US: Weyco Q4 profit hit by charges and flat sales
- Q4 net profit down 11% to US$6.8m, but up 4% underlying
- Q4 net sales flat at $78.5m
- Revenues boosted by Bogs sales increases
Footwear business Weyco recorded a double-digit fall in fourth quarter profit, impacted by one-off charges which masked a 4% underlying increase in earnings.
Sales in the last three months of 2013 were flat, leaving full-year net sales up 2% at $300.3m and net earnings up 5% on an underlying basis.
Weyco was boosted in the fourth quarter by a 3% rise in North American wholesale revenues, mostly thanks to higher sales of its Bogs brand.
However, North American retail sales were down 9%, despite a 5% same store sales uplift, and other net sales – including the activities of Florsheim Australia and Europe – fell 5%.
“We are proud, as a company, to have achieved $300m in sales in 2013, which is a testament to the strength and staying power of our brands,” said Thomas Florsheim Jr, Weyco chairman and CEO.
“Given the soft retail environment, we are pleased with the performance of our North American wholesale segment and are encouraged by the significant improvement in our retail business.”
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