Rocky Brands Q3 sales jump on skyrocketing wholesale
Rocky Brands announced on Wednesday third-quarter revenues increased 17%, on the back of double-digit sales growth in its wholesale segment and high single-digit growth in retail.
The Nelsonville, Ohio-based company said third quarter net sales increased to $147.5 million compared with $125.5 million in the third quarter of 2021. The footwear company’s wholesale segment sales increased 25.8%, while retail segment sales increased 7.3%.
The company reported net income of $5.7 million, or $0.77 per diluted share compared, to a net loss of $0.4 million, or $0.05 per diluted share in the third quarter last year.
“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,” said Jason Brooks
“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 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. While projecting near-term demand trends is currently more difficult than usual, we are confident that our growth strategies will continue to drive sustained market share gains and increase shareholder value.”
Founded in 1932, Rocky Brands is a maker and retailer of outdoor, work, western and military footwear, and other outdoor and work apparel and accessories. Its portfolio includes Rocky, Georgia Boot, Durango, Lehigh, The Original Muck Boot Company, XtraTuf, Servus and Ranger.
