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Weyco Group Q2 profit falls YOY

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Weyco Group Q2 profit falls YOY

Weyco Group Inc. said its normalized net income for the second quarter came to 18 cents per share, a decline from 19 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $2.0 million, a decline from $2.0 million in the prior-year period.

The normalized profit margin declined to 3.1% from 3.2% in the year-earlier period.

Total revenue grew on an annual basis to $63.9 million from $62.9 million, and total operating expenses grew on an annual basis to $60.6 million from $59.5 million.

Reported net income decreased 5.1% from the prior-year period to $2.1 million, or 19 cents per share, from $2.2 million, or 20 cents per share.