Weyco (WEYS)
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Weyco (WEYS) - 2020 Q4 - Earnings Call Transcript
2021-03-10 18:58
Financial Data and Key Metrics Changes - Net sales for Q4 2020 were $62 million, down from $86.9 million in Q4 2019, representing a decrease of approximately 29% [7] - Operating earnings for Q4 2020 were $7.9 million compared to $11.5 million in Q4 2019, a decline of about 31% [7] - Net earnings totaled $5.1 million in Q4 2020, down from $8.8 million in the same quarter last year [8] - For the full year 2020, net sales were $195.4 million, down from $304 million in 2019, a decrease of approximately 36% [14] - The company reported a net loss of $8.5 million or $0.87 per diluted share in 2020, compared to net earnings of $20.9 million or $2.10 per diluted share in 2019 [15] Business Line Data and Key Metrics Changes - In the North American wholesale segment, Q4 2020 net sales were $46.2 million, down from $68.8 million in Q4 2019 [8] - The North American retail segment had net sales of $8.7 million in Q4 2020, slightly down from $9.1 million in Q4 2019, but retail operating earnings increased to $2.7 million from $1.5 million [10][11] - Other operations, including Florsheim Australia and Florsheim Europe, reported net sales of $7.1 million in Q4 2020, down from $9 million in 2019 [12] Market Data and Key Metrics Changes - E-commerce sales increased by 15% in Q4 2020 and 9% for the full year, driven by a shift to online shopping during the pandemic [11][29] - BOGS outdoor brand sales increased by 5% in Q4 2020, while sales volumes for men's legacy brands decreased due to the pandemic [9] Company Strategy and Development Direction - The company is focusing on e-commerce growth and has closed unprofitable retail stores, currently operating only four brick-and-mortar locations [29] - There is an emphasis on diversifying the product mix, particularly in the BOGS brand, which has seen strong demand for outdoor products [26] - The company plans to continue reducing inventory levels to align with sales and transition to more casual product offerings [33] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for a potential recovery in the second half of 2021, contingent on vaccination rollouts and a return to normal activities [25][34] - The company is cautious about credit risks among customers but sees a strong backlog for the BOGS brand [44] - Supply chain issues remain, particularly with container shortages, but overall supply chain operations are back to normal [52] Other Important Information - The company generated $40 million in cash from operations in 2020, used for dividends, debt repayment, and stock repurchases [23] - The Board of Directors declared a quarterly cash dividend of $0.24 per share, payable on March 31, 2021 [23] Q&A Session Summary Question: What is the tone of your customer base regarding credit issues? - Management noted lingering credit issues but indicated they are better than during the height of the pandemic, with careful monitoring in place [43] Question: Is the expected improvement in the second half driven by firm orders or vaccine hopes? - The improvement is based on a strong backlog for BOGS and expectations of increased demand as vaccinations progress [44] Question: How is the supply chain performing currently? - The supply chain is largely back to normal, though there are container shortages affecting delivery times [52] Question: What percentage of imports comes from China? - Approximately 70% of imports are sourced from China, with ongoing efforts to diversify sourcing [58] Question: Are there any significant impacts from tariffs on Chinese imports? - Tariffs remain in place, reduced from 15% to 7.5% on leather products, but still present a cost challenge [60]
Weyco (WEYS) - 2020 Q3 - Quarterly Report
2020-11-09 21:58
(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, 2020 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q 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 ...
Weyco (WEYS) - 2020 Q3 - Earnings Call Transcript
2020-11-04 19:10
Weyco Group, Inc. (NASDAQ:WEYS) Q3 2020 Earnings Conference Call November 4, 2020 11:00 AM ET Company Participants John Wittkowske – Senior Vice President, Chief Financial Officer and Secretary Tom Florsheim – Chairman and Chief Executive Officer John Florsheim – President and Chief Operating Officer Conference Call Participants John Deysher – Pinnacle Operator Ladies and gentlemen, thank you for standing by and welcome to the Third Quarter 2020 Earnings Release Conference Call. At this time, all participan ...
Weyco (WEYS) - 2020 Q2 - Quarterly Report
2020-08-10 20:25
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, 2020 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) - 2020 Q2 - Earnings Call Transcript
2020-08-09 09:30
Weyco Group, Inc. (NASDAQ:WEYS) Q2 2020 Earnings Conference Call August 5, 2020 11:00 AM ET Company Participants John Wittkowske - Chief Financial Officer Tom Florsheim - Chairman & Chief Executive Officer Conference Call Participants John Deysher - Pinnacle Operator Good day, ladies and gentlemen and thank you for standing by. Welcome to the Second Quarter 2020 Earnings Release Conference Call for Weyco Group. At this time, all participants are in a listen-only mode. After the speakers' presentation, there ...
Weyco (WEYS) - 2020 Q1 - Quarterly Report
2020-05-11 18:28
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 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 charter) WISCONSIN 39-0702200 (State or other jurisdicti ...
Weyco (WEYS) - 2020 Q1 - Earnings Call Transcript
2020-05-09 22:20
Weyco Group, Inc. (NASDAQ:WEYS) Q1 2020 Results Conference Call May 6, 2020 11:00 AM ET Company Participants John Wittkowske - CFO Tom Florsheim - Chairman and CEO John Florsheim - President and COO Conference Call Participants John Deysher - Pinnacle Operator Good day, ladies and gentlemen, and welcome to the Weyco Group First Quarter 2020 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 session ...
Weyco (WEYS) - 2019 Q4 - Annual Report
2020-03-12 18:20
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-K x Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2019, 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 charter) Wisconsin 39-0702200 (State or ...
Weyco (WEYS) - 2019 Q4 - Earnings Call Transcript
2020-03-11 17:49
Weyco Group, Inc. (NASDAQ:WEYS) Q4 2019 Earnings Conference Call March 11, 2020 11:00 AM ET Company Participants John Wittkowske - Chief Financial Officer Tom Florsheim, Jr. - Chairman & Chief Executive Officer John Florsheim - President & Chief Operating Officer Conference Call Participants John Deysher - Bertolet Capital Trust Operator Good morning, and welcome to the fourth quarter and full year 2019 Earnings Release Conference Call. My name is Zanera, and I'll be the operator for today's call. At this t ...
Weyco (WEYS) - 2019 Q3 - Earnings Call Transcript
2019-11-08 16:26
Financial Data and Key Metrics Changes - Net sales for Q3 2019 were $82.5 million, up 5% from $78.4 million in Q3 2018 [6] - Operating earnings increased to $8.5 million, a 5% rise compared to $8 million last year [7] - Net earnings attributable to Weyco Group rose 5% to $6.6 million, up from $6.3 million [8] - Diluted earnings per share were $0.66 this quarter, compared to $0.60 last year [9] Business Line Data and Key Metrics Changes - North American wholesale segment net sales were $67.8 million, up 7% from $63.2 million in 2018 [9] - Licensing revenues increased to $630,000 this quarter from $531,000 last year [10] - Retail segment net sales, including retail stores and U.S. e-commerce, were $5.2 million, up 4% from $4.9 million [11] - Operating earnings for the retail segment decreased to $365,000 from $428,000 last year [12] - Other operations, including Florsheim Australia and Florsheim Europe, had net sales of $9.5 million, down 7% from $10.3 million [13] Market Data and Key Metrics Changes - Florsheim business saw a 22% increase in sales, reflecting strong retail sell-throughs [21] - BOGS brand sales increased by 12% in North America [22] - Nunn Bush sales declined by 2%, primarily due to challenges in the department store channel [23] - Stacy Adams experienced a 5% sales decline, mainly from the off-price channel [24] - Overseas business was down 7%, with a 9% decrease in Florsheim Australia [26] Company Strategy and Development Direction - The company is focused on mitigating tariff impacts by negotiating price increases with customers and reductions from suppliers [15][16] - There is an ongoing effort to diversify the supply chain and transfer some products to offset increased duties [30] - The company is investing in e-commerce growth as a key dimension of its business model [25] Management's Comments on Operating Environment and Future Outlook - Management noted that the tariff had a minimal impact on Q3 2019 results, but future impacts on gross margins and overall financials remain uncertain [16] - The company is optimistic about the momentum of the Florsheim business and plans to reset the international business for improved performance in 2020 [27] Other Important Information - Cash and marketable securities totaled $32.1 million, with $16.9 million outstanding on a $60 million line of credit [17] - The company declared a cash dividend of $0.24 per share, payable on January 2, 2020 [18] - Inventory levels increased to $81 million from $60 million year-over-year, driven by a strategy to stock up ahead of tariff impositions [28] Q&A Session Summary - No questions were raised during the Q&A session [32]