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).
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.”
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).#
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).
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).#
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.
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).#
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.
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).#
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.
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).#
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.
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 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.
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).#
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)
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