US: Brand gains help lift Weyco Q3 profit by 20%
- Q3 profit up 19.9% to $5.5m
- Sales increased 7% to $79.5m
- Bogs wholesale sales rose 46%
Higher sales of its Bogs brand helped US footwear maker Weyco Group book a 19.9% rise in third-quarter net profit.
Net earnings reached US$5.5m during the quarter ended 30 September, compared to $4.5m last year.
Net sales rose 7% to $79.5m, driven by a 46% jump in wholesale sales of the Bogs brand. Florsheim and Umi wholesale sales were up 20% and 9% respectively. Stacy Adams sales remained flat, while Nunn Bush sales were down 16%.
Total wholesale sales in North America increased to $61m, against $56.5m the prior year.
Weyco Group took over the Canadian distribution of the Bogs brand in June, and saw operating earnings for its wholesale unit climb to $6.6m, up from $5m in last year's quarter.
Sales at the company's North American retail division, which includes Florsheim stores and its online business, declined 5.2% to $5.5m. Same-store sales edged up 2%.
"Overall, we feel we had very solid results this quarter," said CEO and junior chairman Thomas Florsheim.
"In particular, we are pleased with the performance of Bogs in Canada. We recently took over the distribution of Bogs in that market and believe we are well-positioned for long-term growth in Canada."
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Footwear business Weyco Group has booked a 36% increase in fourth-quarter profit, boosted by increased sales at its wholesale and retail businesses....
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