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Weyco Group Q2 FY20 sales slip to $17 mn

21
Sep '20

Pic: Shutterstock

Weyco Group Inc, a designer of quality and innovative footwear, reported sharp decline in its net sales to $16.7 million during the second quarter (Q2) FY20 ended on June 30, 2020 compared to sales of $60.5 million in the same period previous fiscal. Company incurred a net loss of $8.9 million compared to net earnings of $1.5 million in Q2 FY19.

Gross earnings for the reported period slipped to $7.4 million (Q2 FY19: $24.4 million). Selling and administrative expenses were $20.5 million ($22.5 million). For the second quarter of FY20, company reported loss from the operations of $13.0 million compared to earnings from operations of $1.8 million.

Sales in North American wholesale segment dropped to $9.3 million ($46.1 million) during Q2 FY20. While, sales in the North American retail segment, which include sales from company’s Florsheim retail stores and its e-commerce businesses in US, were $3.6 million ($5.4 million).

Other sales, which include the wholesale and retail net sales of Florsheim Australia and Florsheim Europe, were down to $3.7 million ($9.0 million) due to lower sales at both resulting from retail shutdowns.

Fibre2Fashion News Desk (JL)

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