USA: Weyco Q3 Income Up On Cost Control
Shoe designer and marketer Weyco Group has reported a 10 per cent increase in third-quarter income, encouraged by tighter cost control and better same-store sales.
Weyco posted quarterly net income of $4.8 million compared with $4.4m last year, while revenue dropped 1 per cent to $55.2m from $55.8m a year ago.
Sales of the Nunn Bush brand edged up 2 per cent during the quarter, while Stacy Adams sales fell 10 per cent and Florsheim sales were static.
Retail sales were up 7 per cent in the quarter to $6.0m, compared to $5.6m in 2004, while same-store sales were up 5.5 per cent, wholesale sales slipped 2 per cent from $49.3m to $48.3m and licensing revenues were flat at about $900,000.
Chairman and chief executive officer Tom Florsheim Junior said: "While we are pleased with our earnings increase, the overall wholesale environment is challenging and will remain so in the near term.
"Our success this quarter reflected our efforts to control costs, as well as the solid performance of our Florsheim retail division."
Weyco Group designs and markets moderately-priced and better-grade men's branded footwear for casual, fashion, and dress lifestyles.
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