Bogs enjoyed its sixth consecutive quarter of double-digit growth during the period ended March 31, posting a 20 percent increase in wholesale revenues for the period, driven by higher sales of women's and children's boots in North America.
Stacy Adams, another brand of the Weyco Group, recorded a sales increase of 15 percent, driven by its modern dress shoe category. While Nunn Bush grew by 5 percent, the Florsheim brand declined by 3 percent at wholesale, performing less well at department stores and off-price retailers. Overall, Weyco's wholesale and licensing revenues grew by 8 percent to $61.1 million in the quarter, generating a higher gross margin of 31.0 percent and 35 percent higher operating earnings of $4.8 million, as compared to the same quarter of 2014.
The company's Florsheim stores and its e-commerce business in North America declined by 5 percent to $4.9 million in the quarter, generating lower operating profit of $272,000. The decreases were due to a further reduction in the number of brick-and-mortar stores and a drop of one percent on a comparable store basis.
Other net sales decreased by 8 percent to $12.0 million, due in part to the stronger U.S. dollar. Florsheim Europe declined by 9 percent in local currencies and by 25 percent in U.S. dollars, while Florsheim Australia went up by 11 percent on a currency-neutral basis and dropped by 2 percent in U.S. dollars.
The entire Weyco Group recorded a 4 percent increase in quarterly revenues to $78.1 million and a 19 percent jump to $5.8 million in operating income. Net earnings were marginally higher than a year ago at $3,592,000.