Weyco Income Rises

Weyco Income Rises
A new Florsheim store in Sydney.

Weyco Group Inc. saw third quarter profit surge on the strong sales contribution of its latest acquisition.

For the quarter ended Sep. 30, the firm earned a net income of $4.4 million, or 40 cents a share, an increase of 29 percent from $3.4 million, or 30 cents, a year ago.

Net sales totaled $74.6 million, an increase of 31 percent from $57.1 million.

“The third quarter marked the beginning of the main selling season for the Bogs brand, and consequently, as we expected, we are now experiencing accretion from our March acquisition,” said Tom Florsheim, Jr., chairman and CEO of Weyco Group.

Total wholesale revenue advanced 34 percent, to $55.5 million. Wholesale net sales of Stacy Adams, Nunn Bush and Florsheim footwear were up 6 percent, 5 percent and 10 percent respectively.

North American retail revenue totaled $5.8 million, compared with $5.2 million in 2010, while same store sales were up 22 percent for the quarter.

Florsheim Australia, which was up 18 percent in the quarter, was also a growth driver.

The firm ended the period with $10.6 million in cash and cash equivalents and no significant debt.

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