable segment all source, market and distribute products in a similar manner. </font></p>
<p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">The other business units in the following tables consist of the Company’s consumer-direct and leather marketing operations. These other operations
do not collectively form a reportable segment at March 24, 2012 because their respective operations are dissimilar and they do not meet the applicable quantitative requirements. At March 24, 2012, the Company owned and operated 101
brick-and-mortar retail stores in the United States, Canada and the United Kingdom and operated 41 consumer-direct websites. The other business units distribute products through retail and wholesale channels. </font></p>
<p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">The Company measures segment profits as earnings before income taxes. The accounting policies used to determine profitability and total assets of the
branded footwear, apparel and licensing reportable segment and other business units are the same as disclosed in Note 1. </font></p>
<p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">Business segment
information is as follows: </font></p>
<p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p>
<table cellspacing="0" cellpadding="0" width="92%" border="0" style="border-collapse:collapse; text-align: left" align="center">
<!-- Begin Table Head -->
<tr>
<td width="57%"> </td>
<td valign="bottom" width="6%"> </td>
<td> </td>
<td> </td>
<td> </td>
<td valign="bottom" width="6%"> </td>
<td> </td>
<td> </td>
<td> </td>
<td valign="bottom" width="6%"> </td>
<td> </td>
<td> </td>
<td> </td>
<td valign="bottom" width="6%"> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="14" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>12 Weeks Ended March 24, 2012</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Branded<br />Footwear,<br />Apparel<br />and<br />Licensing</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Other<br />Business Units</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Corporate</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Consolidated</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr bgcolor="#cceeff">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Revenue</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b>$</b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>294,972</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b>$</b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>27,835</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b>$</b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>—  </b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b>$</b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>322,807</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Intersegment revenue</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>11,001</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>822</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>—  </b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>11,823</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
</tr>
<tr bgcolor="#cceeff">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Earnings (loss) before income taxes</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>50,326</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>(1,321</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b>) </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>(13,409</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b>) </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>35,596</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Total assets</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>727,332</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>56,956</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>122,262</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>906,550</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
</tr>
<tr>
<td height="16"> </td>
<td height="16" colspan="16"> </td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="14" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1">12 Weeks Ended March 26, 2011</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1">Branded<br />Footwear,<br />Apparel and<br />Licensing</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1">Other<br />Business Units</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1">Corporate</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1">Consolidated</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#cceeff">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Revenue</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">304,316</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">26,556</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">—  </font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">330,872</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Intersegment revenue</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">9,023</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">365</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">—  </font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">9,388</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
</tr>
<tr bgcolor="#cceeff">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Earnings (loss) before income taxes</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">59,459</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(1,060</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(8,590</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">49,809</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Total assets</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">650,322</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">62,541</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">116,409</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">829,272</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
</tr>
<!-- End Table Body -->
</table>
<p style="font-size:1px;margin-top:18px;margin-bottom:0px"> </p>
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<p style="margin-top:0px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>6. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT </b></font></p>
<p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2">The Company follows FASB ASC Topic 820, <i>Fair Value Measurements and Disclosures</i>
(“ASC 820”), which provides a consistent definition of fair value, focuses on exit price, prioritizes the use of market-based inputs over entity-specific inputs for measuring fair value and establishes a three-tier hierarchy for fair value
measurements. This topic requires fair value measurements to be classified and disclosed in one of the following three categories: </font></p>
<p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p>
<table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; text-align: left" align="center">
<!-- Begin Table Head -->
<tr>
<td> </td>
<td valign="bottom" width="4%"> </td>
<td width="87%"> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr>
<td valign="top"><font style="font-family:times new roman" size="2">        Level 1:</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">Fair value is measured using quoted prices (unadjusted) in active markets for identical assets and liabilities.</font></td>
</tr>
<tr>
<td height="8"> </td>
<td height="8" colspan="2"> </td>
</tr>
<tr>
<td valign="top"><font style="font-family:times new roman" size="2">        Level 2:</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">Fair value is measured using either direct or indirect inputs, other than quoted prices included within Level 1, which are observable for similar assets or
liabilities.</font></td>
</tr>
<tr>
<td height="8"> </td>
<td height="8" colspan="2"> </td>
</tr>
<tr>
<td valign="top"><font style="font-family:times new roman" size="2">        Level 3:</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">Fair value is measured using valuation techniques in which one or more significant inputs are unobservable.</font></td>
</tr>
<!-- End Table Body -->
</table>
<p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">The Company’s financial instruments consist of cash and cash equivalents, accounts and notes receivable, accounts
payable, foreign currency forward exchange contracts and borrowings under the Company’s revolving credit agreement. The carrying amount of the Company’s financial instruments is historical cost, which approximates their fair value, except
for the foreign currency exchange contracts, which are carried at fair value. The Company does not hold or issue financial instruments for trading purposes. </font></p>
<p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">
At March 24, 2012 and March 26, 2011, liabilities of $1,067 and $3,105, respectively, have been recognized for the fair value of the Company’s foreign exchange contracts. In accordance with
ASC 820, these assets and liabilities fall within Level 2 of the fair value hierarchy. The prices for the financial instruments are determined using prices for recently-traded financial instruments with similar underlying terms as well as directly
or indirectly observable inputs. The Company did not have any additional assets or liabilities that were measured at fair value on a recurring basis at March 24, 2012 and March 26, 2011. </font></p>
<p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">The Company follows FASB ASC Topic 815, <i>Derivatives and Hedging</i>, which
is intended to improve transparency in financial reporting and requires that all derivative instruments be recorded on the consolidated balance sheets at fair value by establishing criteria for designation and effectiveness of hedging relationships.
The Company utilizes foreign currency forward exchange contracts to manage the volatility associated with U.S. dollar inventory purchases made by non-U.S. wholesale operations in the normal course of business. At March 24, 2012 and
March 26, 2011, foreign exchange contracts with a notional value of $102,090 and $111,743, respectively, were outstanding to purchase U.S. dollars with maturities ranging up to 336 days. These contracts have been designated as cash flow hedges.
</font></p>
<p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">The fair value of the foreign currency forward 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 cost of goods sold caption of the consolidated condensed statements of operations. Hedge
ineffectiveness was not material to the Company’s consolidated condensed financial statements for the 12 weeks ended March 24, 2012 and March 26, 2011. 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 income (loss) within stockholders’ equity. </font></p>
<p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">For the 12 weeks ended March 24, 2012 and March 26, 2011, the Company
recognized a net gain of $1,073 and a net loss of $1,000, respectively, in accumulated other comprehensive income (loss) related to the effective portion of its foreign exchange contracts. For the 12 weeks ended March 24, 2012 and
March 26, 2011, the Company reclassified a loss of $449 and a gain of $1,000, respectively, from accumulated other comprehensive income (loss) into cost of goods sold related to the effective portion of its foreign exchange contracts designated
and qualifying as cash flow hedges. </font></p>
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<p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>7. STOCK-BASED COMPENSATION </b></font></p>
<p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2">The Company accounts for stock-based compensation in accordance with the fair value recognition
provisions of FASB ASC Topic 718, <i>Compensation – Stock Compensation </i>(“ASC 718”). The Company recognized compensation expense of $3,659 and $3,281 and related income tax benefits of $1,182 and $1,054 for grants under its
stock-based compensation plans in the statements of operations for the 12 weeks ended March 24, 2012 and March 26, 2011, respectively. </font></p>
<p style="font-size:1px;margin-top:12px;margin-bottom:0px"> </p>
<p style="margin-top:0px;margin-bottom:0px"><font style="font-family:times new roman" size="2">Stock-based compensation expense
recognized in the consolidated condensed statements of operations for the 12 weeks ended March 24, 2012 and March 26, 2011, is based on awards ultimately expected to vest and, as such, has been reduced for estimated forfeitures. ASC 718
requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Forfeitures were estimated based on historical experience. </font></p>
<p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">The Company estimated the fair value of employee stock options on the date of grant using the Black-Scholes model. The estimated weighted-average fair
value for each option granted was $10.78 and $10.41 for the 12 weeks ended March 24, 2012 and March 26, 2011, respectively, with the following weighted-average assumptions: </font></p>
<p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p>
<table cellspacing="0" cellpadding="0" width="76%" border="0" style="border-collapse:collapse; text-align: left" align="center">
<!-- Begin Table Head -->
<tr>
<td width="78%"> </td>
<td valign="bottom" width="6%"> </td>
<td> </td>
<td> </td>
<td> </td>
<td valign="bottom" width="6%"> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="6" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>12 Weeks Ended</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center"><font style="font-family:times new roman" size="1"><b>March 24,</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center"><font style="font-family:times new roman" size="1">March 26,</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>2012</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1">2011</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr bgcolor="#cceeff">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Expected market price volatility </font><font style="font-family:times new roman" size="1"><sup>
(1)</sup></font><font style="font-family:times new roman" size="2"></font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>37.9</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b>% </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">38.6</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">% </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Risk-free interest rate </font><font style="font-family:times new roman" size="1"><sup>
(2)</sup></font><font style="font-family:times new roman" size="2"></font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>0.6</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b>% </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">1.9</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">% </font></td>
</tr>
<tr bgcolor="#cceeff">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Dividend yield </font><font style="font-family:times new roman" size="1"><sup>
(3)</sup></font><font style="font-family:times new roman" size="2"></font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>1.3</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b>% </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">1.6</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">% </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Expected term </font><font style="font-family:times new roman" size="1"><sup>
(4)</sup></font><font style="font-family:times new roman" size="2"></font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>4 years</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">4 years</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
</tr>
<!-- End Table Body -->
</table>
<p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p>
<table style="border-collapse:collapse; text-align: left" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%" valign="top" align="left"><font style="font-family:times new roman" size="2">(1)</font></td>
<td align="left" valign="top"><font style="font-family:times new roman" size="2">Based on historical volatility of the Company’s common stock. The expected volatility is based on the daily percentage change in the price of the stock over the
four years prior to the grant. </font></td>
</tr>
</table>
<table style="border-collapse:collapse; text-align: left" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%" valign="top" align="left"><font style="font-family:times new roman" size="2">(2)</font></td>
<td align="left" valign="top"><font style="font-family:times new roman" size="2">Represents the U.S. Treasury yield curve in effect for the expected term of the option at the time of grant. </font></td>
</tr>
</table>
<table style="border-collapse:collapse; text-align: left" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%" valign="top" align="left"><font style="font-family:times new roman" size="2">(3)</font></td>
<td align="left" valign="top"><font style="font-family:times new roman" size="2">Represents the Company’s cash dividend yield for the expected term. </font></td>
</tr>
</table>
<table style="border-collapse:collapse; text-align: left" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%" valign="top" align="left"><font style="font-family:times new roman" size="2">(4)</font></td>
<td align="left" valign="top"><font style="font-family:times new roman" size="2">Represents the period of time that options granted are expected to be outstanding. As part of the determination of the expected term, the Company concluded that all
employee groups exhibit similar exercise and post-vesting termination behavior. </font></td>
</tr>
</table>
<p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">The Company issued 673,594 and 747,319 shares of common stock in connection with the exercise of stock options and new restricted stock
grants made during the 12 weeks ended March 24, 2012 and March 26, 2011, respectively. The Company cancelled 10,692 and 3,965 shares, respectively, of common stock issued under restricted stock awards as a result of forfeitures during the
12 weeks ended March 24, 2012 and March 26, 2011, respectively. </font></p>
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<p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>8. PENSION EXPENSE </b></font></p>
<p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2">A summary of net pension and Supplemental Executive Retirement Plan expense recognized by the Company is as follows: </font></p>
<p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p>
<table cellspacing="0" cellpadding="0" width="76%" border="0" style="border-collapse:collapse; text-align: left" align="center">
<!-- Begin Table Head -->
<tr>
<td width="78%"> </td>
<td valign="bottom" width="7%"> </td>
<td> </td>
<td> </td>
<td> </td>
<td valign="bottom" width="7%"> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="6" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>12 Weeks Ended</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>March 24,</b></font><br /><font style="font-family:times new roman" size="1"><b>2012</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1">March 26,</font><br /><font style="font-family:times new roman" size="1">2011</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr bgcolor="#cceeff">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Service cost</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b>$</b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>1,779</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">1,500</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Interest cost</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>3,289</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">3,075</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
</tr>
<tr bgcolor="#cceeff">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Expected return on pension assets</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>(3,432</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b>) </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(3,323</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">) </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Net amortization loss</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>4,838</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">2,787</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#cceeff">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Net pension expense</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b>$</b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>6,474</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">4,039</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
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<p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>9. INCOME TAXES </b></font></p>
<p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2">The Company’s effective tax rate in the first quarter of fiscal year 2012 was 12.4%, compared to 28.0% in the first quarter of
fiscal year 2011. The lower effective tax rate in the first quarter of 2012 reflects the benefits of a favorable ruling related to long-term global tax planning strategies that lowered tax expense in the quarter. </font></p>
<p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">The Company maintains certain strategic management and operational activities in overseas subsidiaries, and its foreign earnings are taxed at rates that
are generally lower than the U.S. federal statutory income tax rate. A significant amount of the Company’s earnings are generated by its Canadian, European and Asia Pacific subsidiaries and, to a lesser extent, in jurisdictions that are not
subject to income tax and free trade zones where the Company owns manufacturing operations. The Company has not provided for U.S. taxes for earnings generated in foreign jurisdictions because it plans to reinvest these earnings indefinitely outside
the U.S. However, if certain foreign earnings previously treated as permanently reinvested are repatriated, the additional U.S. tax liability could have a material adverse effect on the Company’s after-tax results of operations and financial
position. </font></p>
<p style="font-size:1px;margin-top:12px;margin-bottom:0px"> </p>
<p style="margin-top:0px;margin-bottom:0px"><font style="font-family:times new roman" size="2">The Company is subject to periodic
audits by domestic and foreign tax authorities. Currently, the Company is undergoing routine periodic audits in both domestic and foreign tax jurisdictions. It is reasonably possible that the amounts of unrecognized tax benefits could change in the
next 12 months as a result of the audits; however, any payment of tax is not expected to be significant to the consolidated financial statements. </font></p>
<p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">
For the majority of tax jurisdictions, the Company is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2007. </font></p>
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<p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>10. LITIGATION AND CONTINGENCIES </b></font></p>
<p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2">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 U.S. 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 costs 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, it is management’s opinion that the outcome of these matters will not have a material adverse effect on the Company’s
consolidated financial position, results of operations or cash flows. </font></p>
<p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">The Company is involved in routine litigation incidental to its
business and is a party to legal actions and claims, including, but not limited to, those related to employment and intellectual property. Some of the legal proceedings include claims for compensatory as well as punitive damages. While the final
outcome of these matters cannot be predicted with certainty, considering, among other things, the meritorious legal defenses available and liabilities that have been recorded along with applicable insurance, it is management’s opinion that the
outcome of these items will not have a material adverse effect on the Company’s financial position, results of operations or cash flows. </font></p>
<p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">The Company has future minimum royalty and advertising obligations due under the terms of certain licenses held by the Company. These minimum future
obligations are as follows: </font></p>
<p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p>
<table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; text-align: left" align="center">
<!-- Begin Table Head -->
<tr>
<td width="64%"> </td>
<td valign="bottom" width="2%"> </td>
<td> </td>
<td> </td>
<td> </td>
<td valign="bottom" width="2%"> </td>
<td> </td>
<td> </td>
<td> </td>
<td valign="bottom" width="2%"> </td>
<td> </td>
<td> </td>
<td> </td>
<td valign="bottom" width="2%"> </td>
<td> </td>
<td> </td>
<td> </td>
<td valign="bottom" width="2%"> </td>
<td> </td>
<td> </td>
<td> </td>
<td valign="bottom" width="2%"> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>2012</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>2013</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>2014</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>2015</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>2016</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Thereafter</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr bgcolor="#cceeff">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Minimum royalties</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">750</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">900</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">1,200</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">1,500</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">—  </font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">—  </font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Minimum advertising</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">2,360</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">2,645</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">2,724</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">2,806</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">2,890</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">5,236</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
</tr>
<!-- End Table Body -->
</table>
<p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">Minimum royalties are based on both fixed obligations and assumptions regarding the consumer price index. Royalty
obligations in excess of minimum requirements are based upon future sales levels. In accordance with these agreements, the Company incurred royalty expense of $481 and $953, respectively, for the 12 weeks ended March 24, 2012 and March 26,
2011, respectively. </font></p>
<p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">The terms of certain license agreements also require the Company to make advertising expenditures based on the level of sales. In
accordance with these agreements, the Company incurred advertising expense of $978 and $834 for the 12 weeks ended March 24, 2012 and March 26, 2011, respectively. </font></p>
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<!-- Begin Block Tagged Note 11 - us-gaap:AccountingChangesAndErrorCorrectionsTextBlock-->
<p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>11. NEW ACCOUNTING STANDARDS </b></font></p>
<p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2">In June 2011, the FASB issued ASU 2011-05, <i>Comprehensive Income (Topic 220), Presentation of Comprehensive Income</i> (ASU 2011-05).
ASU 2011-05 eliminates the option to present other comprehensive income (OCI) in the statement of stockholders’ equity. Under ASU 2011-05, the Company has the option to present the total of comprehensive income, the components of net income and
the components of OCI in either a continuous statement of comprehensive income or in two separate continuous statements. Earnings per share would continue to be based on net income. Also in December 2011, the FASB issued ASU 2011-12,
<i>Comprehensive Income (Topic 220), Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05</i> (ASU 2011-12). ASU
2011-12 defers the ASU 2011-05 requirement that companies present reclassification adjustments for each component of accumulated other comprehensive income (AOCI) in both net income and other comprehensive income (OCI) on the face of the financial
statements. The Company adopted the current required provisions of ASU 2011-05 in the first quarter of fiscal year 2012 as noted in the consolidated statement of operations and comprehensive income. The adoption of ASU 2011-12 is not expected to
have a material impact on the Company’s consolidated financial position, results of operations or cash flows. </font></p>
<p style="font-size:1px;margin-top:12px;margin-bottom:0px"> </p>
<p style="margin-top:0px;margin-bottom:0px"><font style="font-family:times new roman" size="2">In May 2011, the FASB issued ASU
2011-04, Fair Value Measurement (Topic 820), Amendments to achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS (ASU 2011-04). ASU 2011-04 amends the fair value measurement and disclosure guidance in ASC 820,
<i>Fair Value Measurement</i>, to converge US GAAP and IFRS requirements for measuring amounts at fair value as well as disclosures about these measurements. ASU 2011-04 was effective for interim and annual periods beginning after
December 15, 2011 and was adopted in the first quarter of fiscal year 2012. The applicable disclosures have been provided in note 6. The adoption of ASU 2011-04 in the current quarter did not affect the Company’s consolidated financial
position, results of operations or cash flows. </font></p>
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<!-- Begin Block Tagged Note 12 - us-gaap:SubsequentEventsTextBlock-->
<p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>12. SUBSEQUENT EVENT </b></font></p>
<p style="margin-top:6px;margin-bottom:0px;padding-bottom:0px;"><font style="font-family:times new roman" size="2">During the second quarter of fiscal year 2012, the Company announced an agreement to acquire the Performance +
Lifestyle Group division of Collective Brands, Inc. The Performance + Lifestyle Group markets casual and athletic footwear, apparel and related accessories for adults and children under well-known brand names including Sperry Top-Sider<font style="font-family:times new roman" size="1">
<sup>®</sup></font>, Stride Rite<font style="font-family:times new roman" size="1"><sup>
®</sup></font>, Saucony<font style="font-family:times new roman" size="1"><sup>®</sup></font> and Keds<font style="font-family:times new roman" size="1">
<sup>®</sup></font>. The Company currently anticipates closing the acquisition of the Performance + Lifestyle Group in fiscal year 2012.
</font></p>
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<!-- Begin Block Tagged Accounting Policy: www-20120324_note1_accounting_policy_table1 - www:NatureOfOperationsPolicyTextBlock-->
<p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>Nature of Operations </b></font></p>
<p style="margin-top:6px;margin-bottom:0px;padding-bottom:0px;"><font style="font-family:times new roman" size="2">
Wolverine World Wide, Inc. (the “Company”) is a leading designer, manufacturer and marketer of a broad range of quality casual footwear and apparel; performance outdoor footwear and apparel;
industrial work shoes, boots and apparel; and uniform shoes and boots. The Company’s portfolio of owned and licensed brands includes: <i>Bates</i><font style="font-family:times new roman" size="1"><sup>
®</sup></font>, <i>Cat</i><font style="font-family:times new roman" size="1"><sup>®</sup></font> Footwear,
<i>Chaco</i><font style="font-family:times new roman" size="1"><sup>®</sup></font>, <i>Cushe</i><font style="font-family:times new roman" size="1"><sup>
®</sup></font>, <i>Harley-Davidson</i><font style="font-family:times new roman" size="1"><sup>®</sup></font>
Footwear, <i>Hush Puppies</i><font style="font-family:times new roman" size="1"><sup>®</sup></font>, <i>HyTest</i><font style="font-family:times new roman" size="1"><sup>
®</sup></font>, <i>Merrell</i><font style="font-family:times new roman" size="1"><sup>®</sup></font>,
<i>Patagonia</i><font style="font-family:times new roman" size="1"><sup>®</sup></font> Footwear, <i>Sebago</i><font style="font-family:times new roman" size="1"><sup>
®</sup></font>, <i>Soft Style</i><font style="font-family:times new roman" size="1"><sup>®</sup></font> and
<i>Wolverine</i><font style="font-family:times new roman" size="1"><sup>®</sup></font>. Licensing and distribution arrangements with third parties extend the global reach of the
Company’s brand portfolio. The Company also operates a consumer-direct division to market both its own brands and branded footwear and apparel from other manufacturers and a leathers division that markets <i>Wolverine Performance
Leathers</i>™. </font></p>
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<!-- Begin Block Tagged Accounting Policy: www-20120324_note1_accounting_policy_table2 - us-gaap:BasisOfPresentationAndSignificantAccountingPoliciesTextBlock-->
<p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>Basis of Presentation </b></font></p>
<p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2">The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with accounting principles generally accepted in
the United States (“U.S. GAAP”) for interim financial information and with the instructions to the Quarterly Report on Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes
required by U.S. GAAP for a complete presentation of the financial statements. In the opinion of management, all adjustments (consisting 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 31, 2011. </font></p>
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<!-- Begin Block Tagged Accounting Policy: www-20120324_note1_accounting_policy_table3 - us-gaap:RevenueRecognitionPolicyTextBlock-->
<p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>Revenue Recognition </b></font></p>
<p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2">
Revenue is recognized on the sale of products manufactured or sourced by the Company when the related goods have been shipped, legal title has passed to the customer and collectability is reasonably
assured. Revenue generated through licensees and distributors involving products bearing the Company’s trademarks is recognized as earned according to stated contractual terms upon either the purchase or shipment of branded products by
licensees and distributors. </font></p>
<p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">The Company records provisions for estimated sales returns and allowances at the time of sale based on historical
rates of returns and allowances and specific identification of outstanding returns not yet received from customers. However, estimates of actual returns and allowances in any future period are inherently uncertain and actual returns and allowances
may differ from these estimates. If actual or expected future returns and allowances were significantly greater or lower than established reserves, a reduction or increase to net revenues would be recorded in the period this determination was made.
</font></p>
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<p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>Cost of Goods Sold </b></font></p>
<p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2">
Cost of goods sold includes the actual product costs, including inbound freight charges, purchasing, sourcing, inspection and receiving costs. Warehousing costs are included in selling, general and
administrative expenses. </font></p>
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<!-- Begin Block Tagged Accounting Policy: www-20120324_note1_accounting_policy_table5 - www:SeasonalityPolicyTextBlock-->
<p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>Seasonality </b></font></p>
<p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2">
The Company’s business is subject to seasonal influences and the Company’s fiscal year has twelve weeks in each of the first three quarters and, depending on the fiscal calendar, sixteen or
seventeen weeks in the fourth quarter. Both of these factors can cause significant differences in revenue, earnings and cash flows from quarter to quarter; however, the differences have followed a consistent pattern in previous years. </font></p>
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<p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>Reclassifications </b></font></p>
<p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2">
Certain prior period amounts on the consolidated condensed financial statements have been reclassified to conform to current period presentation. These reclassifications did not affect net earnings.
</font></p>
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<!-- Begin Block Tagged Accounting Policy: www-20120324_note2_accounting_policy_table1 - us-gaap:EarningsPerSharePolicyTextBlock-->
<p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2">The Company calculates earnings per share in accordance with Financial Accounting Standards Board
(“FASB”) Accounting Standards Codification (“ASC”) Topic 260, Earnings Per Share (“ASC 260”). ASC 260 addresses whether instruments granted in share-based payment transactions are participating securities prior to
vesting, and therefore need to be included in the earnings allocation in computing earnings per share under the two-class method. Under the guidance in ASC 260, the Company’s unvested share-based payment awards that contain non-forfeitable
rights to dividends or dividend equivalents, whether paid or unpaid, are participating securities and must be included in the computation of earnings per share pursuant to the two-class method. </font></p>
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<!-- Begin Block Tagged Accounting Policy: www-20120324_note6_accounting_policy_table1 - www:FairValueMeasurementsAndDisclosuresPolicyTextBlock-->
<p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2">The Company follows FASB ASC Topic 820, <i>Fair Value Measurements and Disclosures</i>
(“ASC 820”), which provides a consistent definition of fair value, focuses on exit price, prioritizes the use of market-based inputs over entity-specific inputs for measuring fair value and establishes a three-tier hierarchy for fair value
measurements. This topic requires fair value measurements to be classified and disclosed in one of the following three categories: </font></p>
<p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p>
<table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; text-align: left" align="center">
<!-- Begin Table Head -->
<tr>
<td> </td>
<td valign="bottom" width="4%"> </td>
<td width="87%"> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr>
<td valign="top"><font style="font-family:times new roman" size="2">        Level 1:</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">Fair value is measured using quoted prices (unadjusted) in active markets for identical assets and liabilities.</font></td>
</tr>
<tr>
<td height="8"> </td>
<td height="8" colspan="2"> </td>
</tr>
<tr>
<td valign="top"><font style="font-family:times new roman" size="2">        Level 2:</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">Fair value is measured using either direct or indirect inputs, other than quoted prices included within Level 1, which are observable for similar assets or
liabilities.</font></td>
</tr>
<tr>
<td height="8"> </td>
<td height="8" colspan="2"> </td>
</tr>
<tr>
<td valign="top"><font style="font-family:times new roman" size="2">        Level 3:</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">Fair value is measured using valuation techniques in which one or more significant inputs are unobservable.</font></td>
</tr>
<!-- End Table Body -->
</table>
<p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">The Company’s financial instruments consist of cash and cash equivalents, accounts and notes receivable, accounts
payable, foreign currency forward exchange contracts and borrowings under the Company’s revolving credit agreement. The carrying amount of the Company’s financial instruments is historical cost, which approximates their fair value, except
for the foreign currency exchange contracts, which are carried at fair value. The Company does not hold or issue financial instruments for trading purposes. </font></p>
<p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">
At March 24, 2012 and March 26, 2011, liabilities of $1,067 and $3,105, respectively, have been recognized for the fair value of the Company’s foreign exchange contracts. In accordance with
ASC 820, these assets and liabilities fall within Level 2 of the fair value hierarchy. The prices for the financial instruments are determined using prices for recently-traded financial instruments with similar underlying terms as well as directly
or indirectly observable inputs. The Company did not have any additional assets or liabilities that were measured at fair value on a recurring basis at March 24, 2012 and March 26, 2011. </font></p>
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<!-- Begin Block Tagged Accounting Policy: www-20120324_note6_accounting_policy_table2 - us-gaap:DerivativesMethodsOfAccountingHedgingDerivatives-->
<p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">The Company follows FASB ASC Topic 815, <i>Derivatives and Hedging</i>, which
is intended to improve transparency in financial reporting and requires that all derivative instruments be recorded on the consolidated balance sheets at fair value by establishing criteria for designation and effectiveness of hedging relationships.
The Company utilizes foreign currency forward exchange contracts to manage the volatility associated with U.S. dollar inventory purchases made by non-U.S. wholesale operations in the normal course of business. At March 24, 2012 and
March 26, 2011, foreign exchange contracts with a notional value of $102,090 and $111,743, respectively, were outstanding to purchase U.S. dollars with maturities ranging up to 336 days. These contracts have been designated as cash flow hedges.
</font></p>
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<!-- Begin Block Tagged Accounting Policy: www-20120324_note7_accounting_policy_table1 - us-gaap:CompensationRelatedCostsPolicyTextBlock-->
<p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2">The Company accounts for stock-based compensation in accordance with the fair value recognition
provisions of FASB ASC Topic 718, <i>Compensation – Stock Compensation </i>(“ASC 718”). The Company recognized compensation expense of $3,659 and $3,281 and related income tax benefits of $1,182 and $1,054 for grants under its
stock-based compensation plans in the statements of operations for the 12 weeks ended March 24, 2012 and March 26, 2011, respectively. </font></p>
<p style="font-size:1px;margin-top:12px;margin-bottom:0px"> </p>
<p style="margin-top:0px;margin-bottom:0px"><font style="font-family:times new roman" size="2">Stock-based compensation expense
recognized in the consolidated condensed statements of operations for the 12 weeks ended March 24, 2012 and March 26, 2011, is based on awards ultimately expected to vest and, as such, has been reduced for estimated forfeitures. ASC 718
requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Forfeitures were estimated based on historical experience. </font></p>
<p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">The Company estimated the fair value of employee stock options on the date of grant using the Black-Scholes model. The estimated weighted-average fair
value for each option granted was $10.78 and $10.41 for the 12 weeks ended March 24, 2012 and March 26, 2011, respectively, with the following weighted-average assumptions: </font></p>
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<!-- Begin Block Tagged Note Table: www-20120324_note2_table1 - us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock-->
<table cellspacing="0" cellpadding="0" width="76%" border="0" style="border-collapse:collapse; text-align: left" align="center">
<!-- Begin Table Head -->
<tr>
<td width="72%"> </td>
<td valign="bottom" width="9%"> </td>
<td> </td>
<td> </td>
<td> </td>
<td valign="bottom" width="9%"> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="6" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>12 Weeks Ended</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>March 24,</b></font><br /><font style="font-family:times new roman" size="1"><b>2012</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1">March 26,</font><br /><font style="font-family:times new roman" size="1">2011</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr bgcolor="#cceeff">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Numerator:</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"> </td>
<td valign="bottom"> </td>
<td valign="bottom"> </td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"> </td>
<td valign="bottom"> </td>
<td valign="bottom"> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Net earnings</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b>$</b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>31,180</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">35,863</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
</tr>
<tr bgcolor="#cceeff">
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Adjustment for earnings allocated to non-vested restricted common stock</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>(586</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b>) </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(588</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Net earnings used in calculating basic earnings per share</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>30,594</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">35,275</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
</tr>
<tr bgcolor="#cceeff">
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Adjustment for earnings reallocated from non-vested restricted common stock</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>24</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">18</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Net earnings used in calculating diluted earnings per share</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b>$</b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>30,618</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">35,293</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#cceeff">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Denominator:</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"> </td>
<td valign="bottom"> </td>
<td valign="bottom"> </td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"> </td>
<td valign="bottom"> </td>
<td valign="bottom"> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Weighted average shares outstanding</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>48,434,063</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">49,292,383</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
</tr>
<tr bgcolor="#cceeff">
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Adjustment for non-vested restricted common stock</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>(1,400,866</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b>) </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(1,379,644</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Shares used in calculating basic earnings per share</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>47,033,197</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">47,912,739</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
</tr>
<tr bgcolor="#cceeff">
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Effect of dilutive stock options</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>1,124,300</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">1,264,737</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Shares used in calculating diluted earnings per share</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>48,157,497</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">49,177,476</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#cceeff">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Net earnings per share:</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"> </td>
<td valign="bottom"> </td>
<td valign="bottom"> </td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"> </td>
<td valign="bottom"> </td>
<td valign="bottom"> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:5.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Basic</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b>$</b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>0.65</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0.74</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
</tr>
<tr bgcolor="#cceeff">
<td valign="top">
<p style="margin-left:5.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Diluted</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b>$</b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>0.64</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0.72</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
</tr>
<!-- End Table Body -->
</table>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note Table: www-20120324_note3_table1 - us-gaap:ScheduleOfIntangibleAssetsAndGoodwillTableTextBlock-->
<table cellspacing="0" cellpadding="0" width="76%" border="0" style="border-collapse:collapse; text-align: left" align="center">
<!-- Begin Table Head -->
<tr>
<td width="76%"> </td>
<td valign="bottom" width="7%"> </td>
<td> </td>
<td> </td>
<td> </td>
<td valign="bottom" width="7%"> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Goodwill</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Trademarks</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr bgcolor="#cceeff">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Balance at March 26, 2011</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">39,881</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">16,535</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Intangibles acquired</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">–</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">1,075</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
</tr>
<tr bgcolor="#cceeff">
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Foreign currency translation effects</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(987</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(235</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Balance at December 31, 2011</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">38,894</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">17,375</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
</tr>
<tr bgcolor="#cceeff">
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Foreign currency translation effects</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>536</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(2</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Balance at March 24, 2012</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b>$</b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>39,430</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">17,373</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note Table: www-20120324_note4_table1 - us-gaap:ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock-->
<table cellspacing="0" cellpadding="0" width="92%" border="0" style="border-collapse:collapse; text-align: left" align="center">
<!-- Begin Table Head -->
<tr>
<td width="62%"> </td>
<td valign="bottom" width="4%"> </td>
<td> </td>
<td> </td>
<td> </td>
<td valign="bottom" width="4%"> </td>
<td> </td>
<td> </td>
<td> </td>
<td valign="bottom" width="4%"> </td>
<td> </td>
<td> </td>
<td> </td>
<td valign="bottom" width="4%"> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Foreign</b></font><br /><font style="font-family:times new roman" size="1"><b>Currency</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Foreign</b></font><br /><font style="font-family:times new roman" size="1"><b>Exchange<br />Contracts</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Defined</b></font><br /><font style="font-family:times new roman" size="1"><b>Benefit</b></font><br /><font style="font-family:times new roman" size="1">
<b>Pension<br />Plans</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Accumulated<br />Other<br />Comprehensive<br />Income (Loss)</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr bgcolor="#cceeff">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Balance at January 1, 2011</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">11,548</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(1,815</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(50,856</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(41,123</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">) </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Current-period other comprehensive income (loss)</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">7,139</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(1,306</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">—  </font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">5,833</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#cceeff">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Balance at March 26, 2011</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">18,687</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(3,121</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(50,856</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(35,290</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">) </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Current-period other comprehensive income (loss)</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(18,428</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">6,415</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(23,726</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(35,739</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#cceeff">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Balance at December 31, 2011</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">259</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">3,294</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(74,582</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(71,029</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">) </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Current-period other comprehensive income (loss)</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">1,991</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(2,142</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">—  </font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(151</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#cceeff">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Balance at March 24, 2012</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b>$</b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>2,250</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b>$</b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>1,152</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b>$</b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>(74,582</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b>) </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b>$</b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>(71,180</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b>) </b></font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note Table: www-20120324_note5_table1 - us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock-->
<table cellspacing="0" cellpadding="0" width="92%" border="0" style="border-collapse:collapse; text-align: left" align="center">
<!-- Begin Table Head -->
<tr>
<td width="57%"> </td>
<td valign="bottom" width="6%"> </td>
<td> </td>
<td> </td>
<td> </td>
<td valign="bottom" width="6%"> </td>
<td> </td>
<td> </td>
<td> </td>
<td valign="bottom" width="6%"> </td>
<td> </td>
<td> </td>
<td> </td>
<td valign="bottom" width="6%"> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="14" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>12 Weeks Ended March 24, 2012</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Branded<br />Footwear,<br />Apparel<br />and<br />Licensing</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Other<br />Business Units</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Corporate</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Consolidated</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr bgcolor="#cceeff">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Revenue</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b>$</b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>294,972</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b>$</b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>27,835</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b>$</b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>—  </b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b>$</b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>322,807</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Intersegment revenue</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>11,001</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>822</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>—  </b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>11,823</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
</tr>
<tr bgcolor="#cceeff">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Earnings (loss) before income taxes</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>50,326</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>(1,321</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b>) </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>(13,409</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b>) </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>35,596</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Total assets</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>727,332</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>56,956</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>122,262</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>906,550</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
</tr>
<tr>
<td height="16"> </td>
<td height="16" colspan="16"> </td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="14" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1">12 Weeks Ended March 26, 2011</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1">Branded<br />Footwear,<br />Apparel and<br />Licensing</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1">Other<br />Business Units</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1">Corporate</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1">Consolidated</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#cceeff">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Revenue</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">304,316</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">26,556</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">—  </font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">330,872</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Intersegment revenue</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">9,023</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">365</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">—  </font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">9,388</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
</tr>
<tr bgcolor="#cceeff">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Earnings (loss) before income taxes</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">59,459</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(1,060</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(8,590</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">49,809</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Total assets</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">650,322</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">62,541</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">116,409</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">829,272</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
</tr>
<!-- End Table Body -->
</table>
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<!-- Begin Block Tagged Note Table: www-20120324_note7_table1 - us-gaap:ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock-->
<table cellspacing="0" cellpadding="0" width="76%" border="0" style="border-collapse:collapse; text-align: left" align="center">
<!-- Begin Table Head -->
<tr>
<td width="78%"> </td>
<td valign="bottom" width="6%"> </td>
<td> </td>
<td> </td>
<td> </td>
<td valign="bottom" width="6%"> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="6" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>12 Weeks Ended</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center"><font style="font-family:times new roman" size="1"><b>March 24,</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center"><font style="font-family:times new roman" size="1">March 26,</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>2012</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1">2011</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr bgcolor="#cceeff">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Expected market price volatility </font><font style="font-family:times new roman" size="1"><sup>
(1)</sup></font><font style="font-family:times new roman" size="2"></font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>37.9</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b>% </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">38.6</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">% </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Risk-free interest rate </font><font style="font-family:times new roman" size="1"><sup>
(2)</sup></font><font style="font-family:times new roman" size="2"></font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>0.6</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b>% </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">1.9</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">% </font></td>
</tr>
<tr bgcolor="#cceeff">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Dividend yield </font><font style="font-family:times new roman" size="1"><sup>
(3)</sup></font><font style="font-family:times new roman" size="2"></font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>1.3</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b>% </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">1.6</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">% </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Expected term </font><font style="font-family:times new roman" size="1"><sup>
(4)</sup></font><font style="font-family:times new roman" size="2"></font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>4 years</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">4 years</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
</tr>
<!-- End Table Body -->
</table>
<p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p>
<table style="border-collapse:collapse; text-align: left" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%" valign="top" align="left"><font style="font-family:times new roman" size="2">(1)</font></td>
<td align="left" valign="top"><font style="font-family:times new roman" size="2">Based on historical volatility of the Company’s common stock. The expected volatility is based on the daily percentage change in the price of the stock over the
four years prior to the grant. </font></td>
</tr>
</table>
<table style="border-collapse:collapse; text-align: left" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%" valign="top" align="left"><font style="font-family:times new roman" size="2">(2)</font></td>
<td align="left" valign="top"><font style="font-family:times new roman" size="2">Represents the U.S. Treasury yield curve in effect for the expected term of the option at the time of grant. </font></td>
</tr>
</table>
<table style="border-collapse:collapse; text-align: left" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%" valign="top" align="left"><font style="font-family:times new roman" size="2">(3)</font></td>
<td align="left" valign="top"><font style="font-family:times new roman" size="2">Represents the Company’s cash dividend yield for the expected term. </font></td>
</tr>
</table>
<table style="border-collapse:collapse; text-align: left" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%" valign="top" align="left"><font style="font-family:times new roman" size="2">(4)</font></td>
<td align="left" valign="top"><font style="font-family:times new roman" size="2">Represents the period of time that options granted are expected to be outstanding. As part of the determination of the expected term, the Company concluded that all
employee groups exhibit similar exercise and post-vesting termination behavior. </font></td>
</tr>
</table>
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<!-- Begin Block Tagged Note Table: www-20120324_note8_table1 - us-gaap:ScheduleOfNetBenefitCostsTableTextBlock-->
<table cellspacing="0" cellpadding="0" width="76%" border="0" style="border-collapse:collapse; text-align: left" align="center">
<!-- Begin Table Head -->
<tr>
<td width="78%"> </td>
<td valign="bottom" width="7%"> </td>
<td> </td>
<td> </td>
<td> </td>
<td valign="bottom" width="7%"> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="6" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>12 Weeks Ended</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>March 24,</b></font><br /><font style="font-family:times new roman" size="1"><b>2012</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1">March 26,</font><br /><font style="font-family:times new roman" size="1">2011</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr bgcolor="#cceeff">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Service cost</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b>$</b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>1,779</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">1,500</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Interest cost</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>3,289</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">3,075</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
</tr>
<tr bgcolor="#cceeff">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Expected return on pension assets</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>(3,432</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b>) </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(3,323</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">) </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Net amortization loss</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>4,838</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">2,787</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#cceeff">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Net pension expense</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2"><b>$</b></font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2"><b>6,474</b></font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"><b> </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">4,039</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
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<!-- Begin Block Tagged Note Table: www-20120324_note10_table1 - us-gaap:RecordedUnconditionalPurchaseObligationsTextBlock-->
<table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; text-align: left" align="center">
<!-- Begin Table Head -->
<tr>
<td width="64%"> </td>
<td valign="bottom" width="2%"> </td>
<td> </td>
<td> </td>
<td> </td>
<td valign="bottom" width="2%"> </td>
<td> </td>
<td> </td>
<td> </td>
<td valign="bottom" width="2%"> </td>
<td> </td>
<td> </td>
<td> </td>
<td valign="bottom" width="2%"> </td>
<td> </td>
<td> </td>
<td> </td>
<td valign="bottom" width="2%"> </td>
<td> </td>
<td> </td>
<td> </td>
<td valign="bottom" width="2%"> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>2012</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>2013</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>2014</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>2015</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>2016</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Thereafter</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr bgcolor="#cceeff">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Minimum royalties</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">750</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">900</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">1,200</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">1,500</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">—  </font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">—  </font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Minimum advertising</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">2,360</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">2,645</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">2,724</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">2,806</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">2,890</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:times new roman" size="2">5,236</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2"> </font></td>
</tr>
<!-- End Table Body -->
</table>
<p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">Minimum royalties are based on both fixed obligations and assumptions regarding the consumer price index. Royalty
obligations in excess of minimum requirements are based upon future sales levels. In accordance with these agreements, the Company incurred royalty expense of $481 and $953, respectively, for the 12 weeks ended March 24, 2012 and March 26,
2011, respectively. </font></p>
false
--12-29
Q1
2012
2012-03-24
10-Q
0000110471
48663596
Large Accelerated Filer
WOLVERINE WORLD WIDE INC /DE/
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