US: Bogs buy boosts Weyco Q3 profit
- Q3 net earnings up 29% to US$4.4m
- Net sales rise 31% to $74.6m
- CEO highlights recent acquisition of Bogs brand
The recent acquisition of the Bogs brand helped US footwear company Weyco to post third quarter profit growth of 29% and a similar boost to net sales.
The company’s March deal to acquire the Combs Company, owner of Bogs and Rafters, enabled Weyco to record a 37% increase in North American wholesale revenues, while retail was up 13%, yielding a 22% same-store sales increase.
Other net sales, including the company’s operations in Europe and Australia, increased 15% thanks to the weaker US dollar, but were flat on an underlying basis.
“The third quarter marked the beginning of the main selling season for the Bogs brand and, consequently, as we expected, we are now experiencing accretion from our March acquisition,” said Tom Florsheim Jr, Weyco chairman and CEO.
“In addition, our other wholesale brands and our US retail business posted sales gains for the quarter, and our overseas sales remained level with last year.”
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