Weyco profit down on foreign currency translation

Milwaukee-based shoe retailer Weyco Group Inc. reported second quarter net income of $2.1 million, or 19 cents per share, down from $2.5 million, or 20 cents per share, in the second quarter of 2014.

Operating income was $3.3 million in the quarter, down from $3.4 million in the same period a year ago. Both cost of sales and selling and administrative expenses increased year-over-year.

Revenue totaled $2.1 million, down from $2.5 million in the second quarter of 2014.

The company recorded $240,000 in foreign currency translation losses in the quarter, compared with gains of $69,000 on currency translation in the year ago quarter.

North American wholesale sales and licensing revenues were $48.1 million, up 7 percent from the second quarter of 2014.

“We are pleased with the performance of our North American wholesale segment, where we saw solid growth in both sales and operating earnings this quarter,” stated Thomas W. Florsheim, Jr., the company’s chairman and chief executive officer. “Despite the headwinds we face with weakening foreign currencies in Canada and Australia, we feel our overall business is well-positioned as we move into the second half of the year.”

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