Acquisition helps boost Weyco Group earnings by 7.7%
Weyco Group, a Glendale-based shoe manufacturer, reported that fourth quarter earnings rose by 7.7% to $5.53 million, or 50 cents per share, partially as the result of its purchase of Combs Co.
The company, which makes Florsheim, Nunn Bush, and Stacy Adams shoes, said net income in the same quarter of 2010 was $5.14 million, or 45 cents per share.
Fourth quarter sales also were boosted by the acquisition of Combs, the maker of Bogs and Rafters footwear, as they rose 20% to $74.8 million.
Wholesale net sales for the fourth quarter of 2011 included Bogs’ sales of $12.4 million. Meanwhile, Q4 wholesale net sales of Stacy Adams, Nunn Bush, and Florsheim footwear were down 9%, 2%, and 8%, respectively.
“The Bogs acquisition has gone well, and the brand is now fully integrated into our company,” stated Tom Florsheim, Jr., Chairman and CEO of Weyco Group, in a press release.
Licensing revenues were $1.2 million in 2011, compared to $766,000 in 2010.
Overall 2011 net sales totaled $271 million, up 18% compared with $229 million in 2010. Earnings from operations rose to $23.2 million in 2011, up from $18.8 million the previous year.