World Footwear

Companies

Double digit drop at Weyco revenue

Nov 24, 2016 United States
Double digit drop at Weyco revenue
Net sales for the third quarter of 2016 totaled 79.1 million US dollars, a decrease of 13%
"This was a difficult quarter for our North American wholesale segment", stated Thomas W. Florsheim, Jr., the company's Chairman and CEO, adding: "While the retail landscape remains uncertain, we remain confident in the strength of our brands, and believe that each is well positioned in its respective market for growth when conditions improve”.

Net sales for the third quarter of 2016 totaled 79.1 million US dollars, a decrease of 13% as compared to the same period in 2015 (91.2 million US dollars). Net earnings attributable to the company totaled 4.6 million US dollars in the third quarter of 2016, compared to 5.5 million US dollars in last year's third quarter.

In the third quarter, net sales in the North American wholesale segment (including wholesale sales and licensing revenue) reached 62.2 million US dollars, down by 17%. Within the wholesale segment, net sales of the Florsheim brand were up by 7% for the quarter, mainly due to higher sales to national shoe chains. This increase was offset by lower sales of the Stacy Adams (-6%), Nunn Bush (-22%) and BOGS (-31%) brands.

Net sales in the North American retail segment, which includes sales from the company's Florsheim retail stores and its internet business in the US, totaled 4.7 million US dollars in the third quarter of 2016, down by 1% (compares to 4.8 million US dollars in 2015).  Same store sales (which includes US internet sales) were up by 2% for the quarter.

Other net sales, which include the wholesale and retail net sales of Florsheim Australia and Florsheim Europe, totaled 12.2 million US dollars in the third quarter of 2016, up by 3% as compared to 11.9 million US dollars in 2015. The increase was due to higher net sales at Florsheim Europe. Florsheim Australia's net sales were flat for the quarter. In local currency, Florsheim Australia's net sales were down by 4% for the quarter. 

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