World Footwear

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Weyco with stable results

Aug 21, 2015 United States
Weyco with stable results
The US-based company announced its results for the second quarter and semester. Sales were up in both periods. Net earnings fell in the second quarter, but managed to grow in the semester
Weyco’s net sales for the second quarter of 2015 totaled 63.9 million US dollars, resulting in a 2% increase as compared to 2014 second quarter net sales of 62.9 million US dollars. In the first semester the US-based company reached sales of 142.0 million US dollars, going up by 3% from the total registered in similar period last year.

Net earnings totaled 2.0 million US dollars in the second quarter of 2015, down by 8% as compared to 2.2 million US dollars in last year’s second quarter. For the semester ended on the 30th of June, net earnings totaled 5.7 million US dollars, going up by 5% from similar period in 2014.

Net sales in the North American wholesale segment (including licensing revenue) reached 48.1 million US dollars in the second quarter growing by 7% as compared to 44.8 million US dollars in similar period in 2014.

Within the wholesale segment, net sales of the BOGS brand were up by18%, mainly driven by a broaden assortment within its product line. Net sales of the Stacy Adams and Nunn Bush brands were up by 12% and 9%, respectively, driven by strong new product sales. Florsheim net sales declined by 3% in the quarter.

Earnings from operations for the wholesale segment increased by 26% to 2.2 million US dollars in the second quarter of 2015, from 1.7 million US dollars in similar period last year, mainly driven by higher sales and gross margins.

Weyco’s US internet sales totaled 2.3 million US dollars for the quarter, up by 12% as compared to 2.1 million US dollars in similar period last year. Same store sales (which include US internet sales) were flat for the quarter.

Earnings from operations for the retail segment totaled 489 000 US dollars in the second quarter of 2015, down by 13% from similar period in 2014, mainly driven by lower net sales at the Weyco’s brick and mortar stores. Other net sales, which includes the wholesale and retail net sales of Florsheim Australia and Florsheim Europe, were 10.8 million US dollars in the second quarter of 2015, down by 16% as compared to 12.8 million US dollars in 2014.

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