Weyco Reports Fourth Quarter And Full Year 2019 Results

About this update from Weyco Group, Inc.

[{"type":"text","content":"MILWAUKEE, March 10, 2020 /PRNewswire/ -- Weyco Group, Inc. (NASDAQ: WEYS) (the \"Company\") today announced financial results for the quarter and year ended December 31, 2019.\nFOURTH QUARTERNet sales for the fourth quarter of 2019 were $86.9 million, down 3% compared to fourth quarter 2018 net sales of $89.6 million. Earnings from operations were $11.5 million in the fourth quarter of 2019, down 3% compared to $11.9 million in the fourth quarter of 2018. Net earnings attributable to the Company totaled $8.8 million for the quarter, a decrease of 8% compared to $9.6 million in last year's fourth quarter. Diluted earnings per share were $0.90 per share in the fourth quarter of 2019, and $0.93 per share in the fourth quarter of 2018. \nNet sales in the North American wholesale segment, which include North American wholesale sales and licensing revenues, were $68.8 million in the fourth quarter of 2019, a decrease of 3% compared to $70.8 million in the fourth quarter of 2018. Within the wholesale segment, net sales of the Stacy Adams brand were down 11% due mainly to lower sales with national shoe chains and department stores. Net sales of the Nunn Bush brand were down 7% due primarily to lower sales to department stores, partially offset by higher sales to e-commerce retailers. Net sales of the BOGS brand were down 5% for the quarter due to lower sales in Canada as a result of the mild start to the winter. These sales decreases were partially offset by a 9% increase in sales of the Florsheim brand due to increases across most major distribution channels. Licensing revenues were $1.1 million in the fourth quarter of 2019 and $734,000 in last year's fourth quarter. \nGross earnings for the wholesale segment were 40.4% of net sales in the fourth quarter of 2019 compared to 40.0% of net sales in the fourth quarter of 2018. Despite the decrease in fourth quarter sales, wholesale earnings from operations increased 5% to $10.9 million for the quarter, compared to $10.4 million in last year's fourth quarter. This increase was largely the result of lower selling and administrative expenses.\nNet sales in the North American retail segment, which include sales from the Company's Florsheim retail stores and its e-commerce businesses in the United States, were $9.1 million in the fourth quarter of 2019, up 11% compared to $8.2 million in last...

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