Weyco Group, Inc. reported a consolidated net sales figure of $290.3 million for the fiscal year ending December 31, 2024, reflecting a 9% decrease from $318.0 million in 2023. The company's gross earnings as a percentage of net sales improved slightly to 45.3% from 44.9% in the previous year. Operating earnings fell to $36.6 million, down 11% from $41.0 million in 2023, while net earnings reached a record $30.3 million, or $3.16 per diluted share, compared to $30.2 million, or $3.17 per diluted share, in the prior year.
The decline in sales was primarily attributed to reduced consumer demand amid economic uncertainties and a challenging outdoor footwear market. The company's Wholesale segment, which constitutes 79% of total net sales, experienced a 9% drop in sales, with the BOGS brand suffering a significant 27% decline due to an inventory glut and mild weather conditions. Conversely, the Retail segment saw a 2% increase in sales, driven by higher direct-to-consumer sales of Florsheim and BOGS footwear.
Weyco Group made strategic decisions to address these challenges, including ceasing operations in the Asia Pacific region and focusing on enhancing its e-commerce platform. The company also plans to negotiate price reductions with suppliers in response to new tariffs imposed on goods sourced from China, which are expected to increase costs across all brands. The company’s employee headcount stood at 580 as of December 31, 2024, with 413 full-time employees.
Looking ahead, Weyco Group aims to navigate short-term pressures while evolving its brand portfolio for future growth. The company is optimistic about the potential for renewed interest in the BOGS brand as inventory levels normalize and is focused on product innovation and expanding retail presence. The company anticipates that its investments in e-commerce will continue to drive profitable growth, despite the ongoing challenges in the retail environment.
About WEYCO GROUP INC
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