Weyco sales edge higher in a challenging retail environment
Although demand for women’s footwear remains high, manufacturers of men’s shoes are not enjoying the same boom, as reflected in the results of Weyco Group, Inc.
Whilst sales improved in the quarter ended September 30, the increase was slight and no where near the double-digit growth recorded by the women’s brands in the same segment. Wholesale sales improved 4.2% to $50.50 million, up from $48.47 million in 2006. Sales of its Stacy Adams and Florsheim brands improved 8.5% and 13.9%, respectively, for the quarter, while sales of the Nunn Bush brand fell 7.6%. Retail sales improved 2.3% to $6.852 million from $6.69 million in 2006, with same store sales flat.
Chairman and CEO, Tom Florsheim, Jr. stated, “We feel our flat third quarter sales performance reflected the overall challenges of the current retail environment for men’s footwear.”
