Weyco Reports Fourth Quarter and Full Year 2024 Results

About this update from Weyco Group, Inc.

[{"type":"text","content":"MILWAUKEE, March 04, 2025 (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, 2024.","length":200,"tagName":"p"},{"type":"text","content":"Fourth Quarter 2024 Overview","length":28,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Net sales: $80.5 million (flat with Q4 2023)","length":44,"tagName":"p"}]},{"val":[{"type":"text","content":"Gross earnings: 47.9% of net sales (down compared to 50.3% of net sales in Q4 2023)","length":83,"tagName":"p"}]},{"val":[{"type":"text","content":"Earnings from operations: $11.5 million (flat with Q4 2023)","length":59,"tagName":"p"}]},{"val":[{"type":"text","content":"Net earnings: $10.0 million (up 17% compared to $8.5 million in Q4 2023)","length":72,"tagName":"p"}]},{"val":[{"type":"text","content":"Diluted earnings per share: $1.04 (up from $0.90 in Q4 2023)","length":60,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":318,"olType":false},{"type":"text","content":"North American Wholesale Segment Net sales in our wholesale segment totaled $60.4 million in the fourth quarter of 2024, up 1% compared to $59.6 million in the fourth quarter of 2023. Higher sales of our Florsheim and Nunn Bush brands were mostly offset by lower sales of BOGS and Stacy Adams this quarter. Florsheim’s sales were up 22%, driven by increased sales of dress and hybrid footwear. Nunn Bush sales were up 4%, due to higher sales with department stores and off-price retailers. BOGS sales were down 17% for the quarter, as at-once demand during the brand’s key season was stifled by warm, dry weather. Stacy Adams sales were down 8%, reflecting soft demand in the dress category.","length":692,"tagName":"p"},{"type":"text","content":"Wholesale gross earnings as a percent of net sales were 42.4% and 44.9% in the fourth quarters of 2024 and 2023, respectively. Wholesale selling and administrative expenses were $16.7 million, or 28% of net sales, for the quarter compared to $18.9 million, or 32% of net sales, last year. The fourth-quarter expense decrease was mainly due to lower advertising and employee costs. Wholesale operating earnings increased 14% to $8.9 million for the quarter, from $7.9 million in 2023, due to higher sales and lower expenses.","length":523,"tagName":"p"}...

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