Hội nghị công bố kết quả kinh doanh quý 3/2026 của Weyco Group (WEYS): Doanh số tăng 5%, EPS đạt 1,19 USD

Điểm nhấn chính

• Doanh thu thuần trong quý 3/2026 của Weyco Group tăng 5% so với cùng kỳ năm trước lên 77 triệu USD, dẫn đầu là mức tăng trưởng 6% từ doanh thu thuần bán buôn.
• Biên lợi nhuận gộp hợp nhất tăng từ 40,7% lên 49,7%. Quý này đã ghi nhận 3,3 triệu USD tiền hoàn thuế quan dưới hình thức giảm giá vốn hàng bán.
• Lợi nhuận hoạt động tăng từ 8,1 triệu USD lên 13,7 triệu USD, trong khi lợi nhuận ròng tăng từ 6,6 triệu USD lên 11,5 triệu USD. EPS pha loãng đạt 1,19 USD so với mức 0,69 USD của cùng kỳ năm trước.
• Doanh số của Florsheim, Stacy Adams và BOGS lần lượt tăng 9%, 9% và 6%. Doanh số của Nunn Bush giảm 1%.
• Weyco kết thúc quý với 95,2 triệu USD tiền mặt và chứng khoán khả nhượng, đồng thời không có dư nợ theo hạn mức tín dụng tuần hoàn trị giá 40 triệu USD.
• Hội đồng quản trị đã công bố mức cổ tức định kỳ hàng quý là 0,28 USD/cổ phiếu và cổ tức đặc biệt là 2,00 USD/cổ phiếu, cả hai đều sẽ được chi trả vào ngày 8 tháng 1 năm 2027.

Dữ liệu tài chính quan trọng

Tính đến ngày 30 tháng 9 năm 2026, tiền mặt và chứng khoán khả nhượng đạt tổng cộng 95,2 triệu USD. Weyco đã tạo ra 26,6 triệu USD dòng tiền từ hoạt động kinh doanh trong 9 tháng đầu năm 2026, chi trả 29,4 triệu USD cổ tức và chi 1,9 triệu USD cho chi tiêu vốn.

Kết quả kinh doanh và hoạt động

Biên lợi nhuận gộp mảng bán buôn tăng từ 35,7% lên 46,0%, chủ yếu do thuế suất bổ sung thấp hơn và khoảng 3 triệu USD tiền hoàn thuế quan được ghi nhận trong phân khúc này. Chi phí bán hàng và quản lý mảng bán buôn tăng từ 14 triệu USD (tương đương 23% doanh số) lên 16 triệu USD (tương đương 25% doanh số), chủ yếu do chi phí nhân viên tăng.

Tổng doanh số của các thương hiệu truyền thống thuộc Weyco tăng 6%. Florsheim dẫn đầu với mức tăng trưởng 9%, nhờ đóng góp từ dòng giày tây cùng sự mở rộng hiện diện ở dòng bốt thường ngày, giày thể thao và các kiểu dáng lai. Lượng hàng xuất xưởng của Stacy Adams cũng tăng 9% khi nhu cầu giày tây cải thiện, trong khi ban lãnh đạo tiếp tục phát triển các sản phẩm lai và thời trang thường ngày.

Doanh số của BOGS tăng 6%. Ban lãnh đạo cho biết đã đạt được tiến bộ trong công nghệ cấu trúc không đường may và nỗ lực mở rộng thương hiệu sang các dòng giày dép cách nhiệt nhẹ, không cách nhiệt và không làm bằng cao su. Doanh số của Nunn Bush giảm 1%, dù công ty vẫn tiếp tục chú trọng vào các tính năng thoải mái với giá cả phải chăng và sự khác biệt hóa sản phẩm.

Doanh số bán lẻ tăng 3%, dẫn đầu là mức tăng 17% từ doanh số thương mại điện tử của Florsheim, nhưng bị bù trừ một phần do doanh số giảm sau các đợt đóng cửa cửa hàng. Biên lợi nhuận gộp mảng bán lẻ cải thiện từ 66,4% lên 70,7%, phản ánh mức thuế quan bổ sung thấp hơn.

Doanh số của Florsheim Australia giảm 10% tính theo đồng nội tệ, chủ yếu do mảng bán buôn suy yếu. Việc quy đổi ngoại tệ đã thu hẹp mức giảm báo cáo bằng USD xuống còn 3%. Bộ phận này ghi nhận khoản lỗ hoạt động 400.000 USD, so với mức lỗ 100.000 USD của cùng kỳ năm trước.

Định hướng của ban lãnh đạo

Ban lãnh đạo cho biết hàng tồn kho dự kiến sẽ tăng từ mức 60 triệu USD vào ngày 30 tháng 9 lên khoảng 70 triệu USD vào cuối quý 4/2026. Chi tiêu vốn cho cả năm 2026 ước tính vào khoảng 3 triệu USD.

Công ty dự báo điều kiện thị trường Úc sẽ tiếp tục gặp nhiều thách thức trong ngắn và trung hạn, đồng thời lên kế hoạch điều chỉnh cơ cấu chi phí phù hợp với môi trường hoạt động.

Weyco không đưa ra định hướng định lượng về doanh số hay lợi nhuận. Ban lãnh đạo cho biết bảng cân đối kế toán và tình hình thanh khoản của công ty sẽ hỗ trợ tăng trưởng hữu cơ cùng các cơ hội chiến lược tiềm năng.

Rủi ro và các yếu tố cần theo dõi

Chính sách thương mại của Mỹ vẫn khó lường. Trong quý 3, mức thuế quan bổ sung là 12,5% đối với hàng nhập khẩu từ Trung Quốc, Cộng hòa Dominica và Việt Nam, trong khi các mặt hàng nhập khẩu khác chịu mức thuế 10%.

Đầu tháng 10, Weyco đã nộp đơn yêu cầu hoàn thuế đối với 1,2 triệu USD thuộc các tờ khai thuế quan Giai đoạn 3. Trong số đó, 400.000 USD đã được phê duyệt thanh khoản hải quan và 800.000 USD vẫn đang được xem xét. Không có khoản hoàn thuế Giai đoạn 3 nào được ghi nhận trong quý 3, và ban lãnh đạo cho biết thời gian cũng như số tiền thu hồi vẫn chưa chắc chắn.

Ban lãnh đạo cũng nhấn mạnh tình trạng lạm phát chuỗi cung ứng và áp lực tiềm tàng lên biên lợi nhuận gộp. Công ty e ngại việc tăng giá bán buôn do áp lực lên chi tiêu của người tiêu dùng.

Thị trường Úc tiếp tục là một điểm yếu khác do lượng khách đến cửa hàng bán lẻ sụt giảm, mảng bán buôn suy yếu và chi phí nhiên liệu tăng cao.

Điểm nhấn phiên hỏi đáp với chuyên gia phân tích

Khi được hỏi tại sao sản lượng vẫn tăng bất chấp áp lực đè nặng lên nhóm người tiêu dùng tầm trung, ban lãnh đạo dẫn chứng sự suy yếu của các đối thủ cạnh tranh và kết quả bán lẻ khả quan trên cả bốn thương hiệu. Công ty tin rằng mình đang giành thêm thị phần trong các phân khúc sản phẩm của mình.

Ban lãnh đạo cũng cho biết một số nhà bán lẻ lớn đã báo cáo sự suy yếu nhẹ ở phân khúc giày thể thao. Theo Weyco, điều này có thể giải phóng thêm ngân sách mua sắm cho các thương hiệu giày tây và giày thường ngày.

Về biên lợi nhuận, ban lãnh đạo cho biết các chiến lược giảm thiểu tác động của thuế quan đã phát huy hiệu quả cho đến nay. Tuy nhiên, các đợt áp thuế trong tương lai, lạm phát chuỗi cung ứng và chủ trương hạn chế tăng giá của công ty có thể tạo ra áp lực lên biên lợi nhuận.

Toàn văn biên bản cuộc họp công bố kết quả kinh doanh

Toàn văn cuộc gọi công bố kết quả kinh doanh

Phần trình bày của ban lãnh đạo

Operator

Good day, and thank you for standing by. Welcome to the Weyco Group Third Quarter 2026 Earnings Release Call. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your first speaker today, Chief Financial Officer, Judy Anderson. Please go ahead.

Judy Anderson

Thank you. Good morning, and welcome to Weyco Group's conference call to discuss third quarter 2026 results. On the call with me today are Tom Florsheim, Jr., Chairman and Chief Executive Officer; and John Florsheim, President and Chief Operating Officer.

Before we begin to discuss the results for the quarter, I will read a brief cautionary statement. During this call, we may make projections or other forward-looking statements regarding our current expectations concerning future events and the future financial performance of the company. We wish to caution you that these statements are just predictions and that actual events or results may differ materially. We refer you to the section entitled Risk Factors in our most recent annual report on Form 10-K, which provides a discussion of important factors and risks that could cause our actual results to differ materially from our projections.

These risk factors are incorporated herein by reference. They include, in part, the uncertain impact of U.S. trade and tariff policies, which remain highly dynamic and unpredictable, the impact of inflation on our costs and consumer demand for our products, increased interest rates and other macroeconomic factors that may cause a slowdown or contraction in the U.S. or Australian economy.

Overall net sales for the third quarter of 2026 were $77 million, up 5% compared to the third quarter of 2025. Consolidated gross earnings were 49.7% of net sales, which included $3.3 million of tariff refunds. Gross earnings were 40.7% of net sales in the third quarter of 2025. Earnings from operations were $13.7 million for the quarter, up from $8.1 million in 2025. Net earnings totaled $11.5 million, up from $6.6 million last year. Diluted earnings per share were $1.19 per share in 2026, up from $0.69 per share in the prior year.

In early 2026, IEEPA tariffs were invalidated by the U.S. Supreme Court. We paid approximately $19.8 million of IEEPA tariffs, $18.6 million of Phase 1 entries and $1.2 million of Phase 3 entries. In April of this year, we submitted refund claims for our Phase 1 entries, substantially all of which were approved and recognized during the second quarter. During the third quarter, $3.3 million in refunds previously recorded in inventory were recognized as a reduction to cost of sales upon the sale of the related inventory. Our Phase 3 entries were submitted in early October with $400,000 of entries approved for liquidation, while the other $800,000 remain under review. The timing and amount of these recoveries remain uncertain and subject to execution by U.S. Customs and Border Protection. Accordingly, no refunds related to Phase 3 entries were recognized in the third quarter.

Under a separate statutory authority, incremental tariffs on imports from China, the Dominican Republic and Vietnam were 12.5% during the quarter, while our other imports remained at 10%. U.S. trade policies continue to evolve and remain unpredictable, creating near-term gross margin uncertainty. We have mitigation strategies in place, and we'll continue to adjust as appropriate in response to future policy developments.

Wholesale net earnings were $64 million for the quarter, up 6% from $60.2 million in the third quarter of 2025. The increase was due to higher sales of our Florsheim, Stacy Adams and BOGS brands. Nunn Bush sales were down slightly for the current quarter. Last year's third quarter sales were negatively impacted by reduced business with a large customer who failed to timely adopt our new pricing structure that was effective July 1, 2025, resulting in order cancellations during the period.

Wholesale gross earnings as a percent of net sales were 46% and 35.7% in the third quarters of 2026 and 2025, respectively. The increase was primarily due to lower incremental tariff rates compared to last year and the recognition of approximately $3 million in tariff refunds in the segment, as discussed earlier. Wholesale selling and administrative expenses were $16 million or 25% of net sales for the quarter versus $14 million or 23% of net sales last year. The increase in 2026 was primarily due to higher employee costs. Wholesale operating earnings were $13.4 million for the quarter, up from $7.5 million in 2025 due mainly to higher sales and gross margins.

Net sales in our retail segment totaled $7.2 million for the quarter, up 3% from $7 million in 2025. The increase was primarily due to higher sales on our Florsheim website, largely offset by lower sales resulting from store closures. Retail gross earnings as a percent of net sales were 70 -- or increased to 70.7% in the third quarter of 2026, up from 66.4% in the third quarter of 2025, driven by lower incremental tariff rates this year. Retail operating earnings totaled $700,000 for the quarter and $600,000 in last year's third quarter.

Our other operations consist of our retail and wholesale businesses in Australia and South Africa, collectively known as Florsheim Australia. Net sales of Florsheim Australia were $5.8 million in the third quarter of 2026, down 3% from $6 million in 2025. In local currency, its net sales were down 10% for the quarter, mainly at wholesale. The local currency decrease translated to a 3% decline in U.S. dollars due to the strengthening of the Australian dollar relative to the U.S. dollar year-over-year. Florsheim Australia's gross earnings as a percent of net sales were 63.8% and 61% in the third quarters of 2026 and 2025, respectively. Its third quarter operating losses were $400,000 in 2026 versus $100,000 last year. Operating losses were higher for the quarter due to lower wholesale sales.

At September 30, 2026, our cash and marketable securities totaled $95.2 million, and we had no debt outstanding on our $40 million revolving line of credit. During the first 9 months of 2026, we generated $26.6 million in cash from operations and used funds to pay $29.4 million in dividends. We also had $1.9 million of capital expenditures. We estimate that annual capital expenditures in 2026 will be approximately $3 million.

On November 3, 2026, our Board of Directors declared a regular quarterly cash dividend of $0.28 per share to all shareholders of record on November 17, 2026, payable January 8, 2027. Additionally, on November 3, 2026, our Board of Directors declared a special cash dividend of $2 per share to all shareholders of record on November 17, 2026, payable January 8, 2027.

I would now like to turn the call over to Tom Florsheim Jr., Chairman and CEO.

Thomas Florsheim

Thanks, Judy, and good morning, everyone. We are very pleased with our overall performance in the third quarter with net sales increasing 5% and wholesale net sales increasing 6%. In a challenging retail environment, we believe we are continuing to gain market share in the categories where we compete. While conditions at retail remain choppy, our portfolio of brands is well positioned, and we remain confident about the future. Sales of our combined legacy brands increased 6% in the third quarter, led by Florsheim, which posted a 9% gain. The strength of the Florsheim business is both broad and deep.

In dress footwear, we have half a dozen distinct product collections that have become go-to programs for both our sales force and our retail partners. Even more encouraging, the success of our dress business has opened doors for us to expand our presence in casual boots, sneakers and hybrids. While these categories still represent a relatively small portion of our business, we are seeing encouraging results and retailers are increasingly giving Florsheim a place in these areas of their merchandising mix.

Our Nunn Bush business declined 1% for the quarter. In today's market, Nunn Bush competes primarily with retailers' private label offerings and lower-priced footwear licensed under apparel brands. We have maintained the brand's relevance by adding added value through affordable comfort technologies, including gel footbeds, dual density outsoles and easy access and design. While sales were slightly below last year's levels, we believe Nunn Bush continues to compete effectively and that our investment in meaningful product differentiation is the right strategy.

Stacy Adams shipments increased 9% for the quarter. Dress footwear is having something of a moment from a fashion perspective, and we are pleased to see Stacy Adams return to growth. While we welcome the lift in our dress business, we remain focused on developing our hybrid and fashion casual offerings to capitalize on the longer-term shift toward more relaxed, lifestyle-oriented wardrobes.

Our BOGS brand posted a 6% increase for the quarter. We are gaining traction with our focus on innovation, particularly our seamless construction technology, which produces footwear that is lighter and twice as durable as traditional vulcanized construction. We also continue to make progress in diversifying the product line to establish BOGS as a relevant brand 365 days a year. We are expanding our presence in lightly insulated and non-insulated footwear and introducing more non-rubber styles to the collection. While we are still early -- in the early stages of rebuilding BOGS to its previous sales levels, we believe the brand has turned a corner and is positioned for growth.

Net sales in our retail segment increased 3% for the quarter. Our retail segment consists primarily of our direct-to-consumer online business. Growth was led by a 17% increase in Florsheim e-commerce sales, reflecting the strength of the brand and its appeal to consumers. We continue to invest in tools and technology for our online platforms to more effectively target customers, improve conversion and increase the productivity of our websites.

Florsheim Australia's net sales declined 3% for the quarter and 10% in local currency. The Australian market has been under pressure for some time and conditions have been further exacerbated by higher fuel costs. Our team in Australia remains focused on navigating these headwinds, improving conversion rates in an environment of reduced retail traffic and carefully managing expenses. We expect market conditions to remain challenging in the near to medium term, and we will continue to align our cost structure with the business environment.

Our overall inventory as of September 30, 2026, was $60 million compared to $66 million at December 31, 2025. As discussed last quarter, we are bringing our inventory levels up to approximately $70 million by the end of the fourth quarter.

As Judy mentioned, yesterday, our Board of Directors declared a special cash dividend. Over the past few years, we have continued to build up cash in excess of what we need to fund operations and capital expenditures. Looking to the future, we anticipate that our strong balance sheet and liquidity will allow us to fund organic growth and pursue future strategic opportunities as they arise. Therefore, we are returning capital to our shareholders in the form of a special cash dividend alongside our regular quarterly dividend.

This concludes our formal remarks. Thank you for your interest in Weyco Group, and I would now like to open the call to your questions.

Operator

[Operator Instructions] Our first question comes from the line of David Wright with Henry Investment Trust.

Phần hỏi đáp

David Wright

First, I want to just congratulate your city on your recent victory in the World Series. It's a big thing for a smaller town. And for those of us who didn't have a rooting interest, we always want to see it go 7 games just to get a little more baseball. But your team was very dominant, and I'm sure the spirit around town is very high. So congratulations there.

Thomas Florsheim

Thank you, David. And it's been great for Milwaukee. It's been an exciting couple of weeks with the Brewers.

David Wright

Well, I hope things keep going well there. And things are obviously continuing or just going very, very well at your company. And congratulations. When I take out the -- even when I take out the tariff refund, it looks like you were able to expand margin on a year-over-year basis. Your inventory is down. You said you want to build it back up, generating a lot of free cash and giving some of it back to the stockholders. So you're just doing an outstanding job managing that business, and thank you.

Thomas Florsheim

Thank you. That means a lot to hear that from you. I really -- we all really appreciate it.

David Wright

You're welcome. Judy, in your prepared remarks, when you were talking about tariffs and you said something about potential gross margin pressure, and I was distracted when you were speaking at that moment. Would you mind just repeating and perhaps elaborating on that?

Judy Anderson

Let's see where that is.

Thomas Florsheim

I think it's the unpredictability of what's...

Judy Anderson

What's yet to come?

Thomas Florsheim

Yes. You don't know.

Judy Anderson

Yes. We've been dealing with these tariffs and tariff refunds for 18 months. And even before that, we had some back in -- before the pandemic. So we have developed strategies for mitigating our -- any new tariffs that come up. And I mean, we're in a good place right now that the incremental tariffs are lower than they were at the same time last year. So they have come down. But there is some uncertainty as to what will happen in the future. But we feel like we have some experience with this and our strategies in the past have seemed to work out nicely.

David Wright

Okay. And then just on...

John Florsheim

Just to add to that, there are a lot of inflationary pressures out there from a supply chain standpoint. So while tariffs remain unpredictable, some of the inflationary pressures are not. And then when you look at the market today, it's not a market where you want to increase your wholesale prices because the consumer just doesn't have the money in their pocket. And so we're just cognizant -- our margins are better this quarter. We're glad about that. But when we look towards the future, we just -- we want to make sure that there could be margin pressure down the road based upon what's going on in the supply chain and then the inability to raise prices. So it's not inability, but our desire not to raise prices.

David Wright

So against that backdrop and, kind of, a middle market consumer that's supposedly being squeezed, what -- can you -- what would you attribute to the increased volume, the more orders from the retailers? It's a good disconnect for you, but it just seems like a mild disconnect with kind of the perceived economic picture.

Thomas Florsheim

Yes. I think there are a couple of different reasons for that. Over the past several years, we've seen our competition get weaker. And several brands that we compete with head-to-head were sold where the brand name was bought by one company and then they licensed the brand to another company to run the operation. And that model, I think, has some issues. And so our competition has gotten weaker.

The other thing, which is probably more important, is our product really across our brands is performing extremely well at retail. It rarely happens when you have 4 brands that all 4 are performing well. But we have that going right now and the retailers, our customers are very happy with us. We have a lot of our customers come into Milwaukee, and we've been working with them over the last few weeks, and we've heard their feedback directly. And we're in a good place.

And I'll throw in one last thing. One thing -- one comment that we heard from many of the big retailers that were in Milwaukee was the athletic business is trending off. And it's not trending off by a lot, and it's a huge part of their business. But if the athletic business is down 2% -- that gives a lot more budget for brands like ours that are more in the dress and casual category. And so that also, we think, is helping.

David Wright

It sounds like you're taking a little market share in the process. So once again, thanks for the great job that you're doing and I'll yield.

Operator

[Operator Instructions] I'm showing no questions at this time. I would now like to turn it back to Chief Financial Officer, Judy Anderson, for closing remarks.

Judy Anderson

Thank you. Thank you, everyone, for attending our call today. We hope you all have a great rest of your week.

Operator

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.