Wolverine World Wide sells about 13 million pairs of shoes in 160 countries every year. Ninety-two percent of these are sold in just its top 20 markets, leaving 140 markets with just 8 percent of sales. Don Grimes, the company’s senior vice president and chief financial officer, said at Robert W. Baird’s Growth Stock Conference that if the company could replicate Merrell’s U.S. market share in Europe, the Middle East, Africa and Asia-Pacific, that would be another 9 million pairs per year sold for Merrell. At the same conference, Bob Shearer, senior vice president and chief financial officer for VF Corporation, said that even though the company has hedged most of its transactions in Europe, exchange rates are still affecting the business. He said that every 5-point movement in the euro ends up costing VF Corporation $30 million to $35 million in sales.