Business
Weyco Reports Second Quarter 2024 Sales and Earnings
MILWAUKEE, Aug. 06, 2024 (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, Aug. 06, 2024 (GLOBE NEWSWIRE) -- Weyco Group, Inc. (NASDAQ: WEYS) (“we,” “our,” “us” and the “Company”) today announced financial results for the quarter ended June 30, 2024. Second Quarter 2024 Overview Net sales: $63.9 million (down 5% compared to $67.0 million in Q2 2023)Gross earnings: 43.9% of net sales (up from 43.3% of net sales in Q2 2023)Earnings from operations: $6.7 million (flat with Q2 2023)Net earnings: record $5.6 million (up 15% over previous record in Q2 2023)Diluted earnings per share: $0.59 (up from $0.50 in Q2 2023) North American Wholesale Segment Net sales in our wholesale segment were $50.2 million, down 2% from $51.5 million in the second quarter of 2023. Second-quarter sales of the Florsheim and Nunn Bush brands were up 3% and 8%, respectively, with the increase at Nunn Bush due partly to a timing shift of shipments to a large retailer from third to second quarter. Stacy Adams sales were down 10% for the quarter, mainly in the dress-shoe category. BOGS second-quarter sales were down 33%, as outdoor retailers continued to be cautious with orders after a recent period of oversaturation of inventories in the outdoor market. However, retailer inventory levels are starting to normalize, and we believe BOGS demand will improve as we enter the prime selling season for the brand in the back half of the year. Wholesale gross earnings were 38.2% of net sales compared to 37.0% of net sales last year. Gross margins improved as a result of lower inventory costs. Wholesale selling and administrative expenses totaled $13.4 million for the quarter compared to $13.7 million last year. As a percent of net sales, wholesale selling and administrative expenses were flat at 27% in both 2024 and 2023. Wholesale operating earnings totaled $5.8 million for the quarter, up 8% from $5.4 million in 2023, primarily due to the impact of higher gross margins. North American Retail Segment Net sales in our retail segment, which were generated mainly by our e-commerce websites, were flat at $7.6 million in both the second quarters of 2024 and 2023. Sales increases on the Florsheim and BOGS websites were offset by lower sales on our other brands’ websites this quarter. Retail gross earnings as a percent of net sales were 67.5% and 66.2% in the second quarters of 2024 and 2023, respectively. Retail operating earnings were $0.7...