Home / Knowledge / News / Results/Reports / Weyco Group reports sales of $64 mn in Q1 FY20

Weyco Group reports sales of $64 mn in Q1 FY20

May '20
Pic: Weyco Group/ Florsheim Shoes
Pic: Weyco Group/ Florsheim Shoes
Weyco Group Inc,  a designer of quality and innovative footwear, posted its sales were down 14 per cent to $63.6 million in first quarter (Q1) FY20 ended on March 31, 2020 compared to sales of $74.1 million in same period prior year. Net earning for the quarter were $1.16 million (Q1 FY19: $3.96 million). Gross earnings were $23.17 million ($28.76 million).
“Our company has taken a long-term approach to the current situation,” Thomas Florsheim, jr chairman and CEO at Weyco Group, said in a press release. “We believe that our strong balance sheet and operating expertise will allow us to manage our way through this crisis.”
Selling and administrative expenses during Q1 FY20 were $21.83 million ($23.61 million). Earnings from the operations were $1.34 million ($5.14 million).
Company reported that the net sales in the North American wholesale segment, which include North American wholesale sales and licensing revenues fell 11 per cent to $52.7 million ($59.5 million). Within the wholesale segment, Stacy Adams, Bogs, and Nunn Bush first quarter net sales declined 23 per cent, 22 per cent and 8 per cent, respectively, with sales down in most major categories as a result of the retail shutdowns caused by the Covid-19 pandemic. 
These decreases were partially offset by a 4 per cent increase in net sales of the Florsheim brand. Florsheim’s increase stems from strong sales in January and February before the retail shutdowns went into effect.
Sales in the North American retail segment, which include sales from the Florsheim retail stores and its e-commerce businesses in the US, were down 15 per cent to $4.8 million in the first quarter ($5.6 million). Same store sales (which include US e-commerce sales) were down 13 per cent for the quarter, due to retail store closings late in the quarter and decreased sales on the company’s websites.
Other net sales, which include the wholesale and retail sales of Florsheim Australia and Florsheim Europe decreased 32 per cent to $6.1 million ($9.1 million) in Q1 FY20.
“Our distribution centre and the majority of our supply chain continue to operate which allows us to continue shipping e-commerce orders while remaining ready to commence full operations when appropriate,” Florsheim said.
However, since we do not know when our retail partners will reopen their stores, we cannot presently estimate the future impact of the Covid-19 pandemic, as well as the resulting global economic slowdown, on our business, but we do expect it to have an adverse effect on our business in 2020.”

Fibre2Fashion News Desk (JL)

Must ReadView All

Pic: Shutterstock

E-commerce | On 3rd Mar 2021

Digital e-com rules may negatively affect developing

Many digital rules being framed by a group of 86 countries under the...

Pic: Shutterstock

E-commerce | On 3rd Mar 2021

Jordan govt urged to impose tax on online purchases from

Asad Qawasmi, who represents the garment and jewellery sector at the...

Pic: Huntsman Textile Effects

Textiles | On 3rd Mar 2021

Huntsman, Sciessent partner for microbe & odour resistant

Huntsman Textile Effects, a Singapore-based provider of high-quality...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Blockchain is not a silver bullet for each and every problem in supply...

Evelyne Cholet, UCMTF

Evelyne Cholet

‘France had a reputation of being big in new ideas, but poor in marketing...

Textile Industry, Head honchos

Textile Industry
Head honchos

Great step towards realising end goal of 'AtmaNirbhar Bharat'

C Dhandayuthapani,

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Kamal Kulshreshth,

Kamal Kulshreshth

Colorjet is among the fastest-growing wide format digital inkjet print...

Abhishek Pachauri,

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Karl Zelik, Vanderbilt University

Karl Zelik
Vanderbilt University

A team of engineers at the Vanderbilt University has designed a smart...

Steve McCullough & Marco Weichert, Functional Fabric Fair & Design and Development GmbH Textile Consult respectively

Steve McCullough & Marco Weichert
Functional Fabric Fair & Design and Development GmbH Textile Consult respectively

Functional Fabric Fair is a trade-exclusive event showcasing the latest...

Mark Paterson, Technical Absorbents Ltd

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Anisha Chaudhari, Threads & Shirts

Anisha Chaudhari
Threads & Shirts

Threads & Shirts is a freshly-tailored concept providing men/women a...

Robert Brunner, Devereux

Robert Brunner

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Jay Ramrakhiani, Occasions Elegance Wear

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


Leave your Comments

February 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

Advanced Search