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Weyco (WEYS) - 2023 Q4 - Annual Results
2024-03-05 21:05
Exhibit 99.1 WEYCO REPORTS FOURTH QUARTER AND FULL YEAR 2023 RESULTS Milwaukee, Wisconsin---March 5, 2024---Weyco Group, Inc. (NASDAQ: WEYS) ("we," "our," "us" and the "Company") today announced financial results for the quarter and year ended December 31, 2023. Fourth Quarter 2023 Consolidated net sales were $80.6 million, down 19% from $99.0 million in the fourth quarter of 2022. Consolidated gross earnings increased to 50.3% of net sales compared to 46.6% of net sales in last year's fourth quarter, due m ...
Weyco (WEYS) - 2023 Q3 - Quarterly Report
2023-11-09 17:01
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 Commission File Number: 000-09068 WEYCO GROUP, INC. (Exact name of registrant as specified in its charter) WISCONSIN 39-0702200 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________________ ...
Weyco (WEYS) - 2023 Q3 - Earnings Call Transcript
2023-11-08 18:03
Weyco Group, Inc. (NASDAQ:WEYS) Q3 2023 Earnings Conference Call November 8, 2023 11:30 AM ET Company Participants Judy Anderson - CFO Tom Florsheim - Chairman & CEO John Florsheim - President & COO Conference Call Participants John Deysher - Pinnacle Operator Good day and thank you for standing by. Welcome to the Weyco Group Third Quarter 2023 Earnings Release Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer ses ...
Weyco (WEYS) - 2023 Q2 - Quarterly Report
2023-08-09 18:43
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________________ to _____________________________ Commission File Number: 000-09068 WEYCO GROUP, INC. (Exact name of registrant as specified in its ch ...
Weyco (WEYS) - 2023 Q2 - Earnings Call Transcript
2023-08-02 17:05
Weyco Group, Inc. (NASDAQ:WEYS) Q2 2023 Earnings Conference Call August 2, 2023 11:00 AM ET Company Participants Judy Anderson - Vice President, Chief Financial Officer and Secretary Tom Florsheim - Chairman and Chief Executive Officer Operator Good day, and thank you for standing by. Welcome to the Weyco Group Second Quarter 2023 Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] P ...
Weyco (WEYS) - 2023 Q1 - Quarterly Report
2023-05-10 18:35
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________________ to _____________________________ Commission File Number: 000-09068 WEYCO GROUP, INC. (Exact name of registrant as specified in its charter) WISCONSIN 39-0702200 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 333 W. Esta ...
Weyco (WEYS) - 2023 Q1 - Earnings Call Transcript
2023-05-06 15:28
Financial Data and Key Metrics Changes - Net sales for Q1 2023 reached a record $86.3 million, up 6% from $81.4 million in Q1 2022 [5] - Consolidated gross earnings increased to 43.1% of net sales compared to 35.8% in the previous year [5] - Operating earnings were a record $10.4 million, up more than 90% from $5.4 million in Q1 2022 [6] - Net earnings were a record $7.4 million or $0.78 per diluted share, up 84% from $4.1 million or $0.42 per diluted share in 2022 [6] Business Line Data and Key Metrics Changes - North American wholesale segment net sales reached a record $69.9 million, up 4% from $67.1 million in 2022, driven by higher unit selling prices despite a 5% decrease in pairs shipped [7] - Florsheim brand sales grew by 15% for the quarter, achieving record quarterly sales [7] - North American retail segment net sales were a record $8.9 million, up from $7.9 million in 2022, primarily due to higher online sales [9] - Other operations, including Florsheim Australia, reported net sales of $7.5 million, up 17% compared to $6.4 million in 2022 [12] Market Data and Key Metrics Changes - Florsheim Australia's net sales increased by 17% for the quarter, with a 24% increase in local currency [25] - The overall inventory as of March 31, 2023, was $107 million, down from $128 million at December 31, 2022, indicating normalized supply chain conditions [26] Company Strategy and Development Direction - The company aims to expand the Florsheim brand into the hybrid and everyday casual market while maintaining its position in the refined footwear category [17] - The management is optimistic about long-term prospects despite current economic uncertainties, focusing on maintaining a healthy profit margin and managing expenses [20][24] - The company plans to continue paying down debt while also considering acquisitions in the long run [32] Management's Comments on Operating Environment and Future Outlook - The management expressed satisfaction with the first quarter results despite a challenging retail environment, highlighting strong sales and earnings growth [16] - There is caution regarding near-term consumer spending, but confidence remains in the brand's strength and competitive position [20] - The company anticipates a rebound in sales growth for the BOGS brand in 2024 after a temporary slowdown [22] Other Important Information - The Board of Directors declared a cash dividend of $0.25 per share, a 4% increase from the previous rate of $0.24 [15] - Cash, short-term investments, and marketable securities totaled $30.7 million, with $20.6 million outstanding on a $50 million revolving line of credit [14] Q&A Session Summary Question: Dividend increase - A participant expressed gratitude for the modest increase in the dividend [27] Question: Cash management and investment - The CFO explained that excess cash is invested in low-risk marketable securities and emphasized the focus on paying off debt rather than reinvesting [27][29] Question: Interest income and capital management - The participant inquired about the balance between cash earning lower interest and the interest paid on debt [28] Question: Capital allocation methodology - The CEO discussed the approach to dividend payout ratios and stock buybacks, emphasizing the goal of maintaining free cash flow for potential acquisitions [32]
Weyco (WEYS) - 2022 Q4 - Annual Report
2023-03-13 20:03
☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ............... to ............... Commission file number 000-09068 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-K ☒ Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2022, or WEYCO GROUP, INC. (Exact name of registrant as specified in its charter) Wisconsin 39- ...
Weyco (WEYS) - 2022 Q4 - Earnings Call Transcript
2023-03-08 18:05
Weyco Group, Inc. (NASDAQ:WEYS) Q4 2022 Earnings Conference Call March 8, 2023 11:00 AM ET Company Participants Judy Anderson - CFO Thomas Florsheim - Chairman & CEO John Florsheim - President and COO Conference Call Participants John Deysher - Pinnacle David Wright - Henry Investment Trust Operator Good day, and thank you for standing by. Welcome to the Weyco Group Fourth Quarter 2022 Earnings Release Conference Call. At this time all participants are in a listen-only mode. After the speaker’s presentation ...
Weyco (WEYS) - 2022 Q3 - Quarterly Report
2022-11-07 15:13
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________________ to _____________________________ Commission File Number: 000-09068 WEYCO GROUP, INC. (Exact name of registrant as specified in i ...