Rocky Brands posts improved sales and earnings on strong retail gains
today Oct 26, 2019
Nelsonville, Ohio-based footwear and apparel company Rocky Brands, Inc. reported slight improvements in its revenues and earnings in the third quarter, with its retail channel, in particular, experiencing accelerated sales growth.
In the third quarter ended September 30, 2019, Rocky’s total net sales increased 2.0% to $67.2 million, up from $65.9 million in the same period in the previous year.
The company’s retail sales shot up 21.8% to $14.5 million, compared to $11.9 million in the prior-year period, while wholesale revenues saw much more moderate growth of 0.4%, totaling $47.2 million, compared to $47.0 million.
Sales in Rocky’s military segment, on the other hand, decreased from $7.0 million to $5.4 million.
The company’s quarterly net income was $5.6 million, or $0.75 per diluted share, up from $5.0 million, or $0.67 per diluted share, in the third quarter of 2018.
Year to date, Rocky’s net sales increased 5.2% to $195.1 million in the first nine months of fiscal 2019, up from $185.5 million in the same period in the previous year. Net income for the period was $12.4 million, or $1.66 per diluted share, rising from $10.9 million, or $1.47 per diluted share, in the first three quarters of 2018.
“We continue to have success capitalizing on the key growth opportunities we have identified for our company,” said Rocky Brands President and CEO Jason Brooks in a release. “While we now face some near-term headwinds due to the tariff increase on footwear imports from China that went into effect in September, we believe the strength of our brand portfolio, margin enhancing growth prospects and internal manufacturing capabilities have us well positioned to deliver increased profitability over the long-term.”
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