Rocky Brands’ income shrinks by nearly half amid top-line declines

(Source: Rocky Brands)

Footwear and apparel retailer Rocky Brands has reported net income of $10.4 million for FY23, down 49.1 per cent from $20.5 million in FY22.

The company’s adjusted net income was $14.3 million, down from last year’s $24.1 million.

Full-year net sales plunged 25 per cent to $461.8 million. Wholesale segment sales decreased 30.5 per cent to $337.0 million, while retail segment sales increased 1.4 per cent to $117.0 million. Contract manufacturing segment sales, which includes contract military sales and private label programs, fell 48.4 per cent to $7.9 million.

Despite the declines, Jason Brooks – chairman, president and CEO of Rocky Brands – said the company managed to navigate top-line headwinds and deliver operating income that was ahead of expectations.

“Despite market softness towards the end of December, the late arrival of certain materials that pushed back our manufacturing and shipment schedules, and the transition to a distributor model in Canada in early November, net sales improved from the third quarter with year-over-year declines moderating to their lowest levels in 2023,” Brooks added.

Rocky Brands’ portfolio includes Rocky, Georgia Boot, Durango, Lehigh, The Original Muck Boot Company, Xtratuf, and Ranger. 

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