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Sep 30, 2024
Weyco Q3 2024 Earnings Report
Weyco Group's financial performance declined in Q3 2024 due to soft consumer demand and unseasonable weather.
Key Takeaways
Weyco Group reported a decrease in net sales, earnings from operations, and net earnings for the third quarter of 2024 compared to the same period in 2023. The decline was primarily attributed to soft consumer demand and unseasonable weather impacting sales across various brands and segments.
Net sales decreased by 12% to $74.3 million compared to Q3 2023.
Diluted earnings per share decreased to $0.84, down from $0.98 in Q3 2023.
Wholesale segment sales decreased by 12% due to lower sales of Nunn Bush, Stacy Adams, and BOGS brands.
Retail segment sales decreased by 5%, with lower sales on the BOGS website partially offset by higher sales on Florsheim and Stacy Adams websites.
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 remains confident in the strength of its brands and believes that each is well-positioned in its respective market for growth when conditions improve. They are returning capital to shareholders and believe their strong balance sheet will allow them to fund organic growth and invest in their business.
Positive Outlook
- Strong financial performance over the past few years led to a buildup of cash.
- Returning capital to shareholders in the form of a special one-time cash dividend alongside our regular quarterly dividend.
- Strong balance sheet and liquidity.
- Funding organic growth.
- Remain opportunistic with respect to future strategic opportunities or share repurchases.
Challenges Ahead
- Challenging quarter for North American businesses.
- Wholesale brands were impacted by soft consumer demand.
- Cutbacks in discretionary spending.
- BOGS at-once and e-commerce performance was more muted than anticipated due to the mild start to Fall.
- Retail landscape remains uncertain.
Revenue & Expenses
Visualization of income flow from segment revenue to net income