Weyco Q2 2024 Earnings Report
Key Takeaways
Weyco Group reported a 5% decrease in net sales to $63.9 million, but achieved a record net earnings of $5.6 million, up 15% from the previous record in Q2 2023. Diluted earnings per share increased to $0.59 from $0.50 in the previous year. The wholesale segment showed signs of recovery, while the retail segment remained flat.
Net sales decreased by 5% to $63.9 million compared to Q2 2023.
Gross earnings increased to 43.9% of net sales, up from 43.3% in Q2 2023.
Net earnings reached a record $5.6 million, a 15% increase year-over-year.
Diluted earnings per share rose to $0.59, up from $0.50 in Q2 2023.
Weyco
Weyco
Weyco Revenue by Segment
Forward Guidance
The company anticipates an increase in at-once business in the second half of the year, as channel inventories normalize and ordering patterns remain conservative among U.S. retailers.
Positive Outlook
- Signs of recovery within the wholesale business.
- Two major brands posting gains for the second quarter.
- All brands’ performance improving relative to the first quarter of 2024.
- Channel inventories have begun to normalize.
- Anticipation of increased at-once business in the second half of the year.
Challenges Ahead
- Inflationary pressures persist, impacting consumer buying.
- Ordering patterns remain conservative among U.S. retailers.
- Net sales decreased by 5% compared to Q2 2023.
- Stacy Adams sales were down 10% for the quarter.
- BOGS second-quarter sales were down 33%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income