Weyco Group Inc. reported Tuesday after the close of the markets a higher fourth-quarter profit on a 17 percent increase in sales.
The firm earned $4.8 million, or 41 cents a diluted share, compared with a profit of $3.5 million, or 30 cents, the prior year. Net sales were $58.4 million, versus $50 million a year ago. Retail sales in the fourth quarter totaled $6.3 million from $7.1 million last year. Same-store sales fell 3 percent.
In the year, Weyco reported net earnings of $12.8 million, or $1.11, down from $17 million, or $1.45, last year.
“As a result of the recession, we experienced lower sales volumes and margin pressure throughout most of 2009,” Tom Florsheim Jr., chairman and CEO of Weyco Group, said in a statement. “In the fourth quarter, there were some signs of stabilization in the economy, some of our cost-control measures were realized and our results improved. Throughout 2009, we continued to invest in our brands and we believe that we are well-positioned for success as the economy improves.”