Home / Knowledge / News / Fashion / Branded footwear marketer Weyco same store sales grow 2.7%

Branded footwear marketer Weyco same store sales grow 2.7%

Aug '05
Men's dress & footwear marketer Weyco Group Inc announced financial results for the quarter ended June 30, 2005.

Net sales totaled $44.7 million compared with $49.8 million in 2004, a decrease of 10%. Net earnings were $3.0 million, down from $4.0 million in 2004. Diluted earnings per share decreased to $.25 per diluted share in 2005 from $.34 per diluted share in 2004.

Sales in the wholesale division, which include wholesale sales and licensing revenues, were $38.2 million compared with $43.3 million in 2004. Wholesale sales were down 12% from $42.3 million in 2004 to $37.2 million in 2005. Licensing revenues were $1.0 million in both 2005 and 2004.

Sales of the Company's Florsheim, Stacy Adams and Nunn Bush brands were down 21%, 12% and 5%, respectively, for the quarter. Florsheim sales continued to be affected by the Company's decision to discontinue the FLS product line in the U.S. Sales of FLS were down $1.8 million or 64% for the quarter. Sales of the other Florsheim products were down 9% for the quarter.

The Company estimates that the effect on total Florsheim sales resulting from the discontinuance of FLS will be between $6 - 7 million for 2005. Retail sales were flat at $6.5 million. Same store sales were up 2.7%. Operating earnings were $4.6 million, down 28% from $6.4 million in 2004. Operating earnings as a percent of net sales decreased to 10.3% from 12.8% in 2004.

"The wholesale business continues to be challenging," stated Tom Florsheim, Jr., Chairman and CEO of Weyco Group, Inc. "While some of their volume loss was expected as a result of discontinuing their FLS business, their overall wholesale business has been impacted by cyclical fashion trends toward more contemporary and casual footwear which has negatively affected their more basic Nunn Bush and Florsheim dress and dress casual business. In addition, we are experiencing more competition from private label store brands which currently are absorbing a greater share of available retail dollars. While we are confident that we will be able to address these challenges, we anticipate that their wholesale business will remain under pressure for the balance of 2005."

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