this to Good quarter conference On CEO. today Victoria. Chairman you, Jr., Weyco Tom and with Florsheim is morning. results. fourth Thank and our Welcome Group’s our me discuss call XXXX call to
read begin we will the disclaimer. the quarter, results Before brief for discuss I to a
the XX-K concerning and the company. are financial statements regarding actual events risks that important forward-looking cause Weyco course or projections other as to future caution Form projections. to of During wish results factors the or just you could XX-K to results company’s the current We our this or may The future results filed from expectations with you make performance statements We and and differ call, of that we identifies refer may most such – Securities events our materially recent that materially. actual predictions and Group’s the actual differ Commission. Exchange
may comparisons measures. refer non-GAAP some Additionally, to
quarter in nonrecurring $X.XX fourth comparison share and were three Our this $X.X these There Operating last quarter million per impacted million we up non-GAAP to last per adjustments of results. the X%, fourth additional compared year. fourth year. share were for Net $XX.X sales of as share $XX.X XX% that measures information $XX.X the Weyco with to Group fourth XXXX the as $X.X about $X.XX SEC them. Net compared million why quarter were million, use XXXX and earnings down XXXX. earnings earnings quarter, $X.X million contain quarter, attributable were sales million. filings may in significant quarter of fourth were in to Diluted compared per the
benefit income rate. corporate was which This the provision for tax from company’s tax balances the of tax recorded quarter new adjusting tax adjustment, reflect the to reform deferred first the in bill. XXXX resulted our XXXX impact fourth reduced of the The
are is benefits corporate income. expected tax rate Additional the when current lower to applied in XXXX,
quarter The of the second adjustment, after-tax fourth million $X.X a Umi the for $X.X basis, of On this was was charge XXXX name. an trade which was recorded impairment charge million. in impairment
adjustment, third the life of up reversed fourth nonrecurring earnings policies. quarter, of adjustments, Without net deferred XXXX on million $X.X in Weyco reported liabilities have quarter was the tax been while The down insurance would been operations would Group earnings also for X% which corporate-owned attributable to these have X%. from
as million and to fourth for in and $XX.X or last quarter. share per $X.X were million these sales $X.XX $XX.X Wholesale year. have year’s last operating quarter $XXX,XXX lower million, XX% to million million, for diluted sales, Same-store quarter, earnings fourth Internet of in mainly for $X.X which compared share, include North X% sales sales $X.X million, Net sales expenses, X% $X.X Internet selling year’s administrative million $XX.X the American the share, company’s gross net Without been Wholesale earnings our XXXX. net segment, XX.X% quarter, year. in excluding would adjustments were earnings In have stores sales been year’s $X.XX to this from adjustments, were last would American over million, of down these wholesale XXXX. up North whole margins. Licensing of revenues the XX.X% sales – with per sales Wholesale or our which nonrecurring in quarter. were quarter the Additionally, compared U.S. the compared mainly this per to and earnings net of up quarter quarter, $XX.X XXXX. were nonrecurring gross excluding Retail XX.X% fourth in XX% were net sales higher adjustments to fourth and were U.S. websites. $X.X last compared retail segment, due million last on operating include Retail due fourth
other from In last Australia. Europe was wholesale due earnings both which The down Australia’s Europe local and Florsheim to mainly X%, had X%, between XXXX. to and decrease $XX.X and year. Florsheim Florsheim quarter, the volume. between decrease retail as net wholesale lower retail sales to sales compared sales were million operating down net in due Florsheim for XXXX, were Florsheim lower businesses sales the its fourth of and Australia Collectively, Australia X% million of include in the currency, the in of decrease net in $X.X down operations, years million with quarter the at The sales Florsheim Our of was a years $XX $XXX,XXX businesses.
excluding In year to per XXXX For the in overall year for from X%, up XXXX. in sales the year. as our in $X.X segment, share was recognized diluted mainly and were compared the website the due share in million was other $XXX sales year, $XX.X for Earnings and net decrease XXXX. XXXX, components we X%, and to Without to attributable of million XXXX, required from and X% to $XXX segment, sales on net operations company’s compared million discussed previously sales due pension largely our earnings again, non-service down X% year, been expense. which XX, XXXX. million revenues the million selling $X.X in Nunn up XX.X% sales from statement. for company earnings would include operating nonrecurring Bush or down in and and XXXX, adopted in our XXXX. of Brand. sales XX% of in been December Again, expenses gross sales sales to of Weyco Accordingly, $XXX Net XX% administrative pension $XX.X Wholesale expenses. net nonrecurring have XXXX. have million, down the selling $X.XX sales $X.X from X% that earnings retrospectively earnings decline offset of up million due segment as million our higher selling Internet in the were and $XXX a XXXX, million earnings year. operations a sales $X.XX at company per which On the from wholesale savings plan, the a to were and pension a the X% from net to million in in XXXX. million our selling rule U.S. Retail The the in Also, up Earnings per would Same-store margins $X.X due administrative year. were administrative sales. Wholesale flat to lower would earlier, brands, lower by Wholesale been last were share discussed froze nonrecurring of wholesale adjustments, $XX.X higher sales, $X.X $X.X earnings in percent annually. expenses, in down BOGS adjustments $XX.X adjustments of gross were were partially year, net Licensing XXXX. Diluted savings to the the been other expense websites. XXXX the million X% $X.XX the have to of XX.X% as this decrease sales, administrative decreased compared lower and compared resulted Without reclassify in nonrecurring $X.X $XX.X primarily XXXX, $XX.X million, of compared cost In Group Florsheim year, or to million, XXXX. the were last were net other in net to in income the XXXX were the million would in $X.XX expense benefited Without for Weyco and million in Retail for the and new as have $XX.X in Group for million, were expense adjustments, the accounting earnings million. X% with savings operations was attributable
$XX.X was due the its sales. the Australia decrease earnings were down compared million were net $XX.X Florsheim sales wholesale other Our with down sales XXXX. currency, decrease operating the sales to Australia. lower Florsheim for both in of primarily were local net at Australia’s $X.X as sales XXXX, in and and in This and million. to $X.X X%, million businesses. due Florsheim down retail operations from Collectively, X% had was of lower year, million, X% in net net primarily lower The down Florsheim sales to Europe
and our -- $XX million decrease in expense last debt million me, $X Our down other expense to in million components year. cost XXXX, December had for the securities the discussed. expense year for the credit. in pension cash marketable expenses revolving our $XX.X The totaled and At from line XXXX, no excuse this on $X.X decrease other primarily year non-service $XXX,XXX of outstanding the due totaled million we was year XX, previously of
to purchased funds additional we generated credit, $X.X company operations. million cash repurchased stock, of million payoff line million our of an million used $XX.X of the securities. $XX.X in million During $X.X We dividends marketable and of of from paid $X.X XXXX,
we on expenditures. $X.X Additionally, spent million capital
We in to between XXXX. of and of to Jr., March like Chairman company’s share on declared over Directors a XXXX, $X turn of X, million On $X.XX and expect to Our cash million to all would I capital quarterly Board Tom XXXX. $X record per payable now XX, be expenditures XXXX, XX, CEO. the call March shareholders on the dividend Florsheim March
