Bogs wholesale revenues in North America jumped 69 percent the fourth quarter, driven by increased sales of women's and children's boots in the U.S. and Canada, according to its parent, Weyco Group, Inc.
“The surge in shipments reflected in part an early consumer reaction to winter participation,” said Tom Florsheim, Weyco’s chairman and CEO, on a conference call with analysts. “November snowstorms across the Midwest and parts of the East Coast helped stimulate consumer demand and reorders from retailers. In addition, Bogs continued its expansion into casual, non-insulated and lightly insulated products as part of our effort to diversify into our business that is less dependent on seasonal weather.”
Net sales in the North American wholesale segment, which include North American wholesale sales and licensing revenues, for Weyco were $73.9 million, up 27 percent year over year. Among its other brands, sales grew 19 percent at Stacy Adams, 13 percent at Nunn Bush, and 10 percent at Florsheim. Net sales, also including retail and international, grew 21.3 percent to $95.3 million.
Earnings from continuing operations in the quarter rose 32.8 percent to $8.1 million, or 71 cents a share. Excluding expenses related to earn-out payments from its 2011 acquisition of Bogs, earnings rose 25 percent.
For the year, North American wholesale revenues were up 7.5 percent to $243.4 million. Sales grew 46 percent for Bogs and 5 percent at Stacy Adams but declined 4 percent and 1 percent at Nunn Bush and Florsheim, respectively. Net revenues improved 6.7 percent to $320.5 million. Earnings advanced 8.0 percent to $19 million, or $1.75 a share. Excluding the payments tied to the Bogs purchase, earnings climbed 10 percent.