Business
Weyco Reports Third Quarter Sales And Earnings
MILWAUKEE, Nov. 3, 2020 /PRNewswire/ -- Weyco Group, Inc. (NASDAQ: WEYS) (the "Company") today announced financial results for the quarter ended September 30,
About this update from Weyco Group, Inc.
[{"type":"text","content":"MILWAUKEE, Nov. 3, 2020 /PRNewswire/ -- Weyco Group, Inc. (NASDAQ: WEYS) (the \"Company\") today announced financial results for the quarter ended September 30, 2020.\nThird Quarter 2020 Review\nNet sales were $53.2 million compared to third quarter 2019 net sales of $82.5 million. Loss from operations totaled $3.8 million compared to earnings from operations of $8.5 million in the third quarter of 2019. Adjusted earnings from operations were $3.6 million for the third quarter of 2020. Net loss totaled $5.9 million, or ($0.60) per diluted share, compared to net earnings of $6.6 million, or $0.66 per diluted share, in the third quarter of 2019. Adjusted net earnings were $1.5 million, or $0.16 per diluted share, for the third quarter of 2020. Amounts referred to as \"adjusted\" are Non-GAAP and exclude items that are described under \"Non-GAAP Adjustments\" below and \"Reconciliations of Non-GAAP Financial Measures\" accompanying this release. \nThird Quarter 2020 Segment Results\nNet sales in the North American wholesale segment, which include North American wholesale sales and licensing revenues, were $44.0 million in the third quarter of 2020 compared to $67.8 million in the third quarter of 2019. BOGS third quarter net sales rose 6% as compared to last year due to higher sales in the farm, service, and industrial trade channel and with e-commerce retailers. Net sales of the Florsheim, Stacy Adams, and Nunn Bush brands were down 58%, 55%, and 32%, respectively, for the quarter, due mainly to the current decrease in demand for dress and dress-casual footwear as a result of the ongoing pandemic. Licensing revenues were $224,000 for the quarter compared to $630,000 in the third quarter of 2019, down in line with reductions in licensees' sales of branded products. \nGross earnings for the North American wholesale segment were 35.7% of net sales in the third quarter of 2020 compared to 35.9% of net sales in last year's third quarter. Earnings from operations for the wholesale segment were $2.8 million in the third quarter of 2020 compared to $9.5 million in the same period one year ago. Adjusted earnings from operations for the wholesale segment were $4.7 million in the third quarter of 2020. \nNet sales in the North American retail segment, which includes sales from the Company's Florsheim retail stores and its e-commerce business...