{"id":454168,"date":"2021-03-09T16:08:27","date_gmt":"2021-03-09T21:08:27","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=454168"},"modified":"2021-03-09T16:08:27","modified_gmt":"2021-03-09T21:08:27","slug":"weyco-reports-fourth-quarter-and-full-year-2020-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/weyco-reports-fourth-quarter-and-full-year-2020-results\/","title":{"rendered":"Weyco Reports Fourth Quarter and Full Year 2020 Results"},"content":{"rendered":"
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Milwaukee, WI, March 09, 2021 (GLOBE NEWSWIRE) — Weyco Group, Inc. (NASDAQ:WEYS) (the \u201cCompany\u201d) today announced financial results for the quarter and year ended December 31, 2020.<\/p>\n

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\n Fourth Quarter 2020<\/u>
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Net sales were $62.0 million compared to fourth quarter 2019 net sales of $86.9 million. Earnings from operations totaled $7.9 million compared to $11.5 million in the fourth quarter of 2019. Net earnings totaled $5.1 million compared to $8.8 million in last year\u2019s fourth quarter. Diluted earnings per share were $0.52 per share versus $0.90 per share in the fourth quarter of 2019.<\/p>\n

Net sales in the North American wholesale segment, which include North American wholesale sales and licensing revenues, were $46.2 million compared to $68.8 million in the fourth quarter of 2019. Earnings from operations for the wholesale segment were $5.6 million compared to $10.9 million in last year\u2019s fourth quarter. Sales volumes were down across our three men\u2019s legacy brands due to the slow retail environment resulting from the ongoing pandemic, but our BOGS outdoor brand increased 5% for the quarter, as consumers continue to spend more time outdoors. Our cost-cutting measures, mainly in employee and advertising costs, helped us to generate solid earnings in the fourth quarter despite the reduction in sales.<\/p>\n

Net sales in the North American retail segment, which include sales from the Company\u2019s e-commerce businesses and brick and mortar stores in the United States, were $8.7 million compared to $9.1 million in last year\u2019s fourth quarter. Retail earnings from operations totaled $2.7 million for the quarter, up from $1.5 million last year. Retail sales decreased due to the closing of three unprofitable stores in the third quarter of 2020, as well as reduced foot traffic in our existing stores, as compared to last year, resulting from the pandemic. This decrease was offset by a 15% increase in e-commerce sales, due to consumers turning to online shopping in the COVID-19 environment. Retail operating earnings increased due to the benefit of closing unprofitable stores and higher operating earnings from our websites.<\/p>\n

Other net sales, which include the wholesale and retail net sales of Florsheim Australia and Florsheim Europe, were $7.1 million compared to $9.0 million in the fourth quarter of 2019, and also decreased as a result of the pandemic. Collectively, Florsheim Australia and Florsheim Europe had a combined loss from operations totaling $393,000 compared to a loss from operations of $854,000 in last year\u2019s fourth quarter.<\/p>\n

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\n Full Year 2020<\/u>
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