Interviews
News Flash
Fashion retailer Weyco's retail sales up 11% in Q3
02 Nov '06
2 min read
Weyco Group Inc announced financial results for the quarter ended September 30,2006.
Net earnings increased 7% to $5,168,000, up from $4,822,000 during the same quarter in 2005. Net sales for the quarter were $56,085,000 compared with $55,219,000 in 2005, an increase of 2%. Diluted earnings per share increased to $.43 per diluted share in 2006 from $.40 per diluted share in 2005, an increase of 7.5%.
Net sales in the wholesale division, which include wholesale sales and licensing revenues, were $49,388,000 for the third quarter of 2006 compared with $49,183,000 in 2005. Wholesale sales were $48,472,000 in 2006, up from $48,264,000 in 2005. Licensing revenues in 2006 were $916,000 compared with $919,000 in 2005. Sales of the Company's Stacy Adams and Florsheim brands were up 4% and 7%, respectively, for the quarter, while sales of the Company's Nunn Bush brand were down 8%.
Retail sales were up 11% for the quarter to $6,697,000, from $6,036,000 in 2005, with same store sales up 6%. The Company now operates 34 retails stores in the United States as compared with 30 in 2005.
Operating earnings were $7,855,000, up 3% from $7,652,000 in 2005. Operating earnings as a percent of net sales approximated the prior year level at 14%.
"We are pleased that we have been able to grow our sales and increase our earnings, despite the loss of business resulting from some consolidations in the retail industry," stated Tom Florsheim, Jr., Chairman andCEO of Weyco Group. "This speaks to the strength of our brands and our ability to control costs."
Net earnings increased 7% to $5,168,000, up from $4,822,000 during the same quarter in 2005. Net sales for the quarter were $56,085,000 compared with $55,219,000 in 2005, an increase of 2%. Diluted earnings per share increased to $.43 per diluted share in 2006 from $.40 per diluted share in 2005, an increase of 7.5%.
Net sales in the wholesale division, which include wholesale sales and licensing revenues, were $49,388,000 for the third quarter of 2006 compared with $49,183,000 in 2005. Wholesale sales were $48,472,000 in 2006, up from $48,264,000 in 2005. Licensing revenues in 2006 were $916,000 compared with $919,000 in 2005. Sales of the Company's Stacy Adams and Florsheim brands were up 4% and 7%, respectively, for the quarter, while sales of the Company's Nunn Bush brand were down 8%.
Retail sales were up 11% for the quarter to $6,697,000, from $6,036,000 in 2005, with same store sales up 6%. The Company now operates 34 retails stores in the United States as compared with 30 in 2005.
Operating earnings were $7,855,000, up 3% from $7,652,000 in 2005. Operating earnings as a percent of net sales approximated the prior year level at 14%.
"We are pleased that we have been able to grow our sales and increase our earnings, despite the loss of business resulting from some consolidations in the retail industry," stated Tom Florsheim, Jr., Chairman andCEO of Weyco Group. "This speaks to the strength of our brands and our ability to control costs."
Popular News
Leave your Comments
Editor’s Pick
Esteemed Clients
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
