Rocky Brands has posted sales growth for the fourth fiscal quarter driven by strong demand for its Durango and Xtratuf labels.
The company’s net sales for the quarter ended December 31 rose 1.7 per cent to $128.1 million, with retail sales up 15.3 per cent and wholesale sales down 5.2 per cent.
Excluding non-recurring sales in the prior-year quarter following the change to a distributor model in Canada and temporarily elevated commercial military footwear sales, net sales increased 8.8 per cent.
“Our sales trends accelerated as the holiday season progressed led by strong consumer demand for our Durango and Xtratuf brands, with particular strength in our direct to consumer channel which fueled our highest ever sales quarter for our Retail reporting segment,” said Jason Brooks, chairman, president and CEO.
For the full year, sales decreased 1.7 per cent to $453.8 million. The company attributed the decline to non-recurring sales in 2023 that are not expected on a go-forward basis.
Net income rose from $10.4 million last year to $11.4 million and total debt at the end of the year decreased 25.7 per cent to $128.7 million.
“While the macroeconomic environment remains uncertain, we are cautiously optimistic about our near-term prospects and confident that the substantial reduction in our debt provides us with the financial flexibility to invest in growth,” added Brooks.
Rocky Brands’ portfolio includes Rocky, Georgia Boot, Durango, Lehigh, The Original Muck Boot Company, Xtratuf, and Ranger. The company reported an 8.8 per cent sales decline in the third quarter.
