Weyco Group Inc., which owns Florsheim and Stacy Adams, reported a 51 percent drop in first-quarter net earnings late Tuesday.
The Glendale, Wis.-based men’s shoe company said income fell to $2.5 million, from $5.1 million in 2008. Net sales declined 4 percent, to $58.9 million from $61.3 million.
“Our first-quarter results reflect the challenges of the current retail environment,” Weyco Chairman and CEO Tom Florsheim Jr. said in a statement. “We remain focused on building our brands for the long term [and] believe we will be well positioned when economic conditions improve.”
Diluted earnings per share dropped to 22 cents from 43 cents for the same quarter a year ago. Sales, meanwhile, declined across the company’s retail and wholesale divisions, and licensing revenue was down from $1.1 million in 2008 to $800,000 this year.