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Weyco Accumulation Inc (NASDAQ:WEYS)Q4 2019 Balance CallMar 11, 2020, 11:00 a.m. ET

Operator

Good morning, and acceptable to the Fourth Analysis and Abounding Year 2019 Balance Release Appointment Call. My name is Senora, and I’ll be the abettor for today’s call. At this time, all participants are in a accept alone mode. Later we will conduct a catechism and acknowledgment session. [Operator Instructions]

I’ll now about-face the alarm over to Mr. John Wittkowske, CFO. John, you may begin.

John F. Wittkowske — Senior Vice President, Chief Banking Officer and Secretary

Thank you. Acceptable morning, everyone, and acceptable to our fourth analysis appointment call. On this alarm with me today are Tom Florsheim Jr., our Chairman and CEO; and John Florsheim, our President and COO.

Before we activate to altercate the after-effects of the analysis and for the year, I will apprehend a abrupt disclaimer. During the advance of this call, we may accomplish projections or added advanced statements apropos our accepted expectations apropos approaching contest and the approaching banking achievement of the Company. We ambition to attention you that such statements are aloof predictions and that absolute contest or after-effects may alter materially from these statements. We accredit you to Weyco Group’s best contempo Form 10-K and it’s added SEC filings with the SEC, which analyze important factors and risks that could annual the Company’s absolute after-effects to alter materially from our projections.

Additionally, some comparisons may accredit to non-GAAP measures. Our SEC filings may accommodate added advice about these non-GAAP measures, including why we use them and reconciliations to the agnate GAAP data.

Net sales for the fourth analysis of 2019 were $86.9 million, bottomward 3% compared to aftermost year’s fourth analysis net sales of $89.6 million. Operating balance were $11.5 actor in the fourth analysis of 2019, bottomward 3% from $11.9 actor in the fourth analysis of 2018. Net balance attributable to Weyco accumulation totaled $8.8 actor this quarter, a abatement of 8% from $9.6 actor aftermost year. Diluted balance per allotment were $0.90 per allotment in the fourth analysis of 2019 and $0.93 per allotment in 2018.

In the North American broad segment, net sales for the fourth analysis were $68.8 million, bottomward 3% compared with $70.8 actor aftermost year. Licensing revenues were $1.1 actor this quarter, and $734,000 aftermost year. broad gross balance were 40.4% of net sales in the fourth analysis of 2019, compared with 40% of net sales in the aftermost year — in aftermost year’s fourth quarter. Despite the abatement in fourth analysis sales, broad operating balance added 5% to $10.9 actor this analysis from $10.4 actor in 2018. This access was abundantly the aftereffect of lower affairs and authoritative expenses.

Net sales of our North American retail segment, which accommodate both our retail food and U.S. e-commerce sales were $9.1 actor for the quarter, up 11%, compared with the $8.2 actor aftermost year. Aforementioned abundance sales, which accommodate the U.S. e-comm sales were up 9% for the quarter, due mainly to college sales on the Company’s websites. Retail operating balance were $1.5 actor this analysis and $1.9 actor aftermost year. The abatement amid periods was primarily due to lower operating after-effects at the Company’s brick and adhesive locations and college announcement costs from the Company’s e-commerce businesses.

Our added operations, which accommodate the broad and retail businesses of Florsheim Australia and Florsheim Europe had net sales of $9 actor in the quarter, bottomward 15% compared with $10.6 actor in 2018. This abatement was primarily due to a 15% abatement in net sales at Florsheim Australia with sales bottomward in both its broad and retail businesses, due to the arduous retail ambiance in Australia and Asia. The weaker Australian dollar — alibi me, about to the U.S. dollar additionally contributed to the decrease, as Florsheim Australia’s net sales in bounded bill were alone bottomward 10% for the quarter.

Collectively, Florsheim Australia and Florsheim Europe had operating losses accretion $854,000 for the quarter, compared to operating losses of $333,000 in the aforementioned aeon aftermost year. The access in operating losses amid years was primarily due to lower sales and college operating costs in Florsheim Australia’s retail business. In the fourth analysis of 2019, Florsheim Australia’s operating costs accommodate an about $500,000 of costs to avenue barren stores.

Our all-embracing net sales were $304 actor in 2019, an access of 2% compared with $298 actor in 2018. Balance from operations were $27 actor in 2019, up 6% from $25.5 actor aftermost year. Net balance attributable to Weyco Accumulation rose 2% to $20.9 actor in 2019, up from $20.5 million. Diluted balance per allotment were $2.10 per allotment in 2019, up from $1.97 per allotment in 2018.

In the broad segment, net sales for the year were $242 million, up 4% from $233 actor in 2018. Licensing revenues were $3 actor this year and $2.5 actor aftermost year. Broad gross balance as a percent of net sales were 36.6% in 2019, up from 35.6% aftermost year. Operating balance for the broad articulation added 20% to $27.8 actor this year, up from $23.1 actor aftermost year, due primarily to college sales and gross margins.

In our retail segment, net sales were $25.2 million, up 11% compared with $22.7 actor in 2018. Same-store sales were up 10% for the year, due mainly to added sales on the Company’s websites. Balance from operations for the retail articulation were $2.8 million, up 2% from $2.7 actor in 2018, due mainly to college e-commerce sales.

Our added operations had net sales of $36.7 million, bottomward 13% compared to $42.3 million. The abatement was primarily due to lower net sales at Florsheim Australia. Florsheim Australia’s net sales were bottomward 12% for the year, with lower sales in both its broad and retail businesses, due afresh to the arduous retail ambiance in Australia and Asia. The weaker Australian dollar about to the U.S. dollar additionally contributed to the abatement as Florsheim Australia’s net sales in bounded bill were alone bottomward 5% for the year.

Collectively, Florsheim Australia and Florsheim Europe had operating losses accretion $3.5 actor in 2019, compared with operating losses of $379,000 in 2018. This abatement was primarily due to lower sales and gross margins and college affairs and authoritative costs at Florsheim Australia. In 2019, Florsheim Australia’s operating costs included $940,000 of costs to avenue barren stores. Additionally, those food generated $350,000 of Florsheim Australia’s operating losses in 2019.

In 2019, the U.S. government appear it would appoint an added 15% assessment on cossack sourced from China. The assessment on covering footwear, which primarily impacts the Florsheim, Stacy Adams and Nunn Bush brands took aftereffect on September 1st and was afterwards bargain to 7.5% on February 14, 2020. The assessment on elastic and added non-leather footwear, which primarily impacts the BOGS cast was accepted to booty aftereffect on December 15, but never commenced as the U.S. government abeyant indefinitely.

For the fourth analysis and full-year 2019, the assessment on covering cossack did not accept a actual appulse on the Company’s after-effects of operations, because best of the inventories awash in 2019 was accustomed afore the assessment took effect. For 2020, in an accomplishment to abate the all-embracing appulse of the assessment bulk increases, the Company has adjourned broad bulk increases with abounding of its barter and bulk reductions from abounding of its Chinese suppliers.

At December 31st, 2019, our banknote and bankable balance totaled $31.5 actor and we had $7 actor outstanding on our $60 actor revolving band of credit. During 2019, we generated $9.4 actor of banknote from operations and drew $1.2 actor on our band of credit. We repurchased $5.6 actor of our Company’s banal and paid $9.4 actor in dividends. We additionally spent $7.4 actor on basic expenditures, primarily due to the amplification of appointment amplitude aural our accumulated headquarters. This activity is accepted to be completed in April 2020. We apprehend anniversary basic expenditures will be amid $3 actor and $4 actor in 2020.

On March 10th, 2020, the company’s Board of Directors declared a annual banknote allotment of $0.24 per allotment to all shareholders of almanac on March 20th, 2020 and payable on March 31st.

I would now like to about-face the alarm over to Tom Florsheim, Jr., Our Chairman and CEO.

Thomas W. Florsheim, Jr. — Chairman and Chief Executive Officer

Thank you, John, and acceptable morning, everyone. Our North American broad business was bottomward 3% for the analysis and up 4% for the year. Alibi me, it was a positive, but somewhat alloyed fourth analysis for our broad business. Overall, we performed able-bodied as we best up allotment in the markets breadth we compete. At the cast level, we had a advanced ambit of after-effects that in allotment reflected both our strengths, as able-bodied as the opportunities in our business as we access 2020.

Our Florsheim broad analysis was up 9% in the fourth analysis and 17% for the year. We accept that this is an outstanding aftereffect abnormally because that this access is on top of the 20% sales advance the Florsheim cast registered in 2018. Moreover, as primarily addressed a dress accidental brand, Florsheim accomplished this advance in a class that compress over 5% according to bazaar statistics. The cast has performed acutely able-bodied in agreement of developing new artefact that resonates with consumers and is accustomed for the bulk it offers about to some college priced competitors. As we move forward, Florsheim is acceleration bottomward on the amplification of its accidental array in adjustment to booty advantage of cast drive and abode the charge to alter its array to adjust with fast alteration lifestyles.

BOGS sales were bottomward 5% in the fourth analysis and up 8% for the year. We accept that balmy temperatures and lower precipitation beyond ample genitalia of Canada and the United States resulted in a slower accomplishment to BOGS here. Apart from the fourth analysis sales decline, we are admiring with our able single-digit access in 2019 and the advance we connected to accomplish against acceptable beneath weather-dependent in the approaching with added accidental lifestyle-oriented footwear, as able-bodied as cossack in the assignment category. We abide to see cogent upside cast based on the success we’re accepting [Indecipherable]. Alibi me.

As our Stacy Adams business was bottomward 11% for the analysis and 3% for the year — oh, I’m sorry. Alibi me. Our Stacy Adams business was bottomward 11% for the analysis and 3% for the year. Stacy Adams abatement was in ample allotment apprenticed by a abatement in shipments to the shoe alternation barter channel. The all-inclusive majority of the Stacy Adams artefact ambit avalanche primarily into the dress shoe segment. And while our sales achievement has been actual good, retailers, decidedly in the alternation abundance channel, are absorption their array in dress footwear. As a result, agreement beginning new cossack is arduous unless it has a accidental orientation. Similar to Florsheim, Stacy Adams is accretion the cardinal of accidental styles aural its mix as allotment of a abiding action to accept its appearance artful mirror to changes in how consumers dress. We accept the key to success is advancement the altered Stacy Adams point of view, as we alteration the cast to actuality added accidental over time. We accept that we’re authoritative advance against this end, but are in the aboriginal innings of this process.

Our Nunn Bush business decreased 7% for the analysis and 9% for the year. As discussed in antecedent appointment calls, Nunn Bush’s accident is the absolute aftereffect of challenges faced in the mid-tier administration abundance segment. Our acceptance is that the Nunn Bush business will acknowledgment to advance access in 2020. The cast is assuming able-bodied at retail and he has additionally fabricated abundant advance in the e-commerce barter channel. While there are still headwinds adverse some of Nunn Bush’s key retail partners, the cast has renewed drive and we are optimistic about this year.

Same-store sales in our North American retail segment, which includes U.S. e-commerce sales were up 9% in the fourth analysis and 10% for the year. The access was absolutely apprenticed by our e-commerce sales. We connected to advance in chump accretion accoutrement and programs to body our North American Internet business, as able-bodied as e-commerce sales in added markets, such as Australia and Europe. With our solid foundation and convalescent capabilities, we accept we are positioned able-bodied to drive e-commerce’s growth.

Net sales in our across business decreased 15% for the fourth analysis and 13% for the year. Florsheim [Phonetic] sales reflected an check of our business in Australia, as 2019 has been a year of alteration for Florsheim in that market. We accept formed through a cogent bulk of anachronistic annual in both women’s and men’s cossack and accept displace our food with a added acquiescent akin of SKUs. We accept additionally taken accomplish to clip barren stores, as able-bodied as attending for opportunities with added favorable leases aural our abundance network.

In February of this year, we relaunched a added abridged women’s band focused on comfort, which we accept bigger reflects the aspect of the Florsheim brand. In men’s, we accept curated array to highlight all-around product, as able-bodied as a about-face against added accidental footwear. All in all, our new administration in Australia has fabricated amazing bulk — a amazing bulk of advance in a abbreviate aeon of time, and we advanced bigger achievement in 2020. Aural our International business, our sales admeasurement of Asia Pacific are additionally actuality impacted by a difficult retail environment.

Overall, gross margins were 40.8% in 2019 against 40.2% aftermost year. This access was apprenticed by an access in North American broad margins, which were 36.6% in 2019, compared to 35.6% in 2018. We accept been focused on bulk negotiations with our factories in China to annual some of the bulk of the added tariff. While we see — while we will see an appulse from the 15% assessment in the aboriginal two abode of 2020, we accept that with the abridgement of the assessment to 7.5%, forth with alive calm with our suppliers and customers, margins will not be materially afflicted over the connected term.

Our inventories at December 31st, 2019 were $87 actor compared to $73 actor a year ago. Our inventories are college than aftermost year, because we brought in as abundant annual as accessible on core, shoes and boots afore the tariffs went into effect. Accomplishing this helped us advance our margins and as it angry out, with assembly delays that are actuality acquired by the Corona virus, we accept that we are able-bodied positioned to sustain any concise interruptions in our accumulation chain. It is alien how connected the appulse of this virus will last, which makes it absurd to accomplish predictions apropos the abounding year.

This concludes our academic remarks. Thank you for your absorption in Weyco Group. I would now like to accessible the alarm up to your questions.

Operator

Absolutely. Thank you. We will now activate the question-and-answer session. [Operator Instructions] Our aboriginal catechism comes from Chris Von Hammersmark [Phonetic]. Please go ahead. Your band is open.

Chris Von Hammersmark

Yeah. How are you guys doing?

Thomas W. Florsheim, Jr. — Chairman and Chief Executive Officer

Hi, Chris.

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Chris Von Hammersmark

Yeah. So I accept two questions. The aboriginal one, you mentioned the coronavirus. Is there any specific capacity about that, like, are there any like factories that are on Wuhan or added factories about China that accept absolutely been shut bottomward breadth the accumulation change has been cut-off? And afresh the added catechism is the banal buyback. You mentioned, I think, two abode ago, how abounding shares you guys were activity to buyback? Can you acquaint us like over — what’s your banal acknowledgment affairs adorable like over the abutting six months to a year? Thank you.

Thomas W. Florsheim, Jr. — Chairman and Chief Executive Officer

Sure. This is Tom. I’m activity to booty the aboriginal question, and afresh I’m activity to about-face the added catechism over to John Wittkowske, our CFO. So apropos the factories, we don’t accept any factories in Hubei province. We do accept factories about — and several altered ambit about China. I advanced it’s important for everybody to apperceive that during the Chinese New Year, [Technical Issues] So this year, Chinese New Year was January 28th, and so the factories basically shut down, no bulk what behindhand of any affectionate of virus. January 15th and afresh bodies appear aback about February 15th, because best of the workers at the factories in China appear from added ambit and they go home for Chinese New Year. So they booty a modification basically.

So this year with the coronavirus, the government in China connected the Chinese New Year vacation by one or two weeks, and so basically, to end of February. And we’ve been accepting letters — I’ve been talking to China about every day — communicating with China everyday, I should say, and about every distinct branch that we accomplish shoes in is accessible again. And the arduous allotment is accepting all the workers back, because they accept actual — they’ve put in restrictions, so that aback bodies appear aback from their provinces, they can’t aloof alpha assignment the abutting day, they put them in affectionate of a apprehension for a brace of weeks. But our factories accept 50% of the workers aback to 90% of the workers. And so we’re authoritative shoes again, we’re accepting shipments again. So as connected as things angle or ascendancy in China, we absolutely got aback to assignment eventually than I thought, and we’re seeing some acceptable progress.

And so does that acknowledgment your aboriginal question?

Chris Von Hammersmark

Yes.

Thomas W. Florsheim, Jr. — Chairman and Chief Executive Officer

Okay. So John, do you appetite to acknowledgment the banal buyback?

John F. Wittkowske — Senior Vice President, Chief Banking Officer and Secretary

Sure. Is your accepted catechism on the banal buyback, what are we accomplishing currently? Is that what you would like to know?

Chris Von Hammersmark

I would like to apperceive what do you accept in place? Because two abode ago, you had mentioned in the appointment call, you said an bulk — a allotment amount, and you said a allotment dollar bulk that you had in place. And also, has there been any changes in that?

John F. Wittkowske — Senior Vice President, Chief Banking Officer and Secretary

Yeah, there has been no changes in that, and we are alive in the bazaar appropriate now on our banal acknowledgment program. Accustomed the bulk of the stock, we feel it’s actual attractive, and we are in the bazaar on an alive allotment acknowledgment program. The all-around amounts accept not afflicted from the amounts appear and every quarter. Every quarter, there is an amend in the 10-Q and the 10-K, and there will be one in the 10-K that gets filed tomorrow. There is consistently an amend on the bulk of shares that are accessible to be repurchased beneath our plan, and how abounding we accept repurchased. So that will be in the 10-K. There has been no access nor abatement in the all-around bulk that we accept accustomed to buyback, and we are actively in the market. Now there are limitations on how abundant we can buy aback based on our trading aggregate that’s set by the SEC, and we are we’re affairs those.

Operator

Thank you. Our abutting catechism comes from John Deysher. Please go ahead. Your band is open.

John Deysher — Pinnacle — Analyst

Good morning, everyone.

Thomas W. Florsheim, Jr. — Chairman and Chief Executive Officer

Good morning.

John Deysher — Pinnacle — Analyst

On the allotment buyback, aloof to clarify, you said you repurchased $5.6 actor worth. How abounding shares is that?

Thomas W. Florsheim, Jr. — Chairman and Chief Executive Officer

Let me see, if I can get.

John F. Wittkowske — Senior Vice President, Chief Banking Officer and Secretary

Let me see, if I accept that for you appropriate off the top here. I can — accord me one second. Actuality is the 10-K.

Thomas W. Florsheim, Jr. — Chairman and Chief Executive Officer

Here John. Actuality is the 10-K.

John F. Wittkowske — Senior Vice President, Chief Banking Officer and Secretary

Give me one second, I’ll acquaint you that number.

Thomas W. Florsheim, Jr. — Chairman and Chief Executive Officer

I absolutely got it, but aloof to affirm [Technical Issues].

John F. Wittkowske — Senior Vice President, Chief Banking Officer and Secretary

Let’s see. It’s appropriate here. Okay. We bought aback 223,000 shares in 2019.

John Deysher — Pinnacle — Analyst

And what was the boilerplate price? That was the question.

John F. Wittkowske — Senior Vice President, Chief Banking Officer and Secretary

You accept absolutely appraisal shares. Like do the algebraic and get the boilerplate price. The boilerplate bulk is about $24.

John Deysher — Pinnacle — Analyst

Okay. Fine. And the cachet of that acknowledgment will be appear in the 10-K tomorrow?

John F. Wittkowske — Senior Vice President, Chief Banking Officer and Secretary

Yes. It will accept a arbitrary of the — well, afresh 223,000 shares accept been repurchased, so that’s — and affectionate of accustomed you the number, you will see that and it will appearance that there are — what’s the added absolute cardinal of acknowledgment shares are [Speech Overlap].

Thomas W. Florsheim, Jr. — Chairman and Chief Executive Officer

I mean, as of March 5th, we’re accustomed to acknowledgment 412,520 shares still beneath our acknowledgment program, which gives us affluence of…

John F. Wittkowske — Senior Vice President, Chief Banking Officer and Secretary

Right.

John Deysher — Pinnacle — Analyst

Okay. Great. That’s helpful. Apropos China, aftermost year, what allotment of broad shipments came from China? I advanced it had advanced been about 70%. And what do you advanced it to be this year? Because who knows if the tariffs could appear aback or not, and I was aloof analytical how you’re accomplishing with the clearing to get abroad from China?

Thomas W. Florsheim, Jr. — Chairman and Chief Executive Officer

Yeah, I mean, we advanced that that allotment will go down, although — it’s activity to booty a cardinal of years for us to absolutely move that cardinal a lot. So you may see it go bottomward to maybe the average 60s, maybe low 60%. Our position on this is that, we started assembly in added countries. We’ve already had a abiding relationships with abounding of the factories in India and we are accretion assembly there. We’ve been in Vietnam for a while, and we’re continuing there.

We opened a new ability in Cambodia. We’ve ramped up our assembly in the Dominican Republic. But some of our actual best factories are in China and we accept abiding relationships there. They accept been actual acceptable ally through this accomplished bearings with the tariffs, and we accept that it’s in our best absorption to move assembly actual slowly, because we’re seeing competitors candidly move assembly actual quickly. Like brief saying, we absolutely don’t appetite to be in China anymore and acrimonious up their assembly and aloof affective actual bound to added countries, that is a compound in our assessment for disaster. We accept developed over the years abundant resourcing in China. Some of our best shoes are fabricated there. And the aftermost affair we feel is acceptable for a long-term.

Health is — in our brands is to accept affection issues. And so, aboriginal and foremost, we’re authoritative abiding that we are able to advance our affection standards. With that said, our abiding action is to get our annex bottomward to China. In China, we’re not abiding breadth that cardinal is activity to land, but our assumption would be 50% or maybe a little bit less, would be a lot healthier. But one of the things that you’re seeing appropriate now, and this is aloof affectionate of a — adumbration of how commutual all of these countries are, as that bodies that move their assembly to added places like Vietnam, affection manufacturers accept confused their assembly to Bangladesh. They’re accepting abeyance now, because a lot of the apparatus or raw abstracts still appear from China. And so the acknowledgment to careful yourself from things that appear in China, it’s not necessarily activity to be accepting assembly out of there. While we feel that it is best to alter over the connected term, we’re aloof activity to be actual methodical about it.

John Deysher — Pinnacle — Analyst

That makes absolute sense. So aftermost year was still about the aforementioned 68% to 70% that came out of China and and you see that conceivably activity bottomward to 60% over the abutting several years. Do I accept [Speech Overlap].

Thomas W. Florsheim, Jr. — Chairman and Chief Executive Officer

Yeah, like the everyman — I would say the low 60s, and that 60s in 2020, yeah. And afresh added — like I would — I’m academic here, because there is so abounding things in comedy appropriate now with — our assembly acutely has gotten a apathetic alpha afterwards Chinese New Year. And we additionally brought in a lot of assembly from China in 2019 aggravating to exhausted the tariff. So I would guess, it will be this year 63%, 64%, and afresh in 2021, we’re activity to abide this movement into added countries. And so I would assumption it would be 60% or a little bit lower. We’d alpha breaking into the 50% range, and the plan is over several years to get that bottomward to about 50%.

John Deysher — Pinnacle — Analyst

Okay. Good. That makes sense. Talking about Australia for a second, I was a little afraid at the consequence of the operating accident of $3.5 million. I apperceive that includes Europe, but my assumption is best of that came from Australia. And I’m aloof curious, are we breadth we appetite to be in Australia at this point or is 2020 activity to be addition alteration year for us?

Thomas W. Florsheim, Jr. — Chairman and Chief Executive Officer

John, do you appetite to booty that?

John F. Wittkowske — Senior Vice President, Chief Banking Officer and Secretary

Yeah. I beggarly I think, we’re activity to accomplish acceptable advance in 2020. It’s Australia, it’s additionally the Pacific Rim, because we had to accord with the anticipation in Hong Kong [Phonetic], which had an appulse on us. And additionally now with the coronavirus, which is affecting 2020 obviously. And — but in Australia, we took over 100% collective — all 100% ownership. Previously, it was a collective venture. And we concluded up seeing a lot of things we didn’t apprehend already we took that over. And allotment of that was a fair bulk of anachronistic annual that was mentioned in the appointment alarm script. And I advanced it has been mentioned in antecedent appointment calls as well.

And we formed through that in 2019 to a cogent degree. We’ve got still a means to go. So there will be some balance appulse in 2020. The acceptable annual is, we’ve assassin new management. We’re absolutely blessed with the new President we accept in abode in Florsheim Australia, Damian Walton. He has assassin a new aggregation of people. We aloof feel we’re on the appropriate path. So the achievement not — ability not be absolutely breadth we appetite to be in 2020, but it’s activity to be decidedly bigger than what it was in 2019.

John Deysher — Pinnacle — Analyst

Okay. That’s encouraging. How abounding food did you end up aural Australia at year-end? And how abounding do you advanced you will accept at the end of 2020 in Australia?

Thomas W. Florsheim, Jr. — Chairman and Chief Executive Officer

Do you accept that balance number?

John F. Wittkowske — Senior Vice President, Chief Banking Officer and Secretary

[Indecipherable] Yeah. And we are reviewing the abundance network. What we’ve done is we’ve gotten out of some of the best barren stores. And afresh in allegory the abundance network, we’re seeing breadth we accept gaps, like we didn’t accept abundant aperture food for instance. And from a geographic standpoint, breadth there’s befalling and breadth — from a business archetypal perspective, we’re not entering into leases unless we feel that we can accomplish money in store. And so I think, there’s added conduct about our absolute approach.

One thing, we ran into, at the end of 2019, is the accident of a cogent broad chump in Australia. So we’re actual focused on aggrandize — rekindling that accord and additionally accretion our Australian broad business, which will advice all-embracing with the absolute operation.

Thomas W. Florsheim, Jr. — Chairman and Chief Executive Officer

And one area, breadth we had acceptable success in 2019 is in the business barter channel. We’ve absolutely developed our own website significantly, and we’re seeing that advance abide into 2020, and so that is activity to advice accord to all-embracing advantage bottomward there.

John F. Wittkowske — Senior Vice President, Chief Banking Officer and Secretary

Some of the accoutrement that we use in the U.S., breadth we’ve had cogent advance — I advanced we had advance aback to aback years in the U.S. over 20%. We confused those bottomward to Australia, and we feel accustomed the Florsheim’s bazaar position in Australia, there is a lot of upside with e-commerce.

John Deysher — Pinnacle — Analyst

Okay. Good. And afresh assuredly — go ahead.

Thomas W. Florsheim, Jr. — Chairman and Chief Executive Officer

What John…

John F. Wittkowske — Senior Vice President, Chief Banking Officer and Secretary

I was activity to acknowledgment that that the 33 estimated cardinal of food — we had mentioned those 33 food in Australia, the exact cardinal for you. And as I mentioned on the e-commerce side, we’ve apparent cogent advance in e-commerce there, 70% aftermost year. So we are encouraged by that.

John Deysher — Pinnacle — Analyst

Okay. The accident on the broad customer, was that on price, on alternative — breadth did that broad chump go?

John F. Wittkowske — Senior Vice President, Chief Banking Officer and Secretary

It was…

Thomas W. Florsheim, Jr. — Chairman and Chief Executive Officer

[Speech Overlap] say, it was on the agreement of the business. And so it was a business that wasn’t profitable, and we basically try to accommodate agreement that would be favorable to both and it did not go as we had hoped, but the chat continued. And so, it’s a annual that we were one of their bigger brands for many, abounding years. We’ve performed actual able-bodied there and I advanced that connected appellation we’re hopeful that we can, as john acclimated the word, bake the relationship.

And so we’ll see how that goes, but it was aloof — we’re basically applying the aforementioned disciplines to the business in Australia that we accept activated for actually anytime in the U.S. And so with our broad business here, which is the majority of our business, we’ve consistently been able to run assisting businesses. And so we’ll applying those aforementioned standards bottomward there, and so it’s activity to booty us a little bit of time, but we feel that that we accept a archetypal that is assisting in the U.S. and that over time that archetypal will be assisting in Australia.

John Deysher — Pinnacle — Analyst

Okay. That makes absolute sense. And afresh finally, on the U.S. retail side, how abounding food did you end the year with? And will you be closing any food in 2020?

Thomas W. Florsheim, Jr. — Chairman and Chief Executive Officer

We concluded the year with eight stores. Add in 2020. I advanced there is one added charter advancing up, and that abundance will close. And afresh — yeah, I beggarly that basically I advanced answers the question.

John Deysher — Pinnacle — Analyst

Seven is breadth you appetite to be on the retail side?

Thomas W. Florsheim, Jr. — Chairman and Chief Executive Officer

No, I advanced that we’re activity to abide to appraise it, aloof like we’re accomplishing in Australia. As these leases appear up, in the past, the ability in the leasing adjustment or in the charter appellation has been actual abundant on the ancillary of the capital or the being that we see in the space. And so in some cases in the U.S., aloof like in Australia, we entered into leases that aback we attending aback at it are not favorable to us, and especially, accustomed that capital cartage continues to decline. So as anniversary charter comes up, we’re accepting discussions with the freeholder and try to accommodate bigger terms. If those agreement allows to accomplish money in a location, afresh we’ll accumulate that area open. If those agreement do not acquiesce us to accomplish money, afresh we’re activity to accomplish the business accommodation to close.

And the ability has confused though, because in a lot of the malls, as leases appear up, retailers are leaving, and in abounding cases retailers are abrogation afore that, because they’re activity out of business. And so the allotment of the about-face — there has been a about-face in power. So we’ll see how that goes. In the U.S., in particular, we’re a actual baby — probably, we accept a actual baby retail presence, so we don’t accept a amazing bulk of power. But we’re activity to — we accept that business — there is a business account to accepting some Florsheim stores, but alone if they can accomplish money. So we are in — we’re activity to abutting the food if it doesn’t attending like it’s activity to be a assisting venture.

John Deysher — Pinnacle — Analyst

Great. That makes total…

Thomas W. Florsheim, Jr. — Chairman and Chief Executive Officer

Hello.

John F. Wittkowske — Senior Vice President, Chief Banking Officer and Secretary

Hello.

John Deysher — Pinnacle — Analyst

Yeah. Thanks for your comments.

John F. Wittkowske — Senior Vice President, Chief Banking Officer and Secretary

Okay. Thank you.

Operator

Thank you. [Operator Instructions] And I’m not assuming any added questions at this time. I’d like to about-face the alarm aback over to the host.

John F. Wittkowske — Senior Vice President, Chief Banking Officer and Secretary

Thank you, anybody for your questions. And we will allocution with you afterwards the aboriginal quarter. Accept a abundant day.

Operator

[Operator Closing Remarks]

Duration: 40 minutes

John F. Wittkowske — Senior Vice President, Chief Banking Officer and Secretary

Thomas W. Florsheim, Jr. — Chairman and Chief Executive Officer

Chris Von Hammersmark

John Deysher — Pinnacle — Analyst

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