World Footwear

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Footwear company Weyco with 7% growth in net sales

Mar 5, 2015 United States
Footwear company Weyco with 7% growth in net sales
US-based footwear company consolidated sales during the fourth quarter of 2014, and finished the year with solid growth, reaching 320.5 million US dollars
Weyco's net sales for the fourth quarter of 2014 reached 95.3 million US dollars, an increase of 21% from 2013 net sales of 78.5 million US dollars. Net earnings attributable to the company totaled 8.1 million US dollars, up by 19%.

Earnings for the fourth quarter of 2014 included 611 000 US dollars of expense resulting from an increase in the estimated liability for future payments related to the 2011 acquisition of The Combs Company. Without this adjustment, net earnings attributable to the company would have been up by 25% for the quarter.

Diluted earnings per share increased to 0.75 US dollars in the fourth quarter of 2014, up from 0.62 US dollars per share in the fourth quarter of 2013.

Net sales in the North American wholesale segment (including licensing revenue) totaled 73.9 million US dollars for the fourth quarter of 2014, up by 27%. Wholesale gross earnings were 35.2% of net sales in the fourth quarter of 2014, compared to 36.2% in similar period of 2013. The decrease in gross earnings percentage was the result of significantly lower margins in the Canadian business, caused by the weaker Canadian dollar, as compared to last year’s fourth quarter.

Net sales in the North American retail segment, which include the internet business in the US, totaled 7.5 million US dollars in the fourth quarter of 2014, growing 9%. Same store sales were up 11% in the quarter.

Overall net sales in 2014 totaled 320.5 million US dollars, an increase of 7% from 2013 net sales of 300.3 million US dollars. Net earnings attributable to the company reached 19.0 million US dollars in 2014, as compared to 17.6 million US dollars in 2013, growing 8%.

Earnings for 2014 included 611 000 US dollars of expense resulting from an increase in the estimated liability for future payments related to the 2011 acquisition of Bogs. Diluted earnings per share increased to 1.75 US dollars in 2014, up from 1.62 US dollars per share in 2013.

Net sales in the North American wholesale segment totaled 243.4 million US dollars in 2014, up by 8%. Within the wholesale segment, net sales of the BOGS brand were up by 46% for the year, driven by increased sales of women’s and children’s boots in the US and Canada.
 
Wholesale gross earnings were 32.3% of net sales in 2014, compared to 32.6% in 2013. The decrease in gross earnings percentage was the result of significantly lower margins in the Canadian business, caused by the weaker Canadian dollar relative to the US dollars in 2014. Driven by higher sales volumes, wholesale earnings from operations increased 9%.

On the 2nd of March the company’s Board of Directors declared a cash dividend of 0.19 US dollars per share (payable on the 31st of March).

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