Retail and wholesale operations both concurred to bring Weyco Group’s sales down by 4 percent to $58.9 million for the first quarter ended March 31. Profits plunged by 51.0 percent to $2.5 million. The operating profit dropped by 56.6 percent to $3.3 million on the wholesale slump as well as on lower gross margins, which fell by 2.9 percentage points to 33.4 percent.
Wholesale and licensing revenues decreased by 10.3 percent to $46.4 million. Turnover from its Florsheim brand dropped by 18 percent and Stacy Adams declined by 15 percent, while Nunn Bush crept up by 3 percent.
Weyco’s retail sales declined by 20 percent to $5.2 million as comparable store sales were off by 9.2 percent from the same period last year. Sales outside the U.S. more than doubled to $7.3 million, from $3.2 million, with $4.4 million recorded though Florsheim Australia, a new acquisition.