Weyco Group Q2 profit leaps 20%

29 Jul '06

2 min read

Footwear retailer Weyco Group Inc has announced financial results for the quarter ended June 30, 2006.

The net earnings in the quarter grew 20% to $3.6 million, up from $3.0 million in 2005. Diluted earnings per share increased 20% to $.30 per diluted share in 2006 from $.25 per diluted share in 2005.

Second quarter net sales were $45.1 million, up from $44.7 million in 2005. Sales in the wholesale division, which include wholesale sales and licensing revenues, were $38.4 million compared with $38.2 million in 2005. Wholesale sales were $37.5 million in 2006, up from $37.2 million in 2005. Licensing revenues in 2006 were $930,000 compared with $975,000 in 2005.

Sales of the company's Florsheim and Stacy Adams brands grew 3% and 7%, respectively, while Nunn Bush sales were down 7% for the quarter. The Florsheim division achieved sales growth of 3%, despite the loss of approximately $900,000 in sales of the FLS sub-brand following the company's decision last year to discontinue FLS in the United States.

Sales of other Florsheim products for the second quarter of 2006 were up 12%. The 7% sales increase in the Stacy Adams division this quarter was attributed to solid sales across almost all footwear categories, while the decrease at Nunn Bush was due to the loss of a significant customer in 2006.

Retail sales were $6.7 million for the second quarter of 2006, an increase of 3% from $6.5 million in 2005. This increase was primarily due to three additional stores this quarter compared with the second quarter of last year. Same store sales were flat for the quarter.

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