Milwaukee-based footwear designer and marketer Weyco Group Inc. has announced fourth quarter and full year results.
The company, which sells its products globally under brands including Florsheim and Nunn Bush, recorded fourth quarter net income of $8.5 million, or 75 cents per share, up from $7.3 million, or 62 cents per share, in the fourth quarter of 2013.
Operating income was $13.4 million, up from $10.8 million in the same period a year ago.
Revenue for the fourth quarter was $95.3 million, up 21 percent from $78.5 million in the fourth quarter of 2013.
The fourth quarter earnings increase to $611,000 of expense from an increase in estimated liability for future payments related to the 2011 acquisition of The Combs Co. Without the adjustment, operating earnings would have been up 30 percent in the fourth quarter.
Net sales of the BOGS brand were up 69 percent in the fourth quarter, driven by increased sales of women’s and children’s boots in the U.S. and Canada, Weyco said.
For the full year, Weyco Group reported net income of $19.8 million, or $1.75 per share, up from $18.2 million, or $1.62 per share, in 2013.
The company’s 2014 operating income was $30.7 million, up from $27.8 million a year ago.
Full-year revenue was $320.5 million, up from $300.3 million in 2013.
“We are excited about the growth of our BOGS brand this year, which was fueled by the growing popularity of the brand in both the U.S. and Canada,” said Thomas Florsheim, Jr., the company’s chairman and chief executive officer. “We are also encouraged by the positive momentum our legacy brands enjoyed during the second half of the year. As we embark on 2015, we feel our brands are well-positioned in their respective markets for future growth.”
