USA: Weyco Posts Large Increases In Q2 Profit, Sales
The Milwaukee-based firm, whose brands include Nunn Bush and Brass Boot, posted record net earnings of $3.6 million, or 91 cents per diluted share, up 112 per cent from net earnings of $1.6m, or 43 cents per share, in the year-ago period.
Net sales in the 13 weeks to June jumped 57 per cent year-on-year to $51m from $32.5m last year with wholesale net sales rising to $44.9m from $29.6m and retail sales hitting $6.1m from $2.9m last year.
"We had a tremendous first half of 2003" said Thomas Florsheim Jr, Weyco's chairman and CEO. "The addition of Florsheim has clearly had a positive effect on our bottom line, and we are also very pleased that both our Nunn Bush and Stacy Adams divisions posted increases in the first six months of the year.
"June 2003 marks the anniversary of our first shipments of the Florsheim brand. Going forward, we do not expect to see the level of sales and earnings increases that we have enjoyed over the past four quarters since the comparable figures will now include the additional Florsheim volume."
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