Weyco Group Inc., maker of the Florsheim footwear brand, reported Tuesday a dip in third-quarter earnings due, in part, to lessened demand for its products.
For the three months ended Sept. 30, the firm earned $3.6 million, or 29 cents a diluted share, down from a profit of $4.3 million, or 37 cents, the prior year.
Net sales were nearly flat at $58 million, compared with $57.2 million the prior year. Wholesale revenues, which include wholesale sales and licensing revenues, fell to $42.4 million from $48.8 million a year ago. Florsheim brand sales decreased 21 percent, while Stacy Adams sales declined 10 percent, the company said.
“Our results continue to be impacted by the generally weak retail economy,” Tom Florsheim Jr., chairman and CEO of Weyco Group, said in a company statement. “Our company has strong brands and a lean cost structure, and we believe that we will be well-positioned for success when the overall economy improves.”