Weyco reported net sales for the third quarter were $57.1 million, compared to third quarter 2009 sales of $57.9 million. Net earnings were flat at $3.4 million, or 30 cents a share.
Net sales in the North American wholesale segment, which include North American wholesale sales and licensing revenues, were $41.4 million for the third quarter of 2010, compared with $42.4 million in the same period in 2009. Wholesale sales were $41.1 million in the third quarter of 2010, compared to $41.8 million in 2009. Licensing revenues were $362,000 in 2010 and $616,000 in 2009. Wholesale net sales of Stacy Adams footwear were up 16%, as the brand continued to perform well in department stores. Sales of the Nunn Bush brand were down 8% for the quarter, primarily because a significant new account was opened in the third quarter of last year, and that period included the initial shipments to that customer. Florsheim net sales were down 16% compared to last year, primarily due to reduced shipments to mid-tier shoe chains, as Florsheim is at the higher end of the pricing matrix in those stores and consumers have continued to trade away from higher priced brands.
Net sales in the North American retail segment, which include sales from the Company's 36 Florsheim retail stores in the U.S. and its Internet business, were $5.2 million in the third quarter of 2010, compared with $5.1 million in the third quarter of 2009. Same store sales were up 3%.
Other net sales, which include wholesale and retail sales in Australia, Asia Pacific, South Africa, and Europe were $10.6 million in the third quarter of 2010, compared to $10.5 million in 2009. Florsheim Australia's net sales benefited from a weaker U.S. dollar in 2010.
Operating earnings for the third quarter of 2010 were $4.5 million, compared with $4.6 million in 2009. As a percent of sales, operating earnings were 7.9% in the third quarters of 2010 and 2009.
Other income and expense for the third quarter included foreign exchange gains on intercompany loans between the U.S. and Florsheim Australia of $535,000 in 2010 and $357,000 in 2009.
Earnings before tax were $5.6 million for the third quarter of 2010 compared to $5.5 million last year.
Weyco'S principal brands are Florsheim, Nunn Bush, Stacy Adams and Umi.
