Men's footwear maker Weyco Group Inc yesterday (30 October) posted a 3.2% rise in third quarter net earnings, helped by improved wholesale and Florsheim brand sales.

For the three months to 30 September 30, net earnings rose to $5.33m from $5.17m a year earlier. Earnings per share increased to $0.45 from $0.43.

Net sales for the quarter were up 3.7% to $58.16m from $56.09m in the same period last year.
Wholesale sales rose 4.2% to $50.5m from $48.47m, but licensing revenues slipped 11.9% to $807,000.

By brand, sales of Stacy Adams and Florsheim were up 8.5% and 13.9% respectively for the quarter, while Nunn Bush sales were down 7.6%.

The company said better overall wholesale and Florsheim sales were due to sales of product in Canada, which had previously been distributed by a third party licensee.

Retail sales at the company's 37 stores in the US were up 2.3% for the quarter to $6.85m from $6.70m.

"We feel our flat third quarter sales performance reflected the overall challenges of the current retail environment for men's footwear," said Tom Florsheim Jr, chairman and CEO.