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Florsheim's sales rise at Weyco

Aug '08
Weyco Group Inc announced financial results for the quarter ended June 30, 2008. Net sales for the second quarter were $53.0 million, up 9.6% from $48.4 million in 2007.

Net earnings and diluted earnings per share for the quarter were level with last year at $4.1 million and $.34, respectively.

Sales in the wholesale division, which include wholesale sales and licensing revenues, were $45.7 million, compared with $40.7 million in 2007. Wholesale sales were $44.7 million in 2008, up from $39.9 million in 2007.

Licensing revenues in 2008 were $969,000, compared with $835,000 in 2007. Wholesale net sales of the Company's Stacy Adams, Nunn Bush and Florsheim brands were up 35%, 3% and 6%, respectively.

The growth in Stacy Adams' sales was driven by an increase in sales of contemporary footwear to national accounts. Nunn Bush products continue their solid performance at retail, and the recent introduction of the new Dynamic Comfort slip resistant line helped increase overall sales.

Florsheim's sales increase was primarily due to increased shipments of its Comfortech shoes. Retail sales for the second quarter were $7.4 million, down 4% from $7.7 million in 2007. Same store sales were down 6% for the quarter.

The Company had four additional stores in the second quarter of this year as compared with the same period last year. Operating earnings for the second quarter were $5.9 million in both 2008 and 2007.

This resulted from an increase in operating earnings of approximately $900,000 from the Company's wholesale and licensing businesses, offset by a decrease in earnings in the retail division.

“While our retail division struggled this quarter, our wholesale business performed well, and we were pleased with the sales increases in each of our brands, especially in light of the overall challenging retail environment,” stated Thomas Florsheim Jr, Chairman and Chief Executive Officer.

Weyco Group Inc

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