Weyco CEO pleased with strong sales results for Q1
03 May '07
3 min read
Retail sales were $7.25 million for the first quarter of 2007, up 3.5% from $7.0 million in 2006. This was primarily due to the addition of four new stores since last year. Same store sales were flat.
Operating earnings were $8.7 million, up 6% from $8.2 million in 2006. Operating earnings as a percent of net sales were 13.6% in 2007 and 13.8% in 2006.
“We are very pleased with our overall first quarter wholesale performance, which resulted in record sales and earnings for the Company,” stated Tom Florsheim, Jr., Chairman and CEO of Weyco Group.
The Company's Board of Directors declared a quarterly cash dividend on May 1, 2007 of $.11 per share to all shareholders of record on June 1, 2007, payable July 2, 2007. This represents an increase of 22% above the previous quarterly dividend rate of $.09. The impact of this will be to increase cash dividends paid annually by approximately $900,000.
Weyco Group will host a conference call on Thursday, May 3, 2007, at 11:00 a.m. Eastern Time to discuss the first quarter financial results in more detail.
Weyco Group Inc., designs and markets moderately priced and better-grade men's branded footwear for casual, fashion, and dress lifestyles. The principal brands of shoes sold by the Company are Florsheim, Nunn Bush, and Stacy Adams. The Company also operates a number of retail stores in the U.S. and Europe.
marketing@alchempro.com
