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Weyco Q2 net sales up 11%

Jul '07
Weyco Group Inc announced financial results for the quarter ended June 30, 2007.

Net earnings in the quarter grew 11% to $4.0 million, up from $3.6 million in 2006. Diluted earnings per share increased 13% to $.34 per diluted share in 2007 from $.30 per diluted share in 2006.

Second quarter net sales were $48.4 million, up from $45.1 million in 2006. Sales in the wholesale division, which include wholesale sales and licensing revenues, were $40.7 million compared with $38.4 million in 2006.

Wholesale sales were $39.9 million in 2007, up from $37.5 million in 2006. Licensing revenues in 2007 were $835,000 compared with $930,000 in 2006.

In the wholesale division, net sales of the Company's Florsheim and Nunn Bush brands were up 23% and 8%, respectively, while the Stacy Adams brand was down 12%.

Approximately half of the increase in Florsheim sales was due to sales of product in Canada, which had previously been distributed by a third party licensee. The Company began distributing its Florsheim brand in Canada on January 1, 2007.

Total Florsheim sales in Canada were $1.2 million in the second quarter and $2.3 million for the year. The Company expects Florsheim Canadian sales to be $4 - 5 million in 2007. The remaining increase in Florsheim wholesale sales was driven by increased sales at department stores and national shoe chains.

The increase in sales at Nunn Bush resulted from increased sales at department stores, primarily due to the success of the Nunn Bush Comfort Gel product.

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