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, ...

Core Viewpoint - Weyco Group, Inc. reported a decline in net sales and earnings for the third quarter of 2024, primarily due to lower consumer demand and a shift in shipment timing for key brands [2][10]. Financial Performance - Net sales for Q3 2024 were $74.3 million, down 12% from $84.2 million in Q3 2023 [2]. - Gross earnings as a percentage of net sales increased to 44.3%, up from 43.0% in Q3 2023 [2]. - Earnings from operations decreased to $10.2 million, down 18% from $12.4 million in Q3 2023 [2]. - Net earnings were $8.1 million, a 14% decrease from $9.3 million in Q3 2023 [2]. - Diluted earnings per share fell to $0.84, down from $0.98 in Q3 2023 [2]. North American Wholesale Segment - Net sales in the wholesale segment were $61.1 million, down 12% from $69.5 million in Q3 2023, attributed to lower sales of Nunn Bush, Stacy Adams, and BOGS brands [2]. - Nunn Bush sales decreased by 20%, while Stacy Adams sales were down 17% due to lower demand [2]. - Florsheim's sales increased by 1% in Q3 2024 [2]. - Wholesale gross earnings as a percentage of net sales increased to 40.1% from 38.6% in the previous year [4]. North American Retail Segment - Retail segment net sales were $7.2 million, down 5% from $7.6 million in Q3 2023, with lower sales on the BOGS website offset by higher sales on Florsheim and Stacy Adams websites [5]. - Retail gross earnings as a percentage of net sales improved to 66.9% from 65.4% in Q3 2023 [6]. Other Operations - Net sales from Florsheim Australia were $6.0 million, down 15% from $7.1 million in Q3 2023, primarily due to the closure of Asia Pacific operations [8]. - Sales in Australia decreased by 1%, but same-store sales were up 1% for the quarter [8][9]. Other Income / Expense - Interest income increased to $0.9 million in Q3 2024 from $0.3 million in Q3 2023, attributed to higher cash balances [10]. Dividend Declarations - The Board of Directors declared a regular quarterly cash dividend of $0.26 per share and a special one-time cash dividend of $2.00 per share, both payable on January 2, 2025 [11][12].

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 ...

Group 1 - Weyco Group, Inc. has recently launched new hybrid and athleisure styles, contributing to significant online revenue growth [1] - The company has established connections with various retailers in the United States, enhancing its market presence [1] Group 2 - The analyst expresses a beneficial long position in Weyco Group shares, indicating confidence in the company's performance [2] - The article reflects the author's personal opinions and does not involve compensation from any company mentioned [2]

Weyco Group, Inc. (WEYS) reported its financial results for the second quarter ended Jun 30, 2024. Earnings per share (EPS) of 59 cents indicates an improvement from 50 cents in the prior-year quarter. Net sales of $63.9 million denoted a 5% decrease from $67 million in the second quarter of 2023 due to mixed performances across different segments and brands. The Wholesale segment showed resilience, and the Retail segment maintained steady sales but faced higher expenses. The cessation of operations in the ...