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Weyco (WEYS) - 2022 Q2 - Quarterly Report
2022-08-08 15:38
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, 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 its ch ...
Weyco (WEYS) - 2022 Q2 - Earnings Call Transcript
2022-08-07 02:59
Financial Data and Key Metrics Changes - Overall net sales reached a record $74.4 million, up 29% from $57.6 million in Q2 2021 [5] - Consolidated gross earnings were 40% of net sales, an increase from 39.4% in the previous year [5] - Earnings from operations rose 25% to $5.7 million from $4.5 million in Q2 2021 [5] - Quarterly net earnings increased to a record $4.5 million or $0.47 per diluted share, compared to $3.8 million or $0.39 per diluted share in 2021 [5] Business Line Data and Key Metrics Changes - North American wholesale segment net sales were a record $59 million, up 41% from $41.9 million in 2021 [6] - Wholesale gross earnings improved to 33.7% of net sales, up from 32.4% in 2021 [6] - North American retail segment net sales reached a record $7.4 million, up 20% from $6.2 million in Q2 2021 [7] - Retail gross earnings as a percentage of net sales were 67.4%, up from 65.6% in the previous year [8] - Other operations, primarily Florsheim Australia, reported net sales of $8 million, down 16% from $9.5 million in Q2 2021 [10] Market Data and Key Metrics Changes - Florsheim Australia experienced a 4% decline in net sales, but local currency sales were up 4% [21] - The overall inventory level was $95.5 million as of June 30, 2022, compared to $39.4 million at the end of June 2021 [22] - Approximately 40% of the inventory was in transit, with 60% on hand in the distribution center [23] Company Strategy and Development Direction - The company is focused on building inventory levels to meet increased demand for products [24] - A price increase was instituted in July to return gross margins to historical levels [24] - The company is retooling the Forsake brand and diversifying its factory base to improve product availability [31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the wholesale business, with a 41% sales increase compared to last year [15] - There is optimism regarding holiday sales and the second half of the year despite mixed feedback from retailers about back-to-school sales [30] - Supply chain issues are still present but have improved, with expectations for better product availability in the future [32] Other Important Information - The company declared a cash dividend of $0.24 per share, payable on September 30, 2022 [13] - The company repurchased $2.5 million of its stock during the quarter, totaling 29,600 shares [36] Q&A Session Summary Question: Feedback from retailers regarding the shoe category amid high inflation - Management noted mixed feedback from retailers about the back-to-school season, attributing it to various factors including weather and online shopping convenience [29] Question: Insights on holiday sales - Retailers remain optimistic about holiday sales and the second half of the year [30] Question: Issues with Forsake brand - Management explained that supply chain issues and the need to diversify manufacturing have delayed product availability, with a relaunch planned for fall 2023 [31] Question: Status of supply chain issues - Progress has been made, but supply chain issues are not completely resolved [32] Question: Details on stock buyback - The buyback during the quarter amounted to 29,600 shares for $2.5 million [36]
Weyco (WEYS) - 2022 Q1 - Quarterly Report
2022-05-09 20:15
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 March 31, 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 its c ...
Weyco (WEYS) - 2022 Q1 - Earnings Call Transcript
2022-05-07 22:46
Weyco Group, Inc. (NASDAQ:WEYS) Q1 2022 Earnings Conference Call May 4, 2022 11:00 AM ET Company Participants John Wittkowske - CFO Tom Florsheim - Chairman and CEO John Florsheim - President and COO Conference Call Participants David Wright - Henry Investment John Deysher - Pinnacle Operator Thank you for standing by, and welcome to Weyco Group’s First Quarter 2022 Earnings Conference Call [Operator Instructions]. Please be advised that today’s call may be recorded [Operator Instructions]. I would now lik ...
Weyco (WEYS) - 2021 Q4 - Annual Report
2022-03-11 17:43
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, 2021, or ◻ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 333 W. Estabrook Boulevard, P. O. Box 1188, Milwaukee, WI 53201 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (414) 908-1600 Se ...
Weyco (WEYS) - 2021 Q4 - Earnings Call Transcript
2022-03-09 19:59
Weyco Group, Inc. (NASDAQ:WEYS) Q4 2021 Earnings Conference Call March 9, 2022 11:00 AM ET Company Participants Thomas W. Florsheim Jr – Chairman and Chief Executive Officer John F. Wittkowske – Senior Vice President and Chief Financial Officer John Florsheim – Vice President and Chief Operating Officer Conference Call Participants John E. Deysher – Pinnacle Operator Thank you for standing by and welcome to Weyco Group's Fourth Quarter 2021 Earnings Conference Call. At this time, all participants are in a l ...
Weyco (WEYS) - 2021 Q3 - Quarterly Report
2021-11-09 20:34
(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, 2021 Or ◻ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________________ to _____________________________ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q Commission File Number: 000-09068 WEYCO GROUP, INC. (Exact name of registrant as specified in i ...
Weyco (WEYS) - 2021 Q3 - Earnings Call Transcript
2021-11-08 14:46
Weyco Group, Inc. (NASDAQ:WEYS) Q3 2021 Earnings Conference Call November 3, 2021 11:00 AM ET Company Participants John Wittkowske - Senior Vice President and Chief Financial Officer Thomas Florsheim - Chairman and Chief Executive Officer Conference Call Participants Operator Good day and thank you for standing by. Welcome to the Weyco Group Third Quarter of 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and ...
Weyco (WEYS) - 2021 Q2 - Quarterly Report
2021-08-09 19:12
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, 2021 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) - 2021 Q2 - Earnings Call Transcript
2021-08-07 17:45
Weyco Group, Inc. (NASDAQ:WEYS) Q2 2021 Results Conference Call August 4, 2021 11:00 AM ET Company Participants John Wittkowske - Chief Financial Officer Tom Florsheim - Chairman and CEO John Florsheim - President and COO Conference Call Participants JW Milligan - Woodworth Operator Good day, and thank you for standing by. Welcome to the Weyco Group Second Quarter 2021 Earnings Release Conference Call. [Operator Instructions] I would now like to hand the conference over to your speaker today, Mr. John Witt ...