A 69 percent increase in sales of Bogs shoes in the U.S. and Canada, driven by women's and children's boots, helped Weyco Group to post a 21 percent sales increase to $95.3 million in the fourth quarter of 2014, with 27 percent higher revenues from the North American wholesale segment.
In the same segment, sales went up by 19 percent for Stacy Adams, 13 percent for Nunn Bush and 10 percent for the Florsheim brand. However, the segment's gross margin declined to 35.2 percent because of the devaluation of the Canadian dollar.
For the full financial year, North American wholesale revenues went up by 8 percent to $243.4 million, with milder increases of 46 percent for Bogs and 5 percent for Stacy Adams, offset by sales declines of 4 percent at Nunn Bush and 1 percent at Florsheim.
Retail sales were flat in North America for the year at $23.3 million, although there were seven fewer Florsheim stores in operation. Same-store sales went up by 5 percent for the year and by 11 percent in the latest quarter.
Higher sales volumes were recorded for the year at Florsheim Europe and Florsheim Australia. The European business enjoyed higher sales in the last quarter.
The group's total sales increased by 7 percent to $320.5 million in the past year, delivering 10 percent higher operating earnings of $30.7 million. The attributable net income rose by 8 percent to $19.0 million.
