Weyco Q4 Up

Weyco Group Inc. had a solid fourth quarter marked by increases across many of its business segments.

The Milwaukee-based firm said it earned $5.5 million, or 50 cents a share, in the three months ended Dec. 31, compared with $5.1 million, or 45 cents, in the same period a year ago.

Net sales surged 20 percent to $75 million, mainly attributable to the inclusion of sales from The Combs Co., which Weyco acquired during the year.

Revenue from the North American wholesale segment increased 23 percent to $55 million, while sales from the North American retail segment advanced 10.3 percent to $7.5 million. Same-store sales gained 21 percent for the quarter.

International performance was boosted by Florsheim Australia, which saw net sales advance 18 percent. The wholesale and retail sales of Florsheim Australia and Florsheim Europe together gained 12.8 percent to $12.3 million.

A few segments were down, however. Wholesale revenue of Stacy Adams, Nunn Bush and Florsheim footwear slipped 9 percent, 2 percent and 8 percent, respectively.

For the full year, Weyco earned $15.3 million, or $1.37 a share, compared with $13.7 million, or $1.19. Revenue totaled $272.1 million, compared with $229.2 million last year.

Cash and cash equivalents increased to $10.3 million, from $7.2 million.

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