US: Weyco boosts fourth quarter profits 6%
- Q4 net sales were $62.3m, up 7%
- Net earnings up 6% to $5.1m
- FY net earnings up 7%
US fotwear firm Weyco Group has improved sales and earnings for the fourth quarter, boosted by strong wholesale revenue from its Stacy Adams footwear line.
The company’s wholesale sales were $43.9m for the quarter, compared to $43.2m in 2009. Licensing revenues were flat at $766,000. Wholesale net sales of Stacy Adams footwear were up 12%, while Nunn Bush and Florsheim were down 4%, and 2%, respectively.
In the company’s retail segment, net sales were $6.8m in 2010, compared with $6.3m in 2009. Same-store sales were up 9%.
Weyco also announced it has bought The Combs Company, the owner of the Bogs and Rafters footwear brands, in a deal worth $29.4m.
The company said that overall net sales in fiscal 2010 were $229.2m, up 2% compared with $225.3m in the prior year. Net earnings attributable to Weyco Group, were $13.7m for the full-year, up from $12.8m in 2009.
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Footwear company Weyco Group registered a surge in second quarter net profit, thanks to double-digit revenue growth across the business....
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