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Sep 30, 2021
Weyco Q3 2021 Earnings Report
Reported an increase in net sales and a rise in net earnings compared to the third quarter of 2020.
Key Takeaways
Weyco Group, Inc. reported net sales of $61.8 million and net earnings of $5.1 million, or $0.52 per diluted share, for the third quarter of 2021. The company experienced growth in its North American wholesale and retail segments, with strong demand across all brands and significant e-commerce growth.
Net sales for the third quarter of 2021 were $61.8 million, compared to $53.2 million in the third quarter of 2020.
Operating earnings were $6.7 million, a significant improvement from the $3.8 million operating losses in the same quarter last year.
Net earnings rose to $5.1 million, or $0.52 per diluted share, compared to net losses of $5.9 million, or $0.60 per diluted share, in the third quarter of 2020.
The North American retail segment saw a 49% increase in same-store sales, driven by e-commerce growth and improved brick-and-mortar performance.
Weyco
Weyco
Weyco Revenue by Segment
Revenue by Segment
North American Wholesale Revenue
CapyFin.comNorth American Retail Revenue
CapyFin.comFlorsheim Australia Revenue
CapyFin.com Forward Guidance
The company anticipates fulfilling increased demand through the end of the year and into 2022, driven by improved product flow into the U.S.
Positive Outlook
- Strong demand across all brands.
- Solid results in the wholesale business.
- Record sales and earnings in the retail segment.
- Significant e-commerce growth.
- Vast improvement in the flow of products into the U.S.
Challenges Ahead
- Supply chain delays impacted third quarter shipments.
- Bottlenecks in the supply chain caused delays in merchandise delivery.
- Business recovery in Australia hindered by retail store closures.
- Lower sales at Florsheim Europe due to winding down the business.
- COVID-19 pandemic continues to pose uncertainty.
Revenue & Expenses
Visualization of income flow from segment revenue to net income