Rocky Brands Q4 net sales decline by 9.3 percent

Rocky Brands reported fourth quarter net sales decreased 9.3 percent to 126 million dollars and full year net sales of 461.8 million dollars, were down 25 percent.

Operating income for the quarter increased 8.2 percent to 14.7 million dollars and decreased 19.7 percent to 35.4 million dollars.

"We are encouraged with our fourth quarter performance as we navigated top-line headwinds and delivered operating income that was ahead of our expectations," said Jason Brooks, chairman, president and CEO of Rocky Brands.

The company's fourth quarter wholesale segment sales decreased 13.3 percent; while retail segment sales increased 1.5 percent.

During the year under review, wholesale segment sales decreased 30.5 percent and retail segment sales increased 1.4 percent.

Fourth quarter net income increased 3 percent to 6.7 million dollars or 91 cents per diluted share, while adjusted net income decreased 8.3 percent to 7.3 million dollars or 98 cents.

Full year net income decreased 49.1 percent to 10.4 million dollars or 1.41 dollars per diluted share and adjusted net income decreased 40.8 percent to 14.3 million dollars or 1.93 dollars per diluted share.

“We made great progress strengthening our balance sheet throughout 2023 highlighted by a 66.2 million dollars reduction in inventories and an 83.8 million dollars decline in our debt levels compared with the end of 2022," added Brooks.