Weyco Group Q2 FY20 sales slip to $17 mn
September 21, 2020 - United States Of America
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.