Weyco earnings down on fewer retail sales

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Milwaukee-based Weyco Group Inc. reported second quarter net earnings of $2.5 million, or 20 cents per share, up from $2.3 million, or 20 cents per share, in the second quarter of 2013.

Revenue at the shoe manufacturer was $62.9 million, down three percent from $65 million in the same period a year ago. Earnings from operations were $3.4 million, down 8 percent year-over-year.

Net sales in the North American wholesale segment were down 6 percent on lower department store and off-price retailer sales of the Nunn Bush and Florsheim brands. Net sales in the North American retail division were down 2 percent, though same store sales were up 4 percent, because the company closed two of its stores in the past year.

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Other net sales, which includes wholesale and retail sales of Florsheim Australia and Florsheim Europe, were up 5 percent, mainly due to higher retail sales volumes in Australia.

“Our North American wholesale segment was down this quarter due mainly to lower sales with a few key retailers; however, we expect this business to improve as we move into the second half of the year,” said Thomas Florsheim, Jr., chairman and chief executive officer. “Despite these challenges, we are very pleased with the results of Florsheim Australia’s retail operations where we saw solid growth in both sales and operating earnings this quarter.

“Furthermore, we are excited about the positive momentum of our BOGS brand, and with our newly expanded product line, we are anticipating a strong selling season in the second half of 2014.”

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