• Q4 profit up 37% to US$4.8m
  • FY profit down 25% to $12.8m
  • Sees some signs of improvement

Footwear company Weyco recorded a 37% rise in fourth quarter net profit to US$4.8m, partly thanks to a contribution from newly integrated Florsheim Australia.

Sales in the fourth quarter were up 16.8% to $58.4m, with wholesale revenues increasing 5% to $44m, the US company said.

But retail revenues dropped 11.3% to $6.3m, and same store sales fell 3%.

For the full year, net sales were up 2% to $225.3m, but net profit declined 24.7% to $12.8m.

“As a result of the recession, we experienced lower sales volumes and margin pressure throughout most of 2009,” said Tom Florsheim Jr, Weyco chairman and CEO.

“In the fourth quarter, there were some signs of stabilisation in the economy, some of our cost control measures were realised, and our results improved.”