Weyco Group Inc. reported third-quarter results after the market close Monday, posting a double-digit decline in sales.
The owner of footwear brands Bogs, Nunn Bush, Florsheim and Stacy Adams said its third quarter revenues were $79.1 million, a decrease of 13 percent compared to third quarter 2015 when net sales totaled $91.2 million.
Net earnings were $4.6 million, or 44 cents per diluted share, a decline of 16 percent compared to the previous year, when earnings were $5.5 million, or 51 cents per diluted share, in last year’s third quarter.
Net sales in the North American wholesale segment, which include North American wholesale sales and licensing revenues, were $62.2 million, down 17 percent from $74.6 million in the comparable period.
“This was a difficult quarter for our North American wholesale segment,” said Weyco chairman and CEO Thomas Florsheim Jr. in a release. “Not only did we see a large reduction in Bogs orders following last year’s mild winter, we were also affected by a soft retail environment and changes in consumer buying patterns which contributed to the loss of sales for two of our other major wholesale brands this quarter.”
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Within the wholesale segment, net sales of the Florsheim brand were up 7 percent but the increase was offset by lower sales for Stacy Adams, Nunn Bush and Bogs. Stacy Adams net sales were down 6 percent for the quarter compared to last year, Nunn Bush sales declined 22 percent, and Bogs third quarter net sales were down 31 percent year-over-year.
“While the retail landscape remains uncertain, we remain confident in the strength of our brands, and believe that each is well positioned in its respective market for growth when conditions improve,” Florsheim Jr. stated.
