Weyco Group reported a 7 percent increase in net sales for the second quarter to $60.3 million, compared with the year-ago period. Operating earnings rose to $3.4 million from $2.7 million. Net earnings went up to $2.2 million from $1.9 million.
Net sales in the North American wholesale segment, including licensing revenues, improved by 10.7 percent to $43.6 million. Wholesale product sales were $43.1 million, up from $38.8 million in 2011. Wholesale revenues increased by 34 percent for Bogs, adding to the good performance of Stacy Adams (+13%), Nunn Bush (+9%) and Florsheim (+5%), while Umi sales were down by 4 percent. Licensing revenues were down to $539,000, from $557,000 in the second quarter of 2011.
In the North American retail segment, the company's net sales were down slightly to $5.6 million from $5.9 million in 2011, but same-store sales increased by 5 percent in the quarter. There were five fewer domestic retail stores as of June 30, compared with a year ago. Operating earnings for the segment decreased approximately by $165,000 for the quarter.
Other net sales, which include the wholesale and retail revenues of Florsheim Australia and Florsheim Europe, were almost stable at $11.1 million, compared with $11.3 million in 2011. Florsheim Australia, which makes up the majority of other net sales, generated a net sales increase of 3 percent, or $285,000, offset by a sales decrease of $445,000 at Florsheim Europe. Operating earnings of the company's other businesses were collectively $1.3 million, compared with $1.5 million in the year-ago period.