Weyco Q1 Up

Weyco Group Inc. reported a 14.7 percent increase in net income for the first quarter ended March 31.

The Milwaukee-based firm earned 35 cents a share on revenue of $75 million, versus 30 cents a share on revenue of $65 million a year ago.

The firm also saw revenue increases in almost every business group.

Net sales in the North American wholesale segment advanced 17.7 percent to $56.6 million, from $48.1 million in 2011. The firm saw higher sales volumes for the Stacy Adams and Nunn Bush brands, which increased 17 percent and 13 percent, respectively. Net sales of the Florsheim brand slipped 2 percent for the quarter.

Meanwhile, net sales in the North American retail segment inched up 1 percent to $5.7 million. Domestic same-store sales jumped 14 percent for the quarter, despite there being seven fewer stores in the comparable period.

Wholesale and retail sales from Florsheim Australia and Florsheim Europe totaled $13 million, up 14 percent from $11.4 million.

“We are very pleased with our first-quarter results,” said Tom Florsheim Jr., chairman and CEO of Weyco. “Our Stacy Adams and Nunn Bush brands also contributed to our overall sales increases, with each posting double-digit sales gains with higher volumes across several distribution channels.”

At the end of the period, Weyco held $10.5 million in cash, and no debt.

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