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Weyco Group, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in net sales to $74.3 million from $84.2 million in the same quarter the previous year. The decrease is attributed to reduced consumer demand and challenging economic conditions.
Gross earnings increased to 44.3% of net sales compared to 43.0% in the same quarter of the previous year, primarily due to higher gross margins in the Wholesale segment.
Earnings from operations totaled $10.2 million for the quarter, down 18% from $12.4 million in the previous year, with the decline attributed to lower sales.
Net earnings for the quarter were $8.1 million, or $0.84 per diluted share, compared to $9.3 million, or $0.98 per diluted share, in the previous year.
Cash provided by operating activities was $17.3 million, while cash used in investing and financing activities was $0.7 million and $10.2 million, respectively.
Weyco had cash and marketable securities totaling $81.8 million as of September 30, 2024, with no outstanding debt on its $40.0 million revolving line of credit.
The filing also details a decrease in sales across its brands, including a 12% decline in the North American Wholesale segment.
Retail sales decreased by 5% for the quarter, driven by lower e-commerce sales for the BOGS (WEYS-0.39%) brand.
Sales at Florsheim Australia decreased by 15% due to the closure of operations in the Asia-Pacific region.
The company declared a regular quarterly cash dividend of $0.26 per share and a special one-time cash dividend of $2.00 per share, payable on January 2, 2025.
Weyco amended its line of credit agreement, extending the maturity to September 26, 2025, with a borrowing limit of $40.0 million.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Weyco Group Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.