Milwaukee-based shoe manufacturer Weyco Group Inc. today reported fourth quarter net earnings of $7.2 million, or 62 cents per share, down from $8.3 million, or 71 cents per share, in the same period a year ago.
The company attributed the decrease to a $1.8 million earnings bump in 2012 from the reduction in estimated liability for future payments on a 2011 acquisition.
Revenue was $78.5 million in the fourth quarter, up from $78.3 million in the fourth quarter of 2012. Higher sales of the BOGS brand, particularly in the U.S. and Canada, contributed to the growth.
For the full year, net earnings were $18.2 million, or $1.62 per share, down from $20.3 million, or $1.73 per share, in 2012. The acquisition liability reduction also impacted full-year results, with about $3.5 million in additional 2012 earnings.
Full-year revenue was $300.2 million, up from $293.4 million in 2012. The increase was driven by higher sales of the Nunn Bush, BOGS and Florsheim brands.
"We are proud, as a company, to have achieved $300 million in sales in 2013, which is a testament to the strength and staying power of our brands," said Thomas W. Florsheim, Jr., the company's chairman and chief executive officer. "Given the soft retail environment, we are pleased with the performance of our North American wholesale segment and are encouraged by the significant improvement in our retail business. We are looking forward to building upon these successes in 2014."