The company, which designs and markets footwear under the Florsheim, Nunn Bush, Stacy Adams, BOGS, Rafters and Umi brands, reported net sales reached $60.3 million in the quarter, up 7 percent from 2011 sales of $56.6 million. Operating earnings for the second quarter of 2012 were $3.4 million, compared to $2.7 million in 2011. Net earnings attributable to the company were $2.2 million, compared to $1.9 million in 2011. Diluted earnings per share increased to $0.20 per share in 2012 from $0.17 per share in the second quarter of 2011.
Net sales in the North American wholesale segment, which include North American wholesale sales and licensing revenues, were $43.6 million for the second quarter of 2012, compared with $39.4 million in 2011.
Wholesale product sales were $43.1 million in the second quarter of
2012, up from $38.8 million in 2011. Wholesale sales of Stacy Adams,
Nunn Bush, Florsheim and Bogs were up 13%, 9%, 5% and 34%, respectively,
for the quarter. Umi sales were down 4%.
Licensing revenues were $539,000 in the second quarter of 2012 and $557,000 in 2011. Operating earnings for the segment were $2.1 million in the second quarter of 2012, compared to $1.0 million in 2011.
Net sales in the North American retail segment, which include sales from the Company's Florsheim retail stores in the United States and its Internet business, were $5.6 million in the second quarter of 2012, compared with $5.9 million in 2011. Same store sales increased 5% for the quarter. There were five fewer domestic retail stores as of June 30, 2012 compared to 2011. Operating earnings for the segment decreased approximately $165,000 for the quarter.
Other net sales, which include the wholesale and retail sales of Florsheim Australia and Florsheim Europe, were $11.1 million in the second quarter of 2012, compared to $11.3 million in 2011. The majority of other net sales are generated by Florsheim Australia. Florsheim Australia's net sales increased 3%, or $285,000, but that gain was offset by a sales decrease of $445,000 at Florsheim Europe. Collectively, the operating earnings of the Company's other businesses were $1.3 million in the second quarter of 2012 compared with $1.5 million in the same period last year.
"We are pleased with the sales volume increases that our major brands attained this quarter," stated Thomas W. Florsheim, Jr., Chairman and CEO. "While the current retail market remains unpredictable, we feel our overall business is well positioned going into the second half of the year."
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