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Weyco reports 5% dip in net sales in 2008
24 Feb '09
4 min read
"Across all of our brands and in our retail business, our sales volumes suffered in the fourth quarter due to the pullback in spending by consumers and the efforts of retailers to reduce their inventory positions," stated Tom Florsheim Jr., Chairman and CEO of Weyco Group.
"We anticipate that these challenges will continue into 2009, and we are carefully watching our costs as we go forward. Our strong balance sheet, however, allows us to continue to make the necessary long-term investment in our brands so they will be well-positioned when economic conditions improve."
The Company's Board of Directors declared a cash dividend on February 2, 2009 of $.14 per share to all shareholders of record on March 2, 2009, payable April 1, 2009.
On February 23, 2009, the Company's Board of Directors authorized the Company to repurchase up to an additional 1,000,000 shares of its common stock under its stock repurchase program, bringing the total available to purchase to approximately 1,500,000 shares.
"We anticipate that these challenges will continue into 2009, and we are carefully watching our costs as we go forward. Our strong balance sheet, however, allows us to continue to make the necessary long-term investment in our brands so they will be well-positioned when economic conditions improve."
The Company's Board of Directors declared a cash dividend on February 2, 2009 of $.14 per share to all shareholders of record on March 2, 2009, payable April 1, 2009.
On February 23, 2009, the Company's Board of Directors authorized the Company to repurchase up to an additional 1,000,000 shares of its common stock under its stock repurchase program, bringing the total available to purchase to approximately 1,500,000 shares.
Weyco Group Inc
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