Business
Weyco Reports Fourth Quarter And Full Year 2022 Results
MILWAUKEE, March 07, 2023 (GLOBE NEWSWIRE) -- Weyco Group, Inc. (NASDAQ: WEYS) (“we,” “our,” “us” and the “Company”) today announced financial results for the
About this update from Weyco Group, Inc.
[{"type":"text","content":"MILWAUKEE, March 07, 2023 (GLOBE NEWSWIRE) -- Weyco Group, Inc. (NASDAQ: WEYS) (“we,” “our,” “us” and the “Company”) today announced financial results for the quarter and year ended December 31, 2022. Fourth Quarter 2022Consolidated net sales were $99.0 million, down 2% from $101.4 million in the fourth quarter of 2021. Consolidated gross earnings increased to 46.6% of net sales compared to 40.2% of net sales in last year’s fourth quarter, due to higher gross margins in our North American wholesale segment. Quarterly operating earnings rose to a record $15.1 million, up 18% compared to $12.8 million in the fourth quarter of 2021. Fourth-quarter 2022 net earnings were $10.2 million, or $1.06 per diluted share, compared to $10.3 million, or $1.07 per diluted share, last year. North American Wholesale Segment Fourth quarter wholesale net sales totaled $75.5 million in 2022, down 6% from $79.9 million in 2021. Last year’s fourth quarter sales were abnormally high due to supply chain delays which caused some third quarter orders to ship in the fourth quarter. BOGS and Florsheim’s net sales both declined 14% for the quarter, compared to record fourth quarter sales for the two brands last year. Nunn Bush sales rose 18% over last year’s fourth quarter largely due to strong consumer demand. Net sales of the Stacy Adams brand increased 5%. Wholesale gross earnings were 41.3% of net sales for the quarter compared to 33.7% of net sales in last year’s fourth quarter. Gross margins returned to pre-pandemic levels as a result of selling price increases implemented to address higher costs. Selling and administrative expenses were $20.5 million, or 27% of net sales, for the quarter, compared to $17.5 million, or 22% of net sales, last year. The increase in 2022 was primarily due to higher advertising and pension expenses. Operating earnings rose to $10.7 million for the quarter, up 14% over $9.4 million in last year’s fourth quarter, due mainly to higher gross margins. North American Retail Segment Retail net sales were a record $14.3 million, up 6% compared to $13.5 million in the fourth quarter of 2021. The increase was primarily due to higher sales on the Florsheim website. Sales at our four domestic brick and mortar stores were also up collectively for the quarter. Retail gross earnings as a percent of net sales were 64.5% and 66.2% in the f...