Weyco Q3 Income Flat

Third-quarter revenue and income did not budge at Weyco Group Inc.

But the Milwaukee-based firm has significantly less cash on its books than last year.

Net income for the period ended Sept. 30 was $3.4 million, unchanged from the same period a year ago. Earnings per share rose 3 percent to 30 cents, from 29 cents in the previous corresponding quarter.

Net sales totaled $57.1 million, down slightly from $57.9 million a year ago.

On the whole, retail fared better than wholesale for the company, which designs and markets men’s footwear.  

In North America, same-store sales were up 3 percent. Revenue from the region’s retail segment was $5.2 million, compared with $5.1 million in the third quarter of 2009.

But the group’s wholesale revenue slid 2 percent to $41.1 million, from $41.8 million. Net sales of the Florsheim brand fell 16 percent. Net sales of Stacy Adams footwear increased 16 percent, as the brand continued to perform well in department stores, the company said in a statement.

Licensing revenue also decreased 41 percent to $362,000.

Weyco’s cash balance is fast depleting. The firm ended the quarter with $6.8 million in cash and cash equivalents, and $6 million in short-term borrowings.

In contrast, the firm had $30 million in cash and no debt at the end of the third quarter of 2009.