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Weyco Reports Third Quarter 2024 Sales and Earnings; Declares Special Cash Dividend of $2.00 Per Share
Weyco Weyco (US:WEYS) GlobeNewswire News Roomยท2024-11-05 21:05

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].