Weyco Group Inc. remained under economic pressure during the second quarter, as the company posted a 46 percent earnings decline.
Net income fell to $2.2 million, or 19 cents a diluted share, from $4.1 million, or 34 cents, in the second quarter last year.
The Milwaukee-based company’s Florsheim and Stacy Adams brands were both down 24 percent during the period, contributing to an overall drop in revenues of 6 percent, to $50.1 million, versus $53 million in the year-ago period.
The wholesale division was down 20 percent to $35.9 million for the quarter, while retail sales decreased 19 percent to $5.4 million. Same-store sales fell 9.8 percent.
Tom Florsheim Jr., Weyco’s chairman and CEO, said in a statement, “While our results mirror the general slowdown in the marketplace, our company remains well positioned for the long term.”
For the first six months, Weyco’s profits decreased by 49 percent to $4.7 million, or 41 cents a diluted share, compared with $9.2 million, or 78 cents, in the first half of last year. Sales dipped by 5 percent to $109 million.