US: Florsheim Australia lifts Weyco Q1 profit
- Q1 profit up 56% to $3.9m
- Net sales rose 4% to $61.0m
- Hopes “positive momentum” will continue
Men’s footwear maker Weyco Group Inc has booked a 56% jump in first quarter profit, helped by higher wholesale earnings in North America and gains from its Florsheim Australia business.
“We felt positive momentum this quarter, which we hope will continue as we move through the balance of 2010,” said chairman and CEO Tom Florsheim Jr.
Net earnings for the three months to 31 March rose to $3.9m or $0.34 per share, up from $2.5m or $0.22 per share, a year earlier.
Net sales were up 4% to $61.0m, compared with $58.9m last time.
North American wholesale and licensing revenues slipped 3.7% to $44.7m, with gains from Stacy Adams footwear offset by lower sales of the Nunn Bush and Florsheim brands.
In the North American retail segment, which include the 36 Florsheim retail stores and Internet business, slipped 2% to $5.3m.
But wholesale and retail sales of Florsheim Europe and Florsheim Australia jumped 52% to $11.1m, helped by the acquisition of a majority stake in Florsheim Australia in January 2009.
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