WEYCO GROUP INC

Listed Company

WEYSCIK 0000106532NasdaqAcceleratedSmaller ReportingWholesale-Apparel, Piece Goods & NotionsWisconsinFY ends Dec 31

Period

FY 2025

Revenue

$276.17M

Net Income

$23.08M

Total Assets

$319.67M

Equity

$239.57M

Shares Out

9.53M

Op. Cash Flow

$37.25M

Business

WEYCO GROUP INC designs, markets, and distributes branded footwear for men, women, and children under names including Florsheim, Nunn Bush, Stacy Adams, BOGS, and Forsake. The company offers mid-priced leather dress shoes, casual footwear made of man-made materials and leather, and outdoor boots, shoes, and sandals, and licenses branded apparel and specialty footwear. Its operations are organized into two reportable segments—North American Wholesale and North American Retail—along with other wholesale and retail activities in Australia and Asia Pacific. Products are sold through U.S. and Canadian retailers, direct-to-consumer e-commerce, company retail stores, and licensed partners internationally, with finished goods sourced primarily from Asia and the Dominican Republic.

Summary from filing dated 2025-03-14

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net sales	276	290	318	352	268
Cost of sales	157	159	175	207	160
Gross earnings	119	132	143	144	107
Selling and administrative expenses	90	95	102	104	82
Earnings from operations	29	37	41	40	26
Interest income	3	4	1	361,000	641,000
Interest expense	−2,000	−15,000	−529,000	—	—
Other expense, net	−105,000	−444,000	−738,000	−277,000	1
Earnings before provision for income taxes	32	40	41	40	27
Provision for income taxes	9	10	11	10	7
Net earnings	23	30	30	30	21
Basic earnings per share (in dollars per share)	2.44	3.21	3.19	3.09	2.13
Diluted earnings per share (in dollars per share)	2.41	3.16	3.17	3.07	2.12

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	96	71	69	17	20
Marketable securities, at amortized cost	1	852,000	215,000	1	219,000
Accounts receivable, less allowances of $2,392 and $2,140, respectively	39	37	39	53	53
Income tax receivable	0	1	245,000	945,000	495,000
Inventories	66	74	75	128	71
Prefunded dividend	—	22	2	—	—
Prepaid expenses and other current assets	3	3	4	6	4
Total current assets	205	209	190	206	157
Marketable securities, at amortized cost	3	6	6	7	10
Deferred income tax benefits	—	1	1	1	1
Property, plant and equipment, net	27	28	30	29	29
Operating lease right-of-use assets	10	11	13	13	10
Goodwill	12	12	12	12	12
Trademarks	33	33	33	34	35
Other assets	28	24	24	24	24
Total assets	320	324	309	327	278
Accounts payable	11	8	9	15	19
Dividend payable	21	22	2	2	—
Operating lease liabilities	4	4	4	4	4
Accrued income tax payable	638,000	—	—	—	—
Accrued compensation and employee benefits	4	7	7	7	6
Sales and advertising allowances	4	2	3	2	2
Taxes other than income taxes	951,000	930,000	1	1	991,000
Other	3	3	4	5	—
Total current liabilities	49	47	30	68	35
Deferred income tax liabilities	14	14	12	9	5
Long-term pension liability	11	10	13	16	28
Operating lease liabilities	6	7	10	11	8
Other long-term liabilities	410,000	394,000	465,000	466,000	1
Total liabilities	80	79	65	103	76
Commitments and contingencies (Note 14)	—	—	—	—	—
Common stock, $1.00 par value, authorized 24,000,000 shares in 2025 and 2024, issued and outstanding 9,532,175 shares in 2025 and 9,642,630 shares in 2024	10	10	9	10	10
Capital in excess of par value	74	73	72	70	69
Reinvested earnings	170	181	181	164	148
Accumulated other comprehensive loss	−14	−18	−17	−20	−25
Total equity	240	246	244	224	201
Total liabilities and equity	320	324	309	327	278

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation	3	2	3	2	2
Amortization	262,000	264,000	271,000	282,000	307,000
Bad debt expense	78,000	110,000	519,000	151,000	198,000
Deferred income taxes	327,000	1	2	1	910,000
Net foreign currency transaction losses (gains)	13,000	−12,000	99,000	43,000	−233,000
Share-based compensation expense	2	1	1	2	2
Pension expense	291,000	962,000	1	178,000	−26,000
Impairment of trademark	—	300,000	450,000	1	0
Loss on disposal of fixed assets	67,000	36,000	59,000	117,000	44,000
Increase in cash surrender value of life insurance	−841,000	−738,000	−684,000	−690,000	−636,000
Accounts receivable	−2	2	14	−282,000	−19
Inventories	8	821,000	53	−57	−11
Prepaid expenses and other assets	384,000	3	−358,000	−1	71,000
Accounts payable	3	−419,000	−6	−4	11
Accrued liabilities and other	−2	−3	−982,000	−3	−2
Accrued income taxes	2	−857,000	879,000	−497,000	884,000
Net cash provided by operating activities	37	38	99	−30	6
Proceeds from maturities of marketable securities	1	215,000	—	—	—
Proceeds from sale of marketable securities	384,000	—	—	—	—
Purchases of property, plant and equipment	−2	−1	−3	−2	−1
Net cash used for investing activities	−242,000	−1	−1	7	−7
Cash dividends paid	−8	−10	−9	−7	−9
Prefunded dividend	—	−22	—	—	—
Shares purchased and retired	−5	−600,000	−4	−4	−3
Net proceeds from stock options exercised	5,000	51,000	103,000	293,000	2,000
Taxes paid related to the net share settlement of equity awards	−231,000	−419,000	−186,000	−12,000	0
Net cash used for financing activities	−13	−32	−45	20	−12
Effect of exchange rate changes on cash and cash equivalents	1	−3	390,000	−628,000	−290,000
Net increase in cash and cash equivalents	25	2	52	−3	−13
Income taxes paid, net of refunds	7	9	7	9	6
Interest paid	2,000	15,000	977,000	710,000	80,000
Settlement of dividend payable with prefunded dividend	22	—	—	—	—

Filings

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