Weyco Q1 Down

Weyco Group Inc. reported a lower first quarter on Thursday.

For the period ended March 31, net income was $3.2 million, or 30 cents a share, a 17.3 percent decrease from $3.9 million, or 35 cents. Total revenue for the period slipped 2.3 percent to $73.6 million, from $75.3 million.

North American wholesale sales slipped to $55.2 million, from $56.6 million in 2012. Same-store sales in North America rose 10 percent in the quarter.

Wholesale revenues of the Stacy Adams, Florsheim and Bogs brands were up 2 percent, 3 percent and 8 percent, respectively, while sales of Nunn Bush fell 11 percent.

The combined businesses of Florsheim Australia and Florsheim Europe dipped to $12.6 million, from $13 million in 2012.

“Overall, we believe our first-quarter performance reflected the soft retail environment,” Tom Florsheim Jr., chairman and CEO of Weyco, said in a statement. “We remain confident that as retail growth picks up, we should see a corresponding increase in our business.”

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