Weyco Group Q4 sales down 19%, but full-year net earnings and operating earnings reach records

WEYCO GROUP INC

Q4 net sales $80.6M (-19% YoY); net earnings $8.5M ($0.90 EPS) vs $10.2M ($1.06) last year.
Full-year net sales $318.0M (-10%); net earnings a record $30.2M ($3.17 diluted EPS, +2%).
Full-year operating earnings record $41.0M (+2%) on improved gross margins (44.9% vs 41.1%).
Wholesale segment sales fell 12% in 2023; BOGS sales declined 31% due to market saturation.
Board declared $0.25/share dividend (payable Mar 29, 2024); CEO expects first-half 2024 headwinds.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

WEYCO GROUP INC reported the quarter and year ended December 31, 2023 results: revenue $318.0 million, net income $30.2 million, or $3.17 per diluted share.

Period: the quarter and year ended December 31, 2023
Revenue: $318.0 million
Net income: $30.2 million, or $3.17 per diluted share
Result: reported results

Exact text from the filing

WEYS) (“we,” “our,” “us” and the “Company”) today announced financial results for the quarter and year ended December 31, 2023. Fourth Quarter 2023 Consolidated net sales were $80.6 million, down 19% from $99.0 million in the fourth quarter of 2022. Consolidated gross earnings increased to 50.3% of net sales compared to 46.6% of net sales in last year’s fourth

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

WEYCO GROUP INC reported the quarter and year ended December 31, 2023 results: revenue $318.0 million, net income $30.2 million, or $3.17 per diluted share.

Period: the quarter and year ended December 31, 2023
Revenue: $318.0 million
Net income: $30.2 million, or $3.17 per diluted share
Result: reported results

Exact text from the filing

Consolidated net sales for the full year were $318.0 million, down 10% compared to record sales of $351.7 million in 2022.

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8 earnings releases filed in the last 30 days. Browse all earnings releases →

WEYCO GROUP INC filing history →

Source: SEC EDGAR

accession 0001558370-24-002474

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