Record earnings at Weyco
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.