Financial Data and Key Metrics Changes - Overall net sales for Q4 2024 were $80.5 million, slightly down from $80.6 million in Q4 2023 [5] - Consolidated gross earnings were 47.9% of net sales for the quarter, compared to 50.3% in the same quarter last year [5] - Net earnings for Q4 2024 were $10 million or $1.04 per diluted share, up from $8.5 million or $0.90 per diluted share in Q4 2023 [6] - Full-year consolidated net sales were $290 million, down 9% from $318 million in 2023 [14] - Full-year net earnings were a record $30.3 million or $3.16 per diluted share, compared to $30.2 million or $3.17 per diluted share in 2023 [14] Business Line Data and Key Metrics Changes - In the North American wholesale segment, net sales for Q4 were $60.4 million, up 1% from $59.6 million last year [6] - Retail segment net sales were $14.1 million for Q4, also up 1% from $13.9 million in 2023 [8] - Florsheim brand sales increased by 22% in Q4, while BOGS sales declined by 17% due to mild winter weather [27][30] - Nunn Bush grew by 4% in Q4, supported by a strong value proposition and innovative products [33] - Florsheim Australia's net sales were $6 million in Q4, down 15% from $7.2 million in Q4 2023 [11] Market Data and Key Metrics Changes - North American wholesale net sales for the full year were $228 million, down 9% from $250 million in 2023, primarily due to a 27% decline in BOGS sales [14][15] - Florsheim Australia's sales were down 20% for the year, largely due to the closure of the Asia Pacific operations [19][20] Company Strategy and Development Direction - The company is focused on evolving its portfolio of brands to position for future growth, particularly through product innovation and expanding retail presence [26][30] - The introduction of new products, such as the BOGS BOGA, aims to reenergize the BOGS brand [29] - The company is negotiating price reductions with Chinese suppliers to mitigate the impact of new tariffs [22][37] Management's Comments on Operating Environment and Future Outlook - Management noted that consumers remain cautious amid economic uncertainty, affecting discretionary spending [26] - The company is optimistic about renewed interest in the BOGS category for fall 2025 as winter weather improves [28] - Management expressed confidence in maintaining gross margins despite tariff-related cost increases [37] Other Important Information - The company generated $16.2 million in cash from operations in 2024 and paid $9.7 million in dividends [23] - A special dividend of $2 per share was paid in early 2025, totaling $21.6 million [24] - The company has no debt outstanding on its $40 million revolving line of credit [23] Q&A Session Summary Question: Can someone walk me through the mechanics of a tariff for Weyco Group? - Management explained that they must post a bond equal to the amount of tariffs paid and clear goods through customs, paying the applicable tariffs [46][47] Question: What percentage of your cost of goods sold came from China last year? - Approximately 75% of purchases are from China, with India being the second largest source at about 15% [66] Question: What are the tariffs today on those other countries? - The tariff on leather shoes from China is currently 36%, while other countries have lower tariffs, typically around 8.5% [71][72] Question: Are your offshore vendors receptive to sharing part of the cost of the tariffs? - Management confirmed that long-term relationships with suppliers have led to cooperation in mitigating some costs, although price increases will still be necessary [83][89]

Financial Performance - Net sales for Q4 2024 were $80.5 million, flat compared to Q4 2023[11] - Gross earnings as a percentage of net sales decreased to 47.9% in Q4 2024 from 50.3% in Q4 2023[11] - Net earnings for Q4 2024 increased by 17% to $10.0 million compared to $8.5 million in Q4 2023[11] - North American wholesale segment net sales were $227.9 million for 2024, down 9% from $250.4 million in 2023[13] - Retail segment net sales reached a record $38.7 million in 2024, up 2% from $38.0 million in 2023[15] - Florsheim Australia net sales totaled $23.6 million in 2024, down 20% from $29.6 million in 2023[17] - Wholesale operating earnings for 2024 were $31.5 million, down 5% from $33.3 million in 2023[14] - Florsheim's sales increased by 2% for the year, contrasting with declines in other brands[13] Earnings and Dividends - The company declared a quarterly cash dividend of $0.26 per share, payable on March 31, 2025[22] - Cash dividends paid increased to $9,688 thousand in 2024 from $9,286 thousand in 2023, representing an increase of 4.3%[29] Assets and Liabilities - Total assets increased to $324,086 thousand in 2024, up from $309,342 thousand in 2023, representing a growth of 4.8%[28] - Total current liabilities rose significantly to $47,263 thousand in 2024, compared to $29,622 thousand in 2023, marking a substantial increase of 59.5%[28] - The company experienced a decrease in accounts receivable, net, to $37,464 thousand in 2024 from $39,275 thousand in 2023, a decline of 4.6%[28] - Total equity increased to $245,585 thousand in 2024, up from $244,493 thousand in 2023, showing a growth of 0.4%[28] Cash Flow - The company reported a net cash provided by operating activities of $16,150 thousand in 2024, a decrease of 83.7% from $98,631 thousand in 2023[29] - Cash and cash equivalents at the end of 2024 were $70,963 thousand, compared to $69,312 thousand at the end of 2023, reflecting an increase of 2.4%[29] - The company reported a net increase in cash and cash equivalents of $1,651 thousand in 2024, down from $52,436 thousand in 2023, indicating a significant decline of 96.9%[29] Inventory - The company’s inventories decreased slightly to $74,012 thousand in 2024 from $74,890 thousand in 2023, a reduction of 1.2%[28]

Core Insights - Weyco Group, Inc. reported its financial results for the fourth quarter and full year ended December 31, 2024, highlighting mixed performance across its segments and brands [1][11]. Fourth Quarter 2024 Overview - North American wholesale segment net sales reached $60.4 million, a 1% increase from $59.6 million in Q4 2023, driven by a 22% increase in Florsheim sales, while BOGS and Stacy Adams saw declines of 17% and 8% respectively [3][4]. - Retail segment net sales were $14.1 million, up 1% from $13.9 million in Q4 2023, primarily due to increased direct-to-consumer sales of BOGS and Florsheim [5][6]. - Florsheim Australia reported net sales of $6.0 million, down 15% from $7.2 million in Q4 2023, attributed to the closure of Asia Pacific operations [8][9]. Full Year 2024 Overview - Total net sales for 2024 were $290.3 million, a 9% decrease from $318.0 million in 2023, with wholesale net sales down 9% to $227.9 million [12][22]. - Retail segment achieved record net sales of $38.7 million, a 2% increase from $38.0 million in 2023, driven by higher direct-to-consumer sales [15][16]. - Florsheim Australia net sales totaled $23.6 million, down 20% from $29.6 million in 2023, with a 10% decline in sales in Australia due to fewer operating retail stores [17][18]. Earnings and Expenses - Gross earnings as a percentage of net sales were 45.3% for 2024, up from 44.9% in 2023, while earnings from operations decreased by 11% to $36.6 million [22]. - Retail operating earnings fell 21% to $5.3 million in 2024, primarily due to increased selling and administrative expenses [16]. - Interest income increased to $3.7 million in 2024 from $1.1 million in 2023, reflecting higher cash balances [19]. Future Outlook - The company faces increased costs due to new tariffs imposed on goods sourced from China and is negotiating price reductions with suppliers to mitigate these impacts [20]. - The CEO emphasized the benefits of a diversified brand portfolio and expressed confidence in the company's position for future growth despite macroeconomic uncertainties [21][23].

Core Viewpoint - Weyco Group, Inc. is set to announce its fourth quarter and full year 2024 financial results on March 4, 2025, followed by a conference call on March 5, 2025, to discuss these results in detail [1]. Company Overview - Weyco Group, Inc. designs and markets quality and innovative footwear primarily for men, but also for women and children, under well-recognized brand names such as Florsheim, Nunn Bush, Stacy Adams, BOGS, Rafters, and Forsake [4]. - The company's products are available in leading footwear, department, and specialty stores, as well as on e-commerce platforms globally [4]. - Weyco Group operates Florsheim concept stores in the United States, Australia, and various international markets [4].

Sales Performance - Consolidated net sales for Q3 2024 were $74.3 million, down 12% from $84.2 million in Q3 2023[49] - BOGS net sales decreased by 18% for the quarter, with e-commerce sales down 31% due to mild and dry weather conditions[41] - North American Wholesale segment net sales were $61.1 million, a 12% decline compared to $69.5 million in the same quarter last year[54] - Retail sales fell by 5% for the quarter, primarily driven by the decrease in BOGS e-commerce sales[47] - Year-to-date consolidated net sales for 2024 were $209.8 million, down 12% from $237.5 million in 2023[50] - Florsheim brand sales increased by 1% in Q3 2024, while Stacy Adams and Nunn Bush saw declines of 17% and 20%, respectively[43] - Florsheim Australia's net sales were $6.0 million in Q3 2024, down 15% from $7.1 million in Q3 2023, primarily due to the closure of Asia Pacific operations[65] Earnings and Expenses - Earnings from operations for Q3 2024 totaled $10.2 million, down 18% from $12.4 million in Q3 2023[49] - Wholesale operating earnings totaled $9.4 million for the quarter, down 16% from $11.3 million in the same quarter last year[58] - Retail selling and administrative expenses totaled $4.0 million in both Q3 2024 and Q3 2023, but as a percent of net sales, these expenses increased to 56% from 53%[62] Gross Earnings and Margins - Gross earnings as a percentage of net sales improved to 44.3% in Q3 2024 from 43.0% in Q3 2023, mainly due to higher gross margins in the Wholesale segment[49] - Retail gross earnings as a percent of net sales improved to 66.9% in Q3 2024 from 65.4% in Q3 2023[61] Cash and Investments - Cash and marketable securities totaled $81.8 million as of September 30, 2024, with no debt outstanding[51] - Interest income increased to $0.9 million in Q3 2024 from $0.3 million in Q3 2023, driven by higher cash balances[68] - Cash generated from operations was $17.3 million in the first nine months of 2024, a decrease from $62.9 million in the same period last year[71] - Dividends paid totaled $9.6 million in the first nine months of 2024, compared to $9.3 million in 2023[72] - Capital expenditures totaled $0.9 million in the first nine months of 2024, with an estimated total for the year between $1.0 million and $2.0 million[74] - The company has a maximum available borrowing limit of $40.0 million under the amended credit agreement, with no outstanding borrowings as of September 30, 2024[75] Strategic Focus - The company is focusing on reducing weather sensitivity in the BOGS business by expanding sales efforts in the Farm & Agriculture trade channel[42]

Group 1 - Weyco Group, Inc. (NASDAQ: WEYS) reported challenging Q3 2024 earnings but announced a one-time $2 dividend for shareholders of record as of November 18, 2024 [1] - The announcement of the dividend coincided with a post-election rally, which may influence investor sentiment [1] - The investment approach discussed focuses on operational aspects and long-term earnings potential rather than market-driven dynamics [1] Group 2 - The article emphasizes the importance of understanding competitive dynamics within industries for making informed investment decisions [1] - It highlights that most investment calls will be holds, indicating a cautious approach to buying opportunities [1] - The article aims to provide valuable information for future investors while maintaining a skeptical view of a bullish market [1]

Core Insights - Weyco Group, Inc. reported a decline in earnings per share (EPS) to 84 cents for Q3 2024, down from 98 cents in the same quarter last year, representing a decrease of approximately 14% [1] - Net sales for the quarter totaled $74.3 million, reflecting a 12% decrease from $84.2 million in Q3 2023, indicating challenges in key markets due to reduced consumer demand and unseasonably warm weather [2][3] Financial Performance - Operating earnings declined 18% to $10.2 million, down from $12.4 million in the prior-year period, primarily due to lower sales volumes [7] - Gross earnings as a percentage of net sales improved slightly to 44.3% from 43% in Q3 2023, attributed to stringent cost control measures [5] - Interest income increased to $0.9 million from $0.3 million in Q3 2023, benefiting from higher cash balances [6] Segment Performance - In the North American wholesale segment, net sales were $61.1 million, a 12% decrease compared to $69.5 million in Q3 2023, with significant declines in Nunn Bush (20%), Stacy Adams (17%), and BOGS (18%) brands [8] - The Florsheim brand showed resilience with a 1% increase in sales, and gross earnings for the wholesale segment rose to 40.1% of net sales from 38.6% in Q3 2023 [9] - The North American retail segment generated $7.2 million in net sales, down 5% from $7.6 million in the previous year, with improved sales on Florsheim and Stacy Adams websites partially offsetting lower BOGS sales [10] Other Operations - Weyco's Australian and South African operations reported Q3 2024 net sales of $6 million, down 15% from $7.1 million in Q3 2023, primarily due to the cessation of Asia-Pacific operations [12][13] Balance Sheet Update - As of September 30, 2024, cash and cash equivalents totaled $75.5 million, up from $69.3 million at the end of December 2023, with total assets amounting to $314.7 million [14] Cash Flow and Dividends - Net cash provided by operating activities declined significantly to $17.3 million for the first nine months of 2024, compared to $62.9 million in the same period of 2023 [15] - The Board of Directors announced a special one-time cash dividend of $2.00 per share, alongside the regular quarterly cash dividend of 26 cents per share, reflecting a commitment to returning capital to shareholders [16]

MILWAUKEE, Nov. 05, 2024 (GLOBE NEWSWIRE) -- Weyco Group, Inc. (NASDAQ: WEYS) (the “Company”) announced that today its Board of Directors declared a special one-time cash dividend of $2.00 per share, for a total of approximately $19.0 million based on the number of shares currently outstanding. The dividend will be paid on January 2, 2025, to shareholders of record at the close of business on November 18, 2024. “We are pleased to announce this return of capital to shareholders,” stated Thomas W. Florsheim, ...

MILWAUKEE, Nov. 05, 2024 (GLOBE NEWSWIRE) -- Weyco Group, Inc. (NASDAQ: WEYS) (“we,” “our,” “us” and the “Company”) today announced financial results for the quarter ended September 30, 2024. Third Quarter 2024 Overview Net sales: $74.3 million (down 12% compared to $84.2 million in Q3 2023)Gross earnings: 44.3% of net sales (up from 43.0% of net sales in Q3 2023)Earnings from operations: $10.2 million (down 18% compared to $12.4 million in Q3 2023)Net earnings: $8.1 million (down 14% compared to $9.3 milli ...

Milwaukee, WI, Oct. 11, 2024 (GLOBE NEWSWIRE) -- WEYCO Group, Inc. (NASDAQ: WEYS), a global marketer of footwear, plans to announce third quarter 2024 financial results after the close on Tuesday, November 5, 2024. Additionally, Thomas W. Florsheim, Jr., Chairman and CEO, will host a conference call on Wednesday, November 6, 2024, at 11:00 a.m. Eastern Time to discuss the financial results in more detail. To participate in the call, you will first need to pre-register online. Pre-registration takes only a f ...