Market proves challenging for Weyco
Men's footwear retailer Weyco Group has reported higher earnings for its third quarter ended September 30.
Earnings were up 3.2% to $5.3 million for the quarter compared with $5.17 million in the prior-year quarter. Sales also showed growth, up 3.7% to $58.16 million from $56.08 million.
While sales of its Stacy Adams and Florsheim brands rose 8.5% and 13.9%, respectively, Nunn sales dropped 7.6%.
The company's retail sales were up 2.3% for the quarter to $6.85 million compared to $6.7 million for the same period last year, with same store sales flat. Operating earnings were $7.92 million for the third quarter compared to $7.85 million for the same period last year.
Chairman and CEO, Tom Florsheim, Jr, attributes the company’s marginal increases to challenges within the current retail environment for men's footwear.
