Red Wing Shoe Co., the parent of Vasque, reported sales rose 12 percent in its fiscal year ending in November 2010, to $448 million. The figures were given at the privately-held company's shareholder meeting in Red Wing, MN and confirmed to SportsOneSource by spokesman Peter Engel.
The company also added 315 jobs in 2010, bringing its total employee count to approximately 2,200.
Besides Vasque, its brands include Irish Setter, Vasque, Carhartt, and WORX. Its biggest line is Red Wing casual work boots.
The company also reiterated last week that it planned to open 125 new “dealership” stores in the next five years. There are currently about 425 Red Wing Shoe stores, and roughly 70 percent of them are independent dealerships. Red Wing does not collect franchise fees or royalties from store sales but dealers are obligated to sell Red Wing Shoe products.
In late 2009, Red Wing announced plans to close its Kentucky plant, offer early retirement packages, and eliminate a second work shift at its Red Wing plant as part of cost-cutting efforts. However, due to improved sales trends, the company resumed its second shift and added positions in May 2010. It also indicated in August that it would retain its Kentucky facility with a smaller staff.
Speaking to Twin Cities Business Journal, Engel, the spokesman, said, “Demand is back, but it's still pretty spotty in the United States.” He noted that blue collar workers who tend to be the Red Wing brand's key customers are still experiencing high unemployment.
