Weyco earnings weighed down by legacy brands

Milwaukee-based Weyco Group Inc. reported third quarter net earnings of $5.5 million, or 51 cents per share, compared with $5.6 million, or 50 cents per share, in the third quarter of 2013.

Revenue at the shoe manufacturer was $87.4 million, up from $83.1 million in the same period a year ago.

North American wholesale sales totaled $68 million in the third quarter, up five percent over 2013. Net sales in the North American retail segment were $5.4 million, up 2 percent over 2013. Same store sales increased 6 percent in the third quarter. While sales of the BOGS brand were up 37 percent, revenue from legacy brands Nunn Bush and Florsheim was down 12 percent and 9 percent, respectively.

Other revenue, from Florsheim Australia and Florsheim Europe, totaled $14 million, up 7 percent from last year due to higher retail and wholesale sales.

“We are excited about the growth of our BOGS brand in both the U.S. and Canada, however, our legacy brands continue to face a tepid retail environment and challenges with a few key retailers,” said Thomas W. Florsheim, Jr. chairman and CEO. “We feel the business with our legacy brands has now stabilized and we anticipate rounding out the year with another strong quarter for BOGS.” 

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