A robust wholesale business helped Weyco Group Inc. deliver strong third-quarter results.
For the period ended Sept. 30, earnings rose to $5.2 million, or 48 cents per share, compared with $4.4 million, or 40 cents, in the year-ago quarter. Net sales were $79.5 million, up 7 percent from $74.6 million in the third quarter of 2011.
The company’s wholesale business totaled $60.2 million during the quarter, up from $55.5 million a year ago. The Florsheim brand saw a 20 percent increase in wholesale sales, while Bogs and Umi grew 46 percent and 9 percent, respectively. Sales of Stacy Adams were flat, while Nunn Bush declined 16 percent.
“Overall, we feel we had very solid results this quarter,” Chairman and CEO Tom Florsheim Jr. said in a statement. “In particular, we are pleased with the performance of Bogs in Canada. We recently took over distribution of Bogs in that market and believe we are well-positioned for long-term growth in Canada.”
A cash dividend of 17 cents per share was issued for shareholders of record Dec. 3, 2012, to Jan. 2, 2013.