Record earnings at Weyco

22/02/2007

Men's branded footwear designer and marketer Weyco Group, Inc. has posted higher net sales for its fourth quarter and full year 2006.

Fourth quarter net sales reached $60.6 million from $51.7 million in 2005, an increase of 17%. Net earnings hit a record $7.7 million, up 22% from the $6.3 reported for the same period in 2005. Net sales in the wholesale division, which include wholesale sales and licensing revenues, were $51.2 million compared with $43.5 million in 2005. Sales of the company's Florsheim and Nunn Bush brands grew 41% and 15%, respectively, while sales of its Stacy Adams brand were down 3%. Retail sales climbed approximately 14% in the fourth quarter reaching $9.35 million, up from $8.21 million in 2005.

For the full year, net sales of $221 million were up 5.5% compared with $209.5 million in the prior year. Net earnings were a record $21.9 million, up 13% from $19.4 million in 2005. Net sales in the wholesale division reached $191.3 million compared with $182 million in 2005. Sales of the Florsheim brand increased by 15%, while sales of the Nunn Bush and Stacy Adams brands were both up by approximately 1% in 2006. Retail sales increased 8% in 2006 to $29.8 million from $27.5 million in 2005.