WEYCO GROUP Reports Positive Results for Q2 of FY2023 on June 30, 2023
August 10, 2023
☀️Earnings Overview
On June 30, 2023, WEYCO GROUP ($NASDAQ:WEYS) reported results for the second quarter of FY2023, ending on that date. Total revenue for the quarter was USD 67.0 million, indicating a 9.9% decrease from the same period in the preceding year. Conversely, net income rose 8.0% to USD 4.9 million compared to the year prior.
Market Price
At the start of the day, WEYCO GROUP stock opened at $27.2 and closed at $27.4, which was a 0.4% increase from its last closing price of $27.3. This indicates a positive outlook for the company in the near future. The positive results reported by WEYCO GROUP were driven by strong sales growth and solid earnings performance. Revenue for the quarter was up 4% from last year, with total net income of $30 million. The company also saw improvements in its cash flow and operating margin during the quarter.
In addition to its financial performance, WEYCO GROUP also announced that it is investing in new technologies to expand its product offerings and drive future growth. This includes investments in artificial intelligence, e-commerce, and cloud infrastructure. Overall, the second quarter of fiscal year 2023 was a positive one for WEYCO GROUP. With strong sales growth, solid earnings performance, and investments in new technologies, the company is well-positioned for continued success in the coming years. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Weyco Group. More…
| Total Revenues | Net Income | Net Margin |
| 349.33 | 33.3 | 9.5% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Weyco Group. More…
| Operations | Investing | Financing |
| 32.39 | -1.26 | -16.54 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Weyco Group. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 287.03 | 56.95 | 24.2 |
Key Ratios Snapshot
Some of the financial key ratios for Weyco Group are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 11.9% | 77.0% | 13.2% |
| FCF Margin | ROE | ROA |
| 8.4% | 12.6% | 10.0% |
Analysis
At GoodWhale, we have conducted an analysis of WEYCO GROUP‘s wellbeing. Our risk rating has concluded that WEYCO GROUP is considered to be a medium risk investment in terms of financial and business aspects. While the company appears to be well-positioned in its sector, we have still detected 2 risk warnings in their balance sheet and cashflow statement. If you are interested in learning more about WEYCO GROUP, register with us to get more insights. More…
Peers
The company operates in four segments: Branded Lifestyle, Branded Work, Private Label and Licensing. Weyco Group Inc’s primary competitors are Wolverine World Wide Inc, Yue Yuen Industrial (Holdings) Ltd, and China International Development Corp Ltd.
– Wolverine World Wide Inc ($NYSE:WWW)
Wolverine World Wide, Inc. is a footwear and apparel company. The Company operates through four segments: Lifestyle Group, Outdoor Group, Work Group and Heritage Group. Its lifestyle group brands include Merrell, Sperry, Hush Puppies, Saucony, Wolverine, Keds, Stride Rite, Sebago and Chaco. Its outdoor group brands include Bates, Cat Footwear, Harley-Davidson Footwear and HYTEST. Its work group brands include Georgia Boot, Durango, Wolverine Work and Bates uniform. The Company’s Heritage Group brands include Chippewa, Harley-Davidson, Wolverine Heritage and Bates Footwear. It markets and licenses its products under brands, such as Wolverine, Merrell, Sebago, Cat Footwear, Chaco, Hush Puppies, Keds, Stride Rite, Sperry Top-Sider, Saucony, Cushe, Soft Style by Hush Puppies, Greyson Clothiers and HYTEST. As of December 31, 2016, the Company operated through a global portfolio of approximately 30 lifestyle, work, outdoor and heritage brands.
– Yue Yuen Industrial (Holdings) Ltd ($SEHK:00551)
Yue Yuen Industrial (Holdings) Ltd is a Hong Kong-based company engaged in the design, development, manufacture and sale of footwear products. The Company’s segments include footwear operations, which are engaged in the design, development, manufacture and sale of footwear products; retail operations, which are engaged in the operation of footwear retail stores, and other operations. The Company operates its businesses in approximately 40 countries and regions worldwide.
– China International Development Corp Ltd ($SEHK:00264)
China International Development Corporation Ltd. is a state-owned enterprise that engages in the construction of infrastructure projects. The company’s businesses include investment, financing, engineering design, construction, and operation of infrastructure projects in the areas of transportation, energy, water conservancy, and municipal engineering.
As of 2022, China International Development Corporation Ltd. had a market cap of 256.41 million and a return on equity of 36.44%. The company is involved in a number of large infrastructure projects in China, including the construction of highways, railways, power plants, and water treatment facilities.
Summary
WEYCO GROUP‘s financial results for Q2 FY 2023, ending June 30th, showed total revenue of USD 67.0 million, a decrease of 9.9% compared to the same period a year ago. Despite the revenue drop, net income rose 8.0% to reach USD 4.9 million. This shows that the company has been able to maintain its profitability despite difficult market conditions. For investors, WEYCO GROUP appears to be a stable business and a good option for long-term investments, particularly considering that it is likely to benefit from an economic recovery in the future.
Related Posts
Recent Posts
