The following is a summary of the WEYCO Group, Inc. (WEYS) Q1 2024 Earnings Call Transcript:
Financial Performance:
Weyco Group reported Q1 net sales of $71.6 million, a decrease of 17% compared to the previous year.
Consolidated gross earnings rose to 44.7% of net sales, up from 43.1% in the preceding year.
Earnings from operations decreased 21% to $8.3 million, down from $10.4 million in Q1 2023.Net earnings were reported at $6.7 million or $0.69 per share, down from the previous year's Q1 earnings of $7.4 million or $0.78 per share.
Business Progress:
North American wholesale sales fell by 20% to $56.2 million, with a significant 48% decline seen in the BOGS line.
However, North American retail segment experienced a 10% increase in sales, setting a new record at $9.8 million.
Weyco Group's cash and marketable securities totaled to $84.7 million, with $14.3 million of cash generated from operations and no outstanding debt.
Amidst declining sales, the company plans to focus on expense management and growth opportunities in overseas markets.
More details: Weyco IR
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