Weyco Group Reports Stable Q4 2024 Results

Weyco Group ( (WEYS) ) has released its Q4 earnings. Here is a breakdown of the information Weyco Group presented to its investors.

Weyco Group, Inc. is a company that designs and markets quality footwear primarily for men, women, and children under well-recognized brand names such as Florsheim, Nunn Bush, Stacy Adams, BOGS, Rafters, and Forsake. The company operates in the footwear industry and distributes its products through leading footwear, department, and specialty stores, as well as e-commerce platforms worldwide.

In its latest earnings report, Weyco Group announced stable financial results for the fourth quarter of 2024, with net sales remaining flat at $80.5 million compared to the same period in 2023. However, the company saw a 17% increase in net earnings, reaching $10 million, and an increase in diluted earnings per share to $1.04 from $0.90. The full-year results showed a slight decrease in net sales to $290.3 million, down 9% from the previous year.

Key highlights from the report include a 22% increase in Florsheim brand sales, driven by dress and hybrid footwear, and a 4% rise in Nunn Bush sales. Despite these gains, the BOGS brand faced a 17% decline in sales due to unfavorable weather conditions, and Stacy Adams sales dropped by 8%. The North American retail segment saw a modest 1% increase in net sales, while Florsheim Australia experienced a 15% decline in sales due to the closure of Asia Pacific operations.

Looking ahead, Weyco Group remains optimistic about its future, emphasizing its strong balance sheet and the benefits of its diversified, multi-brand portfolio. The company is focused on navigating macroeconomic and geopolitical uncertainties and aims to continue its long-term growth strategy. Management is also taking steps to mitigate the impact of new tariffs on goods sourced from China by negotiating price reductions with suppliers.

Overall, Weyco Group’s performance reflects resilience in a challenging market environment, with strategic initiatives in place to support future growth and profitability.