Weyco Reports Fourth Quarter And Full Year 2025 Results

Rhea-AI Summary

Key Figures

Q4 2025 net sales: $76.8M Q4 2025 gross margin: 44.1% Q4 2025 diluted EPS: $0.91 +5 more

8 metrics

Q4 2025 net sales $76.8M Down 5% from $80.5M in Q4 2024

Q4 2025 gross margin 44.1% Of net sales vs 47.9% in Q4 2024

Q4 2025 diluted EPS $0.91 Down from $1.04 in Q4 2024

FY 2025 net sales $276.2M Down 5% from $290.3M in 2024

FY 2025 diluted EPS $2.41 Down from $3.16 in 2024

Incremental tariffs paid 2025 $16M Incremental U.S. tariffs on imported goods in 2025

Cash & equivalents $96.0M Cash and cash equivalents at 12/31/2025

Quarterly dividend $0.27/share Declared March 3, 2026, payable March 31, 2026

Market Reality Check

Price: $33.00 Vol: Volume 7,331 is in line w...

normal vol

$33.00 Last Close

Volume Volume 7,331 is in line with 20-day average of 7,427, suggesting typical trading interest pre-release. normal

Technical Shares trade above the 200-day MA, with price at $31.74 versus 200-day MA of $31.00.

Peers on Argus

Several footwear/apparel peers showed gains today (e.g., DBI +4.05%, FORD +4.23%...

1 Down

Several footwear/apparel peers showed gains today (e.g., DBI +4.05%, FORD +4.23%), but momentum scanners did not flag a coordinated sector-wide move relative to WEYS.

Previous Earnings Reports

5 past events · Latest: Aug 05 (Negative)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Aug 05	Q2 2025 earnings	Negative	-1.9%	Sharp declines in sales and earnings amid significant incremental tariffs.
May 06	Q1 2025 earnings	Negative	+3.2%	Lower sales and earnings with rising tariffs; dividend increase maintained.
Mar 04	FY/Q4 2024 results	Positive	-1.8%	Record 2024 net earnings and higher EPS despite lower annual sales.
Aug 06	Q2 2024 earnings	Positive	-0.8%	Record net earnings and higher EPS on slightly lower quarterly sales.
May 07	Q1 2024 earnings	Negative	-2.4%	Steep sales decline, lower operating earnings, and weakness in key brands.

Pattern Detected

Earnings releases often coincided with modest share declines, especially when tariffs and sales pressure were highlighted, though there were notable divergences when results or capital returns were stronger than feared.

Recent Company History

Over the past two years, Weyco’s earnings updates have frequently highlighted sales pressure and tariff-driven margin headwinds. Events on May 6, 2025 and Aug 5, 2025 detailed declining net sales and earnings amid steep tariff increases. Earlier, results on Mar 4, 2024 and Aug 6, 2024 showed record earnings despite softer sales. Today’s 2025 results, with lower net sales and EPS and explicit tariff costs, extend this narrative of resilient but pressured profitability.

Historical Comparison

-0.7% avg move · Recent earnings releases have produced an average move of about -0.73%, reflecting generally cautiou...

earnings

-0.7%

Average Historical Move earnings

Recent earnings releases have produced an average move of about -0.73%, reflecting generally cautious reactions to tariff-driven margin pressure and uneven brand performance.

Earnings updates from 2024–2025 trace a shift from record profits on softer sales to broad declines in net sales and EPS as incremental tariffs and weaker demand increasingly weighed on results.

Market Pulse Summary

This announcement details a challenging 2025, with net sales down 5%, gross margins lower, and dilut...

Analysis

This announcement details a challenging 2025, with net sales down 5%, gross margins lower, and diluted EPS declining to $2.41, largely due to incremental tariffs and softer demand in several brands. Florsheim remained a relative bright spot, and year-end cash reached $96.0M, supporting ongoing dividends of $0.27 per share. Historically, earnings updates have produced modest share moves. Investors may watch future tariff developments, brand mix, and margin trends as key metrics for assessing the company’s trajectory.

Key Terms

international emergency economic powers act, ieepa, incremental tariffs, deferred tax assets, +3 more

7 terms

international emergency economic powers act regulatory

"the U.S. Supreme Court ruled that the International Emergency Economic Powers Act (IEEPA)..."

A U.S. law that gives the president broad authority to control trade, financial transactions, and assets during a declared national emergency, such as by imposing sanctions, freezing property, or restricting exports and imports. For investors it matters because those powers can suddenly block deals, cut off access to markets or funds, and change the value of companies or securities much like an emergency brake that can stop or reroute economic activity overnight.

ieepa regulatory

"does not authorize the President to impose tariffs, invalidating the statutory basis for incremental tariffs enacted since February 2025."

A U.S. law that gives the president broad authority to control trade, freeze assets, and block financial transactions during a declared national emergency. Investors care because those powers can abruptly restrict a company's ability to sell products, access cash, or do business with certain countries or parties, creating sudden risks to revenues, supply chains and share prices — like an emergency brake that can stop or reroute parts of a business overnight.

incremental tariffs regulatory

"incremental tariffs increased the cost of our products by 19% to 50%, resulting in gross margin compression."

Incremental tariffs are additional import taxes imposed in steps—either increasing over time, applied to more product categories, or layered on top of existing duties. They matter to investors because they raise costs for companies that rely on imported goods or global supply chains, squeeze profit margins, and can shift consumer prices and competitive positions much like a steadily increasing toll makes shipping or travel more expensive.

deferred tax assets financial

"included a charge to establish a valuation allowance on Florsheim Australia’s deferred tax assets."

An item on a company’s balance sheet showing tax benefits it can use later to reduce future tax bills — think of it as an IOU from the tax system for past losses or timing differences. It matters to investors because it can boost future cash flow and apparent value if the company expects profits ahead, but those benefits vanish if the company cannot generate taxable income and the asset must be reduced.

operating lease right-of-use assets technical

"Operating lease right-of-use assets | 10,257 | | 10,504"

An operating lease right-of-use (ROU) asset is an accounting entry that shows the value of a leased item you have the legal right to use—like a building, vehicle, or equipment—recorded on a company’s balance sheet along with the corresponding lease obligation. Investors care because it adds to reported assets and liabilities, changing measures like leverage and return on assets much like bringing a long-term rental onto the company’s financial snapshot, which can affect credit terms and valuation.

form 10-k regulatory

"including our annual report on Form 10-K filed on March 14, 2025, which are incorporated herein by reference."

A Form 10-K is a comprehensive report that publicly traded companies are required to file annually with regulators. It provides a detailed overview of a company's financial health, operations, and risks, similar to a detailed health report. Investors use this information to assess the company's performance and make informed decisions about buying or selling its stock.

forward-looking statements regulatory

"This press release contains certain forward-looking statements within the meaning of the “safe harbor” provisions..."

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

AI-generated analysis. Not financial advice.

MILWAUKEE, March 03, 2026 (GLOBE NEWSWIRE) -- Weyco Group, Inc. (NASDAQ: WEYS) (“we,” “our,” “us” and the “Company”) today announced financial results for the quarter and year ended December 31, 2025.

Fourth Quarter 2025 Overview

• Net sales: $76.8 million (down 5% from $80.5 million in Q4 2024)
• Gross earnings: 44.1% of net sales (compared to 47.9% of net sales in Q4 2024)
• Earnings from operations: $10.2 million (down 12% compared to $11.5 million in Q4 2024)
• Net earnings: $8.7 million (down 13% from $10.0 million in Q4 2024)
• Diluted earnings per share: $0.91 (down from $1.04 in Q4 2024)
  
  

North American Wholesale Segment
Wholesale net sales were $56.7 million for the quarter, down 6% from $60.4 million in the fourth quarter of 2024. Sales were down due to lower shipping volumes, partially mitigated by our July 1, 2025 price increases. Sales of our Nunn Bush and Stacy Adams brands were both down 13% for the quarter, with sales volumes down across most trade channels amid ongoing uncertainty in the retail environment caused by tariffs and price increases. BOGS sales declined 6% for the quarter due to a reduction in pairs shipped, a reflection of continued softness in the seasonal footwear category, and Florsheim sales decreased 1% for the quarter.

Wholesale gross earnings as a percent of net sales were 37.2% and 42.4% in the fourth quarters of 2025 and 2024, respectively. Gross margins for the quarter were negatively impacted by incremental tariffs, as discussed below. Although selling price increases helped mitigate the effect of these tariffs, they did not fully offset the resulting costs, leading to margin erosion for the period. Wholesale selling and administrative expenses totaled $12.7 million, or 23% of net sales, for the quarter versus $16.7 million, or 28% of net sales, last year. The decreases were largely due to lower employee costs in 2025. Wholesale operating earnings totaled $8.4 million for the quarter, down 6% from $8.9 million in 2024, due to lower sales volumes and gross margins.

North American Retail Segment
Net sales in our retail segment, which were generated mainly through our e-commerce websites, totaled $13.3 million for the quarter, down 5% from $14.1 million in 2024. Fourth quarter 2025 sales were negatively impacted by an increase in sales reserves related to our e-commerce businesses. 

Retail gross earnings as a percent of net sales were 64.3% and 65.0% in the fourth quarters of 2025 and 2024, respectively. Retail operating earnings totaled $1.9 million for the quarter and $2.5 million in last year’s fourth quarter. The decrease was primarily due to the sales reserve adjustment described above.

Other Operations
Other operations consist of our retail and wholesale businesses in Australia and South Africa (collectively, “Florsheim Australia”). Net sales of Florsheim Australia were $6.8 million in the fourth quarter of 2025, up 12% from $6.0 million in 2024. In local currency, Florsheim Australia’s net sales were up 11% for the quarter, driven by growth in both its wholesale and retail businesses. Florsheim Australia’s gross earnings as a percent of net sales were 61.5% and 62.5% in the fourth quarters of 2025 and 2024, respectively. Its quarterly operating losses totaled $0.1 million in 2025 compared to operating earnings of $0.1 million for 2024.

Incremental Tariffs
In early 2025, the U.S. imposed reciprocal and retaliatory (“incremental”) tariffs on imported goods. Throughout 2025, incremental tariffs increased the cost of our products by 19% to 50%, resulting in gross margin compression.

On February 20, 2026, the U.S. Supreme Court ruled that the International Emergency Economic Powers Act (IEEPA) does not authorize the President to impose tariffs, invalidating the statutory basis for incremental tariffs enacted since February 2025. The matter has been remanded to the Court of International Trade for further proceedings, including issues relating to implementation and potential refunds. We paid approximately $16 million of incremental tariffs in 2025. In December 2025, we filed a lawsuit seeking a refund for amounts paid in connection with the incremental tariffs imposed pursuant to IEEPA.

The President responded to the ruling by announcing the implementation of a 10% across-the-board tariff under a separate statutory authority. The Administration has indicated that rates could be increased, subject to statutory limits. Certain other tariffs imposed under authorities independent of IEEPA remain in effect. U.S. trade policies remain fluid and unpredictable, creating near-term gross margin uncertainty. We have mitigation strategies in place and will continue to adjust as needed in response to future policy developments.

Full Year 2025 Overview

• Net sales: $276.2 million (down 5% from $290.3 million in 2024)
• Gross earnings: 43.2% of net sales (compared to 45.3% of net sales in 2024)
• Earnings from operations: $29.2 million (down 20% compared to $36.6 million in 2024)
• Effective tax rate: 28.0% (compared to 23.9% in 2024)
• Net earnings: $23.1 million (down 24% from $30.3 million in 2024)
• Diluted earnings per share: $2.41 (down from $3.16 in 2024)
  
  

North American Wholesale Segment
Wholesale net sales were $216.8 million in 2025, down 5% compared to sales of $227.9 million in 2024. Sales of our Florsheim brand were a record $92.0 million, up 2% over 2024, driven by increased sales of dress and hybrid footwear. Sales of the Nunn Bush, Stacy Adams, and BOGS brands were down 10%, 9% and 11%, respectively, for the year, a result of lower demand. Additionally, our major brands were adversely affected by a large customer who failed to timely adopt our new pricing structure in the third quarter of 2025, negatively impacting sales for the period.

Wholesale gross earnings as a percent of net sales were 37.5% in 2025 and 40.2% in 2024. Gross margins for the year were negatively impacted by incremental tariffs, discussed above. Wholesale selling and administrative expenses totaled $54.6 million for the year and $60.1 million last year. The decrease was largely due to lower employee costs. As a percent of net sales, wholesale selling and administrative expenses were 25% and 26% in 2025 and 2024, respectively. Wholesale operating earnings totaled $26.6 million for 2025, down 16% from $31.5 million in 2024, due to lower sales volumes and gross margins.

North American Retail Segment
Retail net sales were $35.7 million in 2025, down 8% from a record $38.7 million in 2024. The decrease was primarily due to lower direct-to-consumer sales of Florsheim, BOGS and Stacy Adams footwear. BOGS website sales were also impacted by fewer promotional activities in 2025.

Retail gross earnings as a percent of net sales were 65.7% and 65.9% in 2025 and 2024, respectively. Retail operating earnings totaled $3.3 million for 2025 and $5.3 million last year. The decrease was primarily due to lower sales volumes.

Other Operations
Florsheim Australia’s net sales remained relatively flat at $23.7 million and $23.6 million in 2025 and 2024, respectively. In local currency, Florsheim Australia’s net sales were up 2% for the year, driven by growth in its retail businesses. Florsheim Australia’s gross earnings as a percentage of net sales were 61.5% and 61.0% in 2025 and 2024, respectively. Florsheim Australia generated operating losses totaling $0.7 million for 2025 and $0.2 million in 2024.

Provision for Income Taxes
Our effective tax rates for 2025 and 2024 were 28.0% and 23.9%, respectively. This year’s income tax provision included a charge to establish a valuation allowance on Florsheim Australia’s deferred tax assets. Last year’s tax provision was reduced due to deductions related to share-based compensation.

Dividend Declarations
On March 3, 2026, our Board of Directors declared a quarterly cash dividend of $0.27 per share to all shareholders of record on March 13, 2026, payable March 31, 2026.

“Florsheim was a bright spot in an otherwise challenging year, delivering its strongest annual wholesale sales performance to date, driven by continued momentum in the dress-shoe category,” stated Thomas W. Florsheim, Jr., Chairman and CEO. “In contrast, our other brands faced headwinds stemming from soft consumer demand and retailers’ cautious approach to inventory investment amid an unstable retail environment impacted by tariffs. Lower sales combined with incremental tariff costs pressured our margins for the period. Despite these challenges, we are pleased to have maintained profitability through planned price increases and cost-management actions taken throughout the year. Entering 2026, we are prioritizing financial oversight and operational discipline to reposition our brands and business lines for renewed growth while protecting long-term profitability.”

Conference Call Details
Weyco Group will host a conference call on March 4, 2026, at 11:00 a.m. Eastern Time to discuss the fourth quarter and full year 2025 financial results in more detail. To participate in the call, you will first need to pre-register online. Pre-registration takes only a few minutes, and you may pre-register at any time, including up to and after the call start time. To pre-register, please go to: https://register-conf.media-server.com/register/BIe90904fd63374b8b963a8c1e79ea098c.

The pre-registration process will provide the conference call phone number and a passcode required to enter the call. A replay will be available for one year beginning about two hours after the completion of the call at the following webcast link: https://edge.media-server.com/mmc/p/sbfnjmm6. Alternatively, the replay will be available by visiting the investor relations section of Weyco Group’s website at www.weycogroup.com.

About Weyco Group
Weyco Group, Inc., designs and markets quality and innovative footwear principally for men, but also for women and children, under a portfolio of well-recognized brand names including: Florsheim, Nunn Bush, Stacy Adams, and BOGS. The Company’s products can be found in leading footwear, department, and specialty stores, as well as on e-commerce websites worldwide. Weyco Group also operates Florsheim stores in the United States, Australia, and South Africa.

Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Various factors could cause our results to be materially different from the results expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the uncertain impacts of U.S. trade and tariff policies – particularly incremental tariffs on goods sourced from China - which remain highly dynamic and unpredictable; the impact of inflation generally and, specifically, increases in our costs for materials, labor and other manufacturing inputs; a slow-down or contraction in the overall U.S. or Australian economies; our ability to successfully market and sell our products in a highly competitive industry and in view of changing and unpredictable consumer trends; the effect of unseasonable weather conditions on the demand for certain of our products; our ability to successfully procure our products from independent manufacturers on a timely basis; consumer acceptance of products and other factors affecting retail market conditions, changes in interest rates, the uncertain impact of the wars in Ukraine and Israel and the related economic and other sanctions imposed by the U.S. and European Union; and other factors detailed from time to time in our filings made with the Securities and Exchange Commission, including our annual report on Form 10-K filed on March 14, 2025, which are incorporated herein by reference. We undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.

For more information, contact:

Judy Anderson
Vice President, Chief Financial Officer and Secretary
414-908-1833

WEYCO GROUP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
	December 31,				December 31,
	2025				2024
	(Dollars in thousands)
ASSETS:
Cash and cash equivalents	$	96,006			$	70,963
Marketable securities, at amortized cost		1,425				852
Accounts receivable, net		38,899				37,464
Income tax receivable		—				1,086
Inventories		65,887				74,012
Prefunded dividend		—				21,579
Prepaid expenses and other current assets		3,218				3,435
Total current assets		205,435				209,391
Marketable securities, at amortized cost		3,460				5,529
Deferred income tax benefits		—				1,037
Property, plant and equipment, net		27,414				28,180
Operating lease right-of-use assets		10,257				10,504
Goodwill		12,317				12,317
Trademarks		32,868				32,868
Other assets		27,916				24,260
Total assets	$	319,667			$	324,086
LIABILITIES AND EQUITY:
Accounts payable	$	11,198			$	8,378
Dividend payable		21,385				21,579
Operating lease liabilities		4,354				4,033
Accrued liabilities		11,062				13,273
Accrued income tax payable		638				—
Total current liabilities		48,637				47,263
Deferred income tax liabilities		13,828				13,922
Long-term pension liability		10,787				9,888
Operating lease liabilities		6,437				7,034
Other long-term liabilities		410				394
Total liabilities		80,099				78,501
Common stock		9,532				9,643
Capital in excess of par value		73,967				72,577
Reinvested earnings		169,923				181,299
Accumulated other comprehensive loss		(13,854	)			(17,934	)
Total equity		239,568				245,585
Total liabilities and equity	$	319,667			$	324,086

WEYCO GROUP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)
		Three Months Ended December 31,							Year Ended December 31,
	2025			2024				2025				2024
	(In thousands, except per share amounts)
Net sales	$	76,797		$	80,471			$	276,169			$	290,290
Cost of sales		42,955			41,947				156,941				158,765
Gross earnings		33,842			38,524				119,228				131,525
Selling and administrative expenses		23,649			26,985				90,056				94,911
Earnings from operations		10,193			11,539				29,172				36,614
Interest income		720			918				2,967				3,681
Interest expense		—			—				(2	)			(15	)
Other income (expense), net		24			(21	)			(105	)			(444	)
Earnings before provision for income taxes		10,937			12,436				32,032				39,836
Provision for income taxes		2,244			2,436				8,954				9,516
Net earnings	$	8,693		$	10,000			$	23,078			$	30,320
Weighted average shares outstanding
Basic		9,420			9,514				9,472				9,455
Diluted		9,501			9,668				9,565				9,599
Earnings per share
Basic	$	0.92		$	1.06			$	2.44			$	3.21
Diluted	$	0.91		$	1.04			$	2.41			$	3.16
Cash dividends declared (per share)	$	2.27		$	2.26			$	3.07			$	3.03

WEYCO GROUP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
	Year Ended December 31,
	2025				2024
	(Dollars in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$	23,078			$	30,320
Adjustments to reconcile net earnings to net cash provided by operating activities -
Depreciation		2,619				2,483
Amortization		262				264
Bad debt expense		78				110
Deferred income taxes		327				1,057
Net foreign currency transaction losses (gains)		13				(12	)
Share-based compensation expense		1,683				1,450
Pension expense		291				962
Impairment of trademark		—				300
Loss on disposal of fixed assets		67				36
Increase in cash surrender value of life insurance		(841	)			(738	)
Changes in operating assets and liabilities -
Accounts receivable		(1,513	)			1,780
Inventories		8,057				821
Prepaid expenses and other assets		384				3,250
Accounts payable		2,850				(419	)
Accrued liabilities and other		(1,817	)			(3,078	)
Accrued income taxes		1,716				(857	)
Net cash provided by operating activities		37,254				37,729
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from maturities of marketable securities		1,125				215
Proceeds from sale of marketable securities		384				—
Purchases of property, plant and equipment		(1,751	)			(1,386	)
Net cash used for investing activities		(242	)			(1,171	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash dividends paid		(7,732	)			(9,688	)
Prefunded dividend		—				(21,579	)
Shares purchased and retired		(5,268	)			(586	)
Net proceeds from stock options exercised		5				51
Taxes paid related to the net share settlement of equity awards		(231	)			(419	)
Net cash used for financing activities		(13,226	)			(32,221	)
Effect of exchange rate changes on cash and cash equivalents		1,257				(2,686	)
Net increase in cash and cash equivalents	$	25,043			$	1,651
CASH AND CASH EQUIVALENTS at beginning of year		70,963				69,312
CASH AND CASH EQUIVALENTS at end of year	$	96,006			$	70,963
SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes paid, net of refunds	$	6,855			$	9,401
Interest paid	$	2			$	15
NON-CASH FINANCING ACTIVITY:
Settlement of dividend payable with prefunded dividend	$	21,579			$	—