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Rocky Brands posts sales growth

Nov 16, 2022 United States
Rocky Brands posts sales growth
The Ohio-based company reported a net sales increase of 17.5% in the third quarter of 2022, as compared to the same period of last year, amidst an escalation of macroeconomic headwinds
"The third quarter was highlighted by strong sales growth compared to the year-ago period, even as the macroeconomic headwinds pressuring consumer discretionary spending intensified. Our top-line performance underscores the strength of our brand portfolio, the desirability of our innovative, functional footwear, and the important relationships we’ve established with our consumers and retail partners. These important aspects of our business, combined with the actions we've already taken to address cost pressures and reduce expenses, have the Company in a good position to weather this challenging operating environment", commented Brooks, Chairman, President and Chief Executive Officer of Rocky Brands.

Third Quarter Results

In the third quarter of the current fiscal year, Rocky Brands' net sales grew by 17.5%, reaching 147.5 million US dollars, on a comparable basis to 125.5 million US dollars in the same quarter of 2021.

Wholesale sales increased by 25.8% in the third quarter of 2022, amounting to 120.7 million US dollars, as compared to 96.0 million US dollars in the same period of last year. Retail sales rose by 7.3% in this period, totalling 23.4 million US dollars, as compared to 21.8 million US dollars in the third quarter of 2021. Contract Manufacturing sales, which include contract military sales and private label programs, declined to 3.3 million US dollars in this quarter, from 7.7 million US dollars in the previous year, due to the expiration of certain contracts with the US military.

Rocky Brands' gross margin in the third quarter of fiscal 2022 was 51.9 million US dollars, or 35.2% of net sales, on a comparable basis to 47.0 million US dollars, or 37.4% of net sales, in the same quarter of last year.

The Ohio-based company reported a third-quarter net income of 5.7 million US dollars, or 0.77 US dollars per diluted share, as compared to a net loss of 0.4 million US dollars, or (0.05) US dollars per diluted share, in the same period of 2021. Adjusted net income totalled 5.5 million US dollars, or 0.74 US dollars per diluted share, as compared to adjusted net income of 2.5 million US dollars, or 0.34 US dollars per diluted share, in the third quarter of the prior year.


Image Credits: ohiomagazine.com

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