Milwaukee-based Weyco Group Inc. has reported first quarter net income of $3.6 million, or 33 cents per share, up from $3.3 million, or 29 cents per share, in the first quarter of 2014.
Operating income at the shoe manufacturer was $5.8 million, up 19 percent from $4.9 million in the same period a year ago.
Quarterly revenue totaled a record $78.1 million, up 4 percent from $74.9 million in the first quarter of 2014. Cost of sales also rose to $49.3 million, from $47.6 million a year ago.
The company saw North American retail sales decline 5 percent, even as U.S. internet sales rose 9 percent. Florsheim Australia and Florsheim Europe saw a $1 million drop in net sales from last year’s first quarter, which the company attributed to negative foreign currency translation.
“We are excited to have achieved record first quarter sales,” said Thomas Florsheim, Jr. the company’s chairman and chief executive officer. “Our sales increase was spurred by our sixth consecutive quarter of double-digit sales growth for our BOGS brand, as well as strong sales of our Stacy Adams and Nunn Bush products. We look forward to building upon these successes in the second quarter.”
