Weyco Group, Inc., parent company of the Bogs, Rafters, Florsheim, Nunn Bush, Stacy Adams, and Forsake brands, posted net sales of $80.5 million, essentially flat to the fourth quarter of 2023.

North American Wholesale Segment
Net sales in the company’s wholesale segment totaled $60.4 million in the fourth quarter of 2024, up 1 percent compared to $59.6 million in the fourth quarter of 2023. Higher sales of the Florsheim and Nunn Bush brands were said to be mostly offset by lower sales of Bogs and Stacy Adams in the quarter.

  • Florsheim’s sales were up 22 percent, driven by increased sales of dress and hybrid footwear.
  • Nunn Bush sales were up 4 percent, due to higher sales with department stores and off-price retailers.
  • Bogs sales were down 17 percent for the quarter, as at-once demand during the brand’s key season was stifled by warm, dry weather.
  • Stacy Adams sales were down 8 percent, reflecting soft demand in the dress category.

Wholesale gross margin was 42.4 percent of net sales in Q4, compared to 44.9 percent in the fourth quarter 2023.
Wholesale selling and administrative expenses were $16.7 million, or 28 percent of net sales, for the quarter, compared to $18.9 million, or 32 percent of net sales, in Q4 2023. The fourth-quarter expense decrease was said to be mainly due to lower advertising and employee costs. Wholesale operating earnings increased 14 percent to $8.9 million for the quarter, from $7.9 million in 2023, reportedly due to higher sales and lower expenses.

North American Retail Segment
Retail segment net sales, which were generated mainly by the company’s e-commerce websites, were $14.1 million for the fourth quarter, up 1 percent over $13.9 million in 2023. The slight increase was reportedly due to higher direct-to-consumer (DTC) sales of Bogs and Florsheim footwear.

Retail margin was 65.0 percent of net sales in Q4, compared to 5.8 percent in the fourth quarter of 2023. Retail operating earnings totaled $2.5 million for the quarter, down 28 percent from $3.5 million in Q4 2023. The decrease was reportedly due to higher retail selling and administrative expenses, primarily web advertising and freight.

Other Operations
Weyco’s Other operations historically included the company’s retail and wholesale businesses in Australia, South Africa, and Asia Pacific (collectively, Florsheim Australia).

“We ceased operations in the Asia Pacific region in 2023 and completed the wind down of that business. Accordingly, fourth-quarter 2024 results of the “Other” category only reflect the operations of Australia and South Africa,” the company reported.

Net sales of Florsheim Australia were $6.0 million, down 15 percent from $7.2 million in the fourth quarter of 2023. The decrease was said to be primarily due to the closing of the Asia Pacific operations. Sales in Australia were down 3 percent for the quarter, due to the impact of five fewer retail stores operating compared to the same period last year. Australia’s same-store sales were up 11 percent for the quarter.

Florsheim Australia’s gross margin was 62.5 percent of net sales in Q4, compared to 65.4 percent in the fourth quarter of 2023. Quarterly operating earnings totaled $0.1 million in Q4 versus $0.2 million in Q4 last year.

Income Statement Summary
Gross margin came in at 47.9 percent of net sales in Q4, down 240 basis points from 50.3 percent of net sales in Q4 2023. Earnings from operations amounted to $11.5 million, also flattish to Q4 2023.

Net earnings were $10.0 million, or $1.04 per diluted share, in Q4, compared to $8.5 million, or 90 cents per diluted share, in Q4 2023. Net earnings were up 17 percent year-over-year.

Interest Income and Taxes
Interest income totaled $0.9 million compared to $0.5 million in the 2023 fourth quarter. Thee 2024 numbers include interest earned on higher cash balances in the U.S. and Canada. The provision for income taxes decreased $0.7 million compared to last year’s fourth quarter, due to a lower effective tax rate this year.

Outlook
Given the U.S. government imposition of additional tariffs on goods sourced from China, the company said it believes these new tariffs will increase the company’s cost of goods across all brands.

“In an effort to mitigate the impact of the tariff cost increases, we have already begun negotiating price reductions with a number of our Chinese suppliers, and are in the process of reviewing our wholesale pricing for Fall,” Weyco shared in a media statement.

“The benefits of a diversified, multi-brand portfolio were evident in the fourth quarter, as double-digit sales growth in our Florsheim business offset declines of our other brands, enabling us to uphold profitability for the period. All brands’ fourth-quarter performance improved relative to earlier quarters this year,” stated Thomas W. Florsheim, Jr., Chairman and CEO, Weyco Group, Inc. “Looking forward to 2025, after three consecutive years of record-breaking net earnings and armed with a strong balance sheet, we believe we are in the best possible position to face current macroeconomic and geopolitical uncertainty. Our strategy is to continue to focus on the long-term health and growth of our business.”

Dividend Declaration
On March 4, 2025, the Weyco Board of Directors declared a regular quarterly cash dividend of 26 cents per share to all shareholders of record on March 14, 2025, payable March 31, 2025.

Image courtesy Bogs/Weyco Group, Inc.