US: Wholesale boosts Weyco Q2 profit
- Q2 adjusted net profit up 22% to US$2.2m
- Net sales up 8% to $65m
- US wholesale buoyant
Footwear company Weyco Group recorded a 22% surge in adjusted net profit in the second quarter, thanks to an 8% sales increase.
The US business said its North American wholesale revenues had risen by 8.9% to $47.5m in the three months to 30 June, reflecting higher sales for its Nunn Bush and Florsheim brands.
Retail sales, however, fell 3.6% to $5.4m, although same store sales were up 6%.
Outside the US, Florsheim Australia and Florsheim Europe helped Weyco to post other net sales up 9.9% to $12.2m.
“We are pleased with our solid growth in both sales and operating earnings this quarter,” said Thomas Florsheim, Jr, chairman and CEO.
“While the current retail market remains unpredictable, we feel our overall business is well positioned going into the second half of the year.”
Help test our new apparel sourcing tool.
Footwear business Weyco Group posted a 22% increase in underlying net profit as sales in North America and overseas increased....
- Trump and the apparel industry – Infographic
- $1.7bn package to boost Pakistan clothing exports
- Mexico riots hit apparel retailers and shipments
- Outlook 2017 – What next for apparel sourcing?
- British Brexit plans prioritise tariff-free trade
- Cambodia clothing exports at risk from Brexit
- MAS Holdings planning second industrial park
- Apparel brands urge Bangladesh PM to address wages
- American Apparel to shutter all stores?
- JC Penney latest retailer to shutter stores?
- Global apparel markets: product developments and innovations, October 2016
- Anti-odour clothing: fresh fashion for an active lifestyle
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Outdoor performance apparel 2016: A broader perspective
- Global market review of lingerie – forecasts to 2022