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Weyco Reports Fourth Quarter and Full Year 2024 Results
WEYSWeyco (WEYS) GlobeNewswire·2025-03-04 21:05

Core Insights - Weyco Group, Inc. reported its financial results for the fourth quarter and full year ended December 31, 2024, highlighting mixed performance across its segments and brands [1][11]. Fourth Quarter 2024 Overview - North American wholesale segment net sales reached 60.4million,a160.4 million, a 1% increase from 59.6 million in Q4 2023, driven by a 22% increase in Florsheim sales, while BOGS and Stacy Adams saw declines of 17% and 8% respectively [3][4]. - Retail segment net sales were 14.1million,up114.1 million, up 1% from 13.9 million in Q4 2023, primarily due to increased direct-to-consumer sales of BOGS and Florsheim [5][6]. - Florsheim Australia reported net sales of 6.0million,down156.0 million, down 15% from 7.2 million in Q4 2023, attributed to the closure of Asia Pacific operations [8][9]. Full Year 2024 Overview - Total net sales for 2024 were 290.3million,a9290.3 million, a 9% decrease from 318.0 million in 2023, with wholesale net sales down 9% to 227.9million[12][22].−Retailsegmentachievedrecordnetsalesof227.9 million [12][22]. - Retail segment achieved record net sales of 38.7 million, a 2% increase from 38.0millionin2023,drivenbyhigherdirect−to−consumersales[15][16].−FlorsheimAustralianetsalestotaled38.0 million in 2023, driven by higher direct-to-consumer sales [15][16]. - Florsheim Australia net sales totaled 23.6 million, down 20% from 29.6millionin2023,witha1029.6 million in 2023, with a 10% decline in sales in Australia due to fewer operating retail stores [17][18]. Earnings and Expenses - Gross earnings as a percentage of net sales were 45.3% for 2024, up from 44.9% in 2023, while earnings from operations decreased by 11% to 36.6 million [22]. - Retail operating earnings fell 21% to 5.3millionin2024,primarilyduetoincreasedsellingandadministrativeexpenses[16].−Interestincomeincreasedto5.3 million in 2024, primarily due to increased selling and administrative expenses [16]. - Interest income increased to 3.7 million in 2024 from $1.1 million in 2023, reflecting higher cash balances [19]. Future Outlook - The company faces increased costs due to new tariffs imposed on goods sourced from China and is negotiating price reductions with suppliers to mitigate these impacts [20]. - The CEO emphasized the benefits of a diversified brand portfolio and expressed confidence in the company's position for future growth despite macroeconomic uncertainties [21][23].