Weyco Q2 Up

Weyco Q2 Up
Florsheim by Duckie Brown for fall '11

Weyco Group Inc. drove up its bottom line in the second quarter.

For the period ended June 30, the Milwaukee-based firm earned a net income of $1.9 million, or 17 cents a share, an increase of 51 percent over $1.3 million, or 11 cents, in the same period a year ago.

Revenue advanced 16 percent to $56.6 million, from $48.7 million, partly driven by gains in the North American wholesale segment, the firm said. Wholesale revenue of Stacy Adams footwear were up 14 percent, while Nunn Bush and Florsheim sales were down 2 percent and 1 percent, respectively.

Overseas, wholesale and retail sales of Florsheim Australia and Florsheim Europe surged 40 percent to $11.3 million, from $8.1 million a year earlier.

Weyco ended the quarter with cash and cash equivalents totaling $10.2 million, and no long-term debt.

Also during the quarter, Weyco completed its acquisition of The Combs Company, the owner of the Bogs and Rafters footwear brands. The acquisition is expected to be accretive to group earnings in 2011, excluding the impact of certain purchase accounting adjustments as well as transaction and integration costs.

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