Weyco Group reports record revenue in Q3

Weyco Group Inc. headquarters
The Weyco Group Inc. headquarters in Glendale.

Milwaukee-based Weyco Group Inc. reported third quarter net income of $5.4 million, or 51 cents per share, down from $5.5 million, or 51 cents per share, in the third quarter of 2014.

Weyco Group Inc. headquarters
The Weyco Group Inc. headquarters in Milwaukee.

The company’s cost of sales increased from $55 million in last year’s third quarter to $58.6 million in the third quarter of 2015. It also attributed some of the decrease to unfavorable foreign currency translation.

Operating income was $9.1 million, up from $9 million in the same period a year ago.

The footwear designer and marketer reported a record $91.2 million in third quarter revenue, up 4.3 percent from $87.4 million in the year ago quarter.

“We are excited to have achieved record third quarter sales,” said Thomas Florsheim, Jr., chairman and chief executive officer. “Our sales increase was driven by our eighth consecutive quarter of double-digit sales growth for our BOGS brand, as well as our fifth consecutive quarter of double-digit sales growth for our Stacy Adams brand. We feel fortunate that the strength of our U.S. businesses offset the significant headwinds caused by the appreciation of the U.S. dollar against the Canadian and Australian currencies.”

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Molly Dill
Molly Dill, former BizTimes Milwaukee managing editor.