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Weyco consolidates net sales

Aug 14, 2017 United States
Weyco consolidates net sales
The US-based company announced net sales for the second quarter totaling 57.5 million US dollars, up by 1% as compared to second quarter 2016 net sales of 56.9 million US dollars
"Despite the challenging retail environment, we saw an uptick in overall sales and net earnings for the quarter", commented Thomas W. Florsheim, Jr., the company's Chairman and CEO, adding: "Our sales increase can be attributed, in part, to successful new product launches for two of our major wholesale brands. We are also working to control our costs, which contributed to our bottom line earnings increase for the quarter. While the retail landscape remains uncertain, we look forward to building upon this momentum as we move into the back half of the year."

Weyco company announced net sales for the second quarter totaling 57.5 million US dollars, up by 1% as compared to second quarter 2016 net sales of 56.9 million US dollars.

During that period, earnings from operations totaled 1.9 million US dollars, a decrease of 7% as compared to similar period in 2016. Net earnings attributable to the company reached 1.3 million US dollars in the second quarter of 2017, up by 26% as compared to 1.0 million US dollars in last year's second quarter.

Net sales in the North American wholesale
segment, which include North American wholesale sales and licensing revenues, totaled 42.3 million US dollars for the second quarter of 2017, up by 2% as compared to 41.5 million US dollars in simialr period in 2016.  Within the wholesale segment, net sales of the Stacy Adams and Florsheim brands were each up by 10% for the quarter due to strong new product sales. These sales increases were partly offset by a 13% decline in net sales of the Nunn Bush brand, negatively impacted in the quarter by product transitions where some large older programs are being phased out and new programs will be shipped in the third and fourth quarters.

Net sales in the North American retail segment, which include sales from the company's Florsheim retail stores and its internet business in the United States, totaled 4.8 million US dollars in the second quarter of 2017, as compared to 4.7 million US dollars in the second quarter of 2016.  Same store sales (which include U.S. internet sales) were down by 2% for the quarter due to decreased sales at both brick and mortar stores and on the company's websites.

Other net sales, which include the wholesale and retail net sales of Florsheim Australia and Florsheim Europe, reached 10.4 million US dollars in the second quarter of 2017, down by 3% as compared to 10.7 million US dollars in 2016. The decrease was primarily due to lower net sales at Florsheim Australia.

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