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Weyco CEO pleased with strong sales results for Q1
03 May '07
3 min read
Weyco Group Inc announced financial results for the quarter ended March 31, 2007.
Net earnings grew approximately 7% to $5.7 million, up from $5.3 million in 2006. The $5.7 million of earnings is the highest first quarter earnings ever reported by the Company. Diluted earnings per share increased to $.47 per diluted share in 2007 from $.44 per diluted share in 2006.
Net sales were a record $63.9 million, up 8%, compared with $59.3 million in 2006. Sales in the wholesale division, which include wholesale sales and licensing revenues, were $56.6 million compared with $52.3 million in 2006. Wholesale sales were $55.5 million in 2007, up 8% from $51.2 million in 2006 . Licensing revenues were $1.1 million in 2007 and 2006.
In the wholesale division, net sales of the Company's Florsheim and Stacy Adams brands were up 19% and 10%, respectively, while the Nunn Bush brand was down 4% . The increase at Florsheim was driven by the continued strong sales of its styles at retail, which, in recent years, have been expanded to include more contemporary and casual silhouettes. Additionally, beginning January 1, 2007, the Company began selling Florsheim product in Canada, which had previously been distributed by a third party licensee.
This added $1.1 million, or approximately 8%, to the Florsheim sales for the quarter. The Company expects total Florsheim Canadian sales to be approximately $4 to $5 million in 2007. Stacy Adams had increased sales to national shoe chains. Nunn Bush has been performing well at retail, but its first quarter sales were negatively impacted by $1.6 million due to the loss of a significant customer in 2006.
Net earnings grew approximately 7% to $5.7 million, up from $5.3 million in 2006. The $5.7 million of earnings is the highest first quarter earnings ever reported by the Company. Diluted earnings per share increased to $.47 per diluted share in 2007 from $.44 per diluted share in 2006.
Net sales were a record $63.9 million, up 8%, compared with $59.3 million in 2006. Sales in the wholesale division, which include wholesale sales and licensing revenues, were $56.6 million compared with $52.3 million in 2006. Wholesale sales were $55.5 million in 2007, up 8% from $51.2 million in 2006 . Licensing revenues were $1.1 million in 2007 and 2006.
In the wholesale division, net sales of the Company's Florsheim and Stacy Adams brands were up 19% and 10%, respectively, while the Nunn Bush brand was down 4% . The increase at Florsheim was driven by the continued strong sales of its styles at retail, which, in recent years, have been expanded to include more contemporary and casual silhouettes. Additionally, beginning January 1, 2007, the Company began selling Florsheim product in Canada, which had previously been distributed by a third party licensee.
This added $1.1 million, or approximately 8%, to the Florsheim sales for the quarter. The Company expects total Florsheim Canadian sales to be approximately $4 to $5 million in 2007. Stacy Adams had increased sales to national shoe chains. Nunn Bush has been performing well at retail, but its first quarter sales were negatively impacted by $1.6 million due to the loss of a significant customer in 2006.
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