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Weyco Group Inc. (WEYS) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing a decline in net sales to $290.3 million from $318.0 million in the previous year. The decrease is attributed to reduced consumer demand and challenges in the outdoor footwear market.
The company's Wholesale segment experienced a 9% decline in sales, with BOGS brand sales dropping 27% due to an inventory glut and mild weather conditions.
Retail segment sales increased by 2%, driven by higher direct-to-consumer sales of Florsheim and BOGS footwear.
Net earnings for the year were $30.3 million, or $3.16 per diluted share, slightly up from $30.2 million, or $3.17 per diluted share, in 2023.
The company reported a gross margin of 45.3%, up from 44.9% in the previous year, due to lower inventory costs.
Weyco Group's cash and marketable securities totaled $77.3 million as of December 31, 2024, with no outstanding debt on its $40.0 million revolving line of credit.
The company paid $9.7 million in dividends and repurchased $0.6 million of its common stock during the year.
Weyco Group's primary business segments include North American wholesale and retail operations, with additional operations in Australia and South Africa.
The filing outlines various risk factors, including reliance on foreign production, potential supply chain disruptions, and changes in consumer preferences.
Weyco Group continues to focus on product innovation and expanding its e-commerce platform to drive future growth.
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. annual 10-K report dated March 14, 2025. To report an error, please email earnings@qz.com.