Weyco Group Declares $2 Special Dividend; 3Q Revenue, Profit Falls

Dow Jones11-06

By Connor Hart

Weyco Group on Tuesday declared a special one-time cash dividend of $2 per share, and a regular quarterly cash dividend of 26 cents per share.

The regular payout, equal to $1.04 a year, represents an annual yield of about 3% based on Tuesday's closing price of $34.50.

Both the regular and special dividend will be paid Jan. 2 to shareholders of record as of Nov. 18, the Milwaukee footwear company said.

Also on Tuesday, Weyco reported a third-quarter profit of $8.1 million, or 84 cents a share, compared with $9.3 million, or 98 cents a share, in last year's quarter. Revenue fell 12% to $74.3 million, hurt by lower sales as consumers pulled back their spending due to inflationary pressures, the company said.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

November 05, 2024 17:15 ET (22:15 GMT)

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