World Footwear

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US footwear business Weyco with rising sales

Nov 7, 2014 United States
US footwear business Weyco with rising sales
Net sales for the third quarter of 2014 were 87.4 million US dollars, an increase of 5.2% from 2013 net sales of 83.1 million US dollars. Net earnings for the period consolidated

Net earnings attributable to Weyco Group, Inc. reached 5.5 million US dollars in the third quarter of 2014, up 2.3% from 5.4 million US dollars in 2013. Diluted earnings per share increased to 0.51 US dollars per share in the third quarter of 2014, from 0.50 US dollars per share in the third quarter of 2013.

Wholesale net sales in the North American region (includes licensing revenues) totaled 68.0 million US dollars for the third quarter of 2014, up 5% as compared to 64.8 million US dollars in 2013.

Within the wholesale segment, net sales of  the BOGS brand increased by 37%, driven by higher sales volumes across all major distribution channels. Stacy Adams net sales were up 10%, with strong sales in the modern dress shoe category. Nunn Bush and Florsheim net sales were down 12% and 9%, respectively, for the quarter. The decline at Nunn Bush was primarily due to lower sales with department stores. Florsheim net sales were down due to lower sales volumes with department stores and independent retailers.

Net sales in the North American retail segment (including Florsheim retail stores and its internet business in the US) reached 5.4 million US dollars in the third quarter of 2014, up 2% from the same period in2013. Same store sales were up 6% for the quarter. There were two fewer domestic retail stores during the third quarter of 2014 than there were in last year’s third quarter. Other net sales, which include the wholesale and retail net sales of Florsheim Australia and Florsheim Europe, were 14.0 million US dollars in the third quarter of 2014, up 7% as compared to 13.1 million US dollars in 2013. The majority of other net sales were generated by Florsheim Australia.

Florsheim Australia’s net sales were up 9% for the quarter. This increase was due to higher sales in both its retail businesses, where sales were up 4% (same store sales up 1%), and its wholesale businesses, where sales were up 18%.

For the period January-September net sales reached 225.2 million USD, 1.6% up from similar period in 2013. Net income for the nine months period totaled 10.9 million US dollars, growing 1.2% from 2013.

Weyco Group, Inc. shares were last traded at 28.2 US dollars at the NASDAQ on the 5th of November.

For more information about the Weyco Group, Inc. please refer to the company’s website.

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