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WEYCO registers record earnings in 2007
27 Feb '08
4 min read
Wholesale sales were $197.4 million in 2007, up 5% from $187.2 million in 2006. Licensing revenues were $4.1 million in 2007 and 2006. Sales of the Company's Florsheim brand increased 14%, and sales of the Stacy Adams brand increased 5%.
Sales of the Company's Nunn Bush brand were down 2% in 2007. The increase in Florsheim sales was due principally to the previously discussed change in Canadian distribution. Florsheim US sales were up 4% for the year.
Retail sales increased 5% in 2007 to $31.1 million, up from $29.8 million in 2006. Same store sales were up 2%. Operating earnings of $34.1 million increased 2% from $33.4 million in the prior year. Operating earnings as a percent of net sales were 14.7% in 2007 and 15.1% in 2006.
The Company's balance sheet remains strong at December 31, 2007. The Company's cash and marketable securities totaled $56.8 million at the end of 2007, as compared to $57.3 million in 2006.
The Company's borrowings under its revolving credit agreement were $550,000 compared with $11.0 million in 2006. The Company's excess of cash and marketable securities over borrowings was $56.2 million at December 31, 2007, compared with $46.3 million at December 31, 2006.
“We are very pleased that 2007 was a record year for Weyco Group in terms of both sales and profits,” stated Tom Florsheim, Jr. Chairman and CEO of Weyco Group.
“With that said, we started to see a slow down of retail footwear sales at our customers and in our own stores during the second half of the year, particularly in the fourth quarter.
We feel that the slow down that we are seeing is caused by general economic factors, and that our brands are well positioned to grow over the long term.”
The Company's Board of Directors declared a cash dividend on February 4, 2008 of $.11 per share to all shareholders of record on February 19, 2008, payable April 1, 2008.
Weyco Group will host a conference call on Tuesday, February 26, 2008 at 11:00 a.m. Eastern Time to discuss the fourth quarter and year end 2007 financial results in more detail.
Sales of the Company's Nunn Bush brand were down 2% in 2007. The increase in Florsheim sales was due principally to the previously discussed change in Canadian distribution. Florsheim US sales were up 4% for the year.
Retail sales increased 5% in 2007 to $31.1 million, up from $29.8 million in 2006. Same store sales were up 2%. Operating earnings of $34.1 million increased 2% from $33.4 million in the prior year. Operating earnings as a percent of net sales were 14.7% in 2007 and 15.1% in 2006.
The Company's balance sheet remains strong at December 31, 2007. The Company's cash and marketable securities totaled $56.8 million at the end of 2007, as compared to $57.3 million in 2006.
The Company's borrowings under its revolving credit agreement were $550,000 compared with $11.0 million in 2006. The Company's excess of cash and marketable securities over borrowings was $56.2 million at December 31, 2007, compared with $46.3 million at December 31, 2006.
“We are very pleased that 2007 was a record year for Weyco Group in terms of both sales and profits,” stated Tom Florsheim, Jr. Chairman and CEO of Weyco Group.
“With that said, we started to see a slow down of retail footwear sales at our customers and in our own stores during the second half of the year, particularly in the fourth quarter.
We feel that the slow down that we are seeing is caused by general economic factors, and that our brands are well positioned to grow over the long term.”
The Company's Board of Directors declared a cash dividend on February 4, 2008 of $.11 per share to all shareholders of record on February 19, 2008, payable April 1, 2008.
Weyco Group will host a conference call on Tuesday, February 26, 2008 at 11:00 a.m. Eastern Time to discuss the fourth quarter and year end 2007 financial results in more detail.
Weyco Group Inc
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