Wholesale drives Weyco growth

Weyco Group Inc. reported net earnings of $2.2 million, or 20 cents per share, the same as a year ago.

The Glendale-based shoe manufacturing and marketing company reported net sales of $65 million for the second quarter, up from $60.3 million in the second quarter of 2012.

The company attributed flat earnings to an adjustment in liability related to the acquisition of The Combs Company in 2011, which added to second quarter 2012 earnings.

Higher sales volumes of the Nunn Bush and Florsheim brands at department stores and national shoe chains contributed 11 and 18 percent jumps in wholesale net sales of the brands.

Net sales in North American retail were $5.4 million, down from $5.6 million at the same time a year ago. Same store sales were up 6 percent.

Other net sales, driven by wholesale and retail brands like Florsheim Australia and Florsheim Europe, were $12.2 million, up from $11.1 million in 2012.

“We are pleased with our solid growth in both sales and operating earnings this quarter,” said Thomas Florsheim, Jr., chairman and chief executive officer. “While the current retail market remains unpredictable, we feel our overall business is well positioned going into the second half of the year.”

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