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Sep 30, 2022
Weyco Q3 2022 Earnings Report
Weyco Group's Q3 2022 results were announced, featuring record sales and earnings.
Key Takeaways
Weyco Group reported record third-quarter net sales of $97.0 million, a 57% increase compared to the previous year. The company's net earnings also reached a record $10.8 million, or $1.12 per diluted share, more than double the earnings from the same quarter last year.
Consolidated net sales reached a third-quarter record of $97.0 million, up 57% year-over-year.
Operating earnings doubled to a record $14.2 million compared to the third quarter of 2021.
Net earnings increased by over 100% to a record $10.8 million, or $1.12 per diluted share.
Wholesale segment sales reached a record $81.6 million, a 63% increase compared to the previous year.
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 that sales will fall short of 2021 in the fourth quarter due to the shift in third-quarter sales to the fourth quarter last year. However, the second half of 2022 is expected to outpace the same period of 2021.
Positive Outlook
- Continued demand for footwear drove strong growth across business lines.
- Increased volume and improved gross margins helped achieve the highest ever quarterly earnings.
- Florsheim Australia rebounded in the third quarter, contributing to sales and earnings growth.
- Focus on investing in the business to ensure long-term sustainable and profitable growth.
Challenges Ahead
- Near-term outlook for the overall retail environment remains unclear due to inflation.
- Pace of consumer spending is changing.
- Heightened macroeconomic uncertainty.
- Potential impact of inflation on costs for materials, labor, and other manufacturing inputs.
- Potential impact of increased interest rates.
Revenue & Expenses
Visualization of income flow from segment revenue to net income