INVENTORIES

12 Months Ended

Dec. 31, 2025

INVENTORIES

INVENTORIES

5. INVENTORIES

At December 31, 2025 and 2024, inventories consisted of:

	2025		2024
	(Dollars in thousands)
Finished shoes	$	93,195	$	93,064
LIFO reserve		(27,308)		(19,052)
Total inventories	$	65,887	$	74,012

Finished shoes included inventory in-transit of $13.6 million and $20.7 million at December 31, 2025 and 2024, respectively. At December 31, 2025 and 2024, 93% and 91% of inventories, respectively, were valued using the LIFO method of accounting while 7% and 9%, respectively, were valued using the FIFO method of accounting.

During 2025, there were liquidations of LIFO inventory quantities carried at lower costs prevailing in prior years compared to the cost of fiscal 2025 purchases; the effect of these liquidations decreased cost of sales by $0.3 million. During 2024, there were liquidations of LIFO inventory quantities carried at higher costs prevailing in prior years compared to the cost of fiscal 2024 purchases; the effect of these liquidations increased cost of sales by $0.4 million.