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Dec 31, 2023
Weyco Q4 2023 Earnings Report
Weyco Group's Q4 2023 earnings decreased due to lower sales volume, despite an increase in gross margin. Net sales were down 19%, while net earnings per diluted share decreased to $0.90.
Key Takeaways
Weyco Group reported a decrease in net sales and operating income for the fourth quarter of 2023, with net sales down 19% and operating income down 24%. However, gross margin improved, particularly in the North American wholesale segment. Net earnings also decreased, from $10.2 million to $8.5 million.
Consolidated net sales decreased by 19% to $80.6 million compared to Q4 2022.
Consolidated gross margin increased to 50.3% of net sales, up from 46.6% in Q4 2022.
Net earnings were $8.5 million, or $0.90 per diluted share, compared to $10.2 million, or $1.06 per diluted share, in the prior year.
Retail operating earnings reached a record $3.5 million, up 6% over $3.3 million in 2022.
Revenue by Segment
Forward Guidance
The company expects to face headwinds in the first half of 2024 but is optimistic that demand will improve in the back half of the year.
Positive Outlook
- Focus on building backlogs
- Optimism that demand will improve in the back half of the year
Challenges Ahead
- Expect to face headwinds in the first half of 2024
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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