Weyco (US:WEYS)2025-03-04 21:05Financial 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]