Weyco Group Q4 net sales $89.6 million, increase 12%
Staff Writer |
Weyco Group announced financial results for the quarter and year ended December 31, 2018.
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Net sales for the fourth quarter of 2018 were $89.6 million, an increase of 12% compared to fourth quarter 2017 net sales of $80.3 million.
Earnings from operations were $11.9 million in the fourth quarter of 2018, up 16% compared to $10.3 million in the fourth quarter of 2017.
Net earnings attributable to the Company rose 19% to $9.6 million in the fourth quarter of 2018, from $8.1 million in last year's fourth quarter.
Diluted earnings per share were $0.93 per share in the fourth quarter of 2018, up from $0.79 per share in the fourth quarter of 2017.
Net sales in the North American wholesale segment, which include North American wholesale sales and licensing revenues, were $70.8 million in the fourth quarter of 2018, an increase of 15% compared with $61.4 million in the fourth quarter of 2017.
Within the wholesale segment, BOGS and Florsheim fourth quarter net sales rose 34% and 23%, respectively, due to increases across the majority of distribution channels.
Stacy Adams net sales were up 6% this quarter, due primarily to higher sales to department stores and national shoe chains. Net sales of the Nunn Bush brand were down 2% for the quarter. Licensing revenues were $734,000 in the fourth quarter of 2018 and $724,000 in last year's fourth quarter.
Full year 2018
Overall net sales were $298 million in 2018, an increase of 5% compared to $284 million in 2017.
Earnings from operations were $25.5 million in 2018, up 9% compared to $23.4 million in 2017. Net earnings attributable to the Company rose 24% to $20.5 million in 2018, from $16.5 million in 2017. Diluted earnings per share were $1.97 per share in 2018, up from $1.60 per share in 2017.
Net sales in the North American wholesale segment were $233 million in 2018, up 7% compared to $217 million in 2017.
Within the wholesale segment, net sales of our Florsheim and BOGS brands were up 20% and 10%, respectively, with increases across the majority of distribution channels.
Stacy Adams net sales increased 5% for the year, due mostly to higher sales to department stores and national shoe chains.
Net sales of the Nunn Bush brand were down 3% for the year, primarily due to lower sales to national shoe chains and department stores, partially offset by higher sales to online retailers. Licensing revenues were $2.5 million in both 2018 and 2017. ■