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WEYCO registers record earnings in 2007

27
Feb '08
Weyco Group Inc announced financial results for the quarter and full year 2007. FOURTH QUARTER Net sales were $62.2 million compared with $60.6 million in 2006, an increase of 3%.

Net earnings were $7.8 million, up from $7.7 million during the same period in 2006. Diluted earnings per share were up 3% to $.66 in 2007 from $.64 in 2006.

Net sales in the wholesale division, which include wholesale sales and licensing revenues, were $52.8 million compared with $51.2 million in 2006.

Wholesale sales were $51.5 million in 2007, up 3% from $50.0 million in 2006. Licensing revenues were $1.3 million in 2007 and $1.2 million in 2006. Sales of the Company's Florsheim and Stacy Adams brands grew 5% and 11%, respectively.

Sales of the Company's Nunn Bush brand were down 3%. The increase in Florsheim sales was due entirely to sales in Canada, resulting from the transition in Canada from a licensing business to a wholesale business on January 1, 2007. Florsheim US sales were down 3% for the quarter.

Retail sales were flat in the fourth quarter of 2007, as compared with 2006. Same store sales were down 2%. Operating earnings were $11.6 million, down 2% from $11.9 million in the prior year.

Operating earnings as a percent of net sales were 18.7% in 2007 compared with 19.6% in 2006. FULL YEAR 2007 Net sales of $232.6 million were up 5% compared with $221.0 million in the prior year.

Net earnings were a record $22.9 million,up 5% from $21.9 million in 2006. Diluted earnings per share were $1.91 in 2007 and $1.81 last year. Net sales in the wholesale division, which include wholesale sales and licensing revenues, were $201.5 million compared with $191.3 million in 2006.


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