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Mar 31, 2023
Weyco Q1 2023 Earnings Report
Weyco Group reported record first-quarter sales and earnings, driven by the strong performance of the Florsheim brand and strategic measures to address rising costs.
Key Takeaways
Weyco Group announced record first-quarter results, with net sales reaching $86.3 million, a 6% increase compared to the previous year. Operating earnings increased by over 90% to $10.4 million, and net earnings rose by 84% to $7.4 million, or $0.78 per diluted share. The company's performance was boosted by the Florsheim brand and strategic cost management initiatives.
Consolidated net sales reached a first-quarter record of $86.3 million, up 6% from 2022.
Operating earnings were a first-quarter record of $10.4 million, more than 90% higher than the previous year.
Net earnings increased to a first-quarter record of $7.4 million, or $0.78 per diluted share, up 84% from last year.
The Florsheim brand experienced 15% growth, driven by higher sales of dress and dress-casual footwear.
Revenue by Segment
Forward Guidance
Weyco Group believes its company-wide successes over the past year have positioned it well to endure potential changing market conditions ahead.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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