Weyco Q2 2022 Earnings Report
Key Takeaways
Weyco Group reported record second-quarter net sales of $74.4 million, a 29% increase compared to the previous year. Net earnings also reached a record $4.5 million, or $0.47 per diluted share, up from $3.8 million, or $0.39 per diluted share, in the second quarter of 2021.
Consolidated net sales reached a second-quarter record of $74.4 million, up 29% year-over-year.
Net earnings rose to a second-quarter record of $4.5 million, or $0.47 per diluted share.
North American wholesale segment net sales were a record $59.0 million, up 41% year-over-year.
Retail segment net sales were a second-quarter record of $7.4 million, up 20% year-over-year, driven by e-commerce growth.
Weyco
Weyco
Weyco Revenue by Segment
Forward Guidance
Although we believe the pace of our revenue growth could slow down in the back half of 2022, we are optimistic that our overall positive trend will continue.
Positive Outlook
- Sell-through data for our footwear remains strong
- Backlogs continue to exceed last year by a healthy margin
- Strong consumer demand experienced over the past several months
- Gross margins improved during the quarter as price increases took effect
- Inbound freight costs moderated
Challenges Ahead
- Inflation
- Overstock of certain categories of consumer goods have recently dampened retail demand in the U.S.
- Pace of revenue growth could slow down in the back half of 2022
- Continued impact on the Company’s business of the COVID-19 pandemic, including increased costs, supply chain disruptions, and other pandemic-related impacts
- International economic, political and market conditions including the impact of Russia’s recent invasion of Ukraine
Revenue & Expenses
Visualization of income flow from segment revenue to net income