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American footwear company Weyco Group reports Q4 FY20 sales of $62 mn
18 Mar 21 2 min read
Weyco Group, a US-based designer of quality and innovative footwear, posted decline in its net sales to $62.0 million during the fourth quarter (Q4) FY20 ended on December 31, 2020 compared to the sales of $86.9 million in the same period previous fiscal. The company’s net earnings for the quarter dropped to $5.1 million (Q4 FY19: $8.8 million).
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“We are pleased to report that, despite the challenging business environment brought on by Covid-19, Weyco Group returned to profitability in the fourth quarter,” Thomas Florsheim Jr, chairman and CEO at Weyco Group, said in a press release.
Gross earnings for the reported quarter were $27.5 million ($38.5 million), while selling and administrative expenses were $19.6 million ($26.9 million). Weyco’s earnings from the operations during Q4 decreased to $7.9 million ($11.3 million).
Sales in the North American wholesale segment plunged to $152.2 million ($242.1 million) with Stacy Adams, Florsheim, and Nunn Bush brands sales hindered due to pandemic. While operating in fewer stores due to the closure of unprofitable stores, retail segment of the North America registered sales of $21.5 million ($25.2 million).
“We are encouraged by these results as they demonstrate that the strategic decisions and cost-cutting measures we took in 2020 enabled us to be profitable at diminished sales volume. As we look ahead to 2021, we believe that at least the first half of the year will continue to be impacted by the pandemic, but with the rollout of vaccines, we are hoping to see an improved retail environment and consequently, higher sales, in the second half of the year,” Florsheim Jr said.
Fibre2Fashion News Desk (JL)
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