Rocky Brands income rises 41% in fourth quarter
Nelsonville, Ohio-based footwear company Rocky Brands, Inc. reported a 41.0% increase in income for the fourth quarter on Wednesday, ending the financial year on a high note as strong retail sales drove revenue growth.
For the fourth quarter ended December 31, 2019, the group, which owns the Rocky, Georgia Boot, Durango and Lehigh brands, announced net income of $5.1 million, or $0.68 per diluted share, up from $3.6 million, or $0.48 per diluted share, in the prior-year period.
This progress was driven by a 12.1% rise in quarterly net sales, which totaled $75.3 million, compared to $67.2 million in the same period in the previous year.
Retail sales saw the strongest growth during the quarter, increasing 26.0% from $16.5 million to $20.8 million, while wholesale sales rose 7.3%, from $45.9 million to $49.3 million. The company’s military segment sales totaled $5.3 million, up 10.4% from $4.8 million.
“Our fourth quarter performance represents a fantastic finish to a record year of profitability for Rocky Brands, Inc.,” explained the company’s president and CEO, Jason Brooks, in a release. “Throughout 2019, we successfully executed our key initiatives, fueling strong momentum in our Rocky, Georgia Boot and Durango brands and robust growth of our retail segment.”
For the full fiscal year 2019, Rocky Brands reported net sales of $270.4 million, an increase of 7.0% from $252.7 million in 2018, while annual net income totaled $17.5 million, or $2.35 per diluted share, up 20.0% from $14.6 million, or $1.95 per diluted share.
Retail sales for the 12-month period rose 21.8% from $53.2 million to $64.8 million, with wholesale sales increasing 3.7% from $173.1 million to $179.5 million. Military segment revenues, however, declined 1.1% to $26.1 million, down from $26.4 million in the previous year.
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