Business
Rocky Brands, Inc. Announces 2020 Third Quarter Results
Third Quarter Net Sales Increased 15.8% to $77.8 Million Wholesales Sales Increased 19.3%; Retail Sales Increased 11.4% Third Quarter Diluted Earnings Per
About this update from Rocky Brands, Inc.
[{"type":"text","content":"\nThird Quarter Net Sales Increased 15.8% to $77.8 Million\n\nWholesales Sales Increased 19.3%; Retail Sales Increased 11.4%\n\nThird Quarter Diluted Earnings Per Share Increased 38.7% to $1.04\n\n NELSONVILLE, Ohio--(BUSINESS WIRE)--\nRocky Brands, Inc. (NASDAQ: RCKY) today announced financial results for its third quarter ended September 30, 2020.\n\nThird Quarter 2020 and Year-to-Date Sales and Income\n\nThird quarter net sales increased 15.8% to $77.8 million compared to $67.2 million in the third quarter of 2019. The Company reported third quarter net income of $7.6 million, or $1.04 per diluted share compared to net income of $5.6 million, or $0.75 per diluted share in the third quarter of 2019.\n\nNet sales for the first nine months of 2020 were $189.7 million compared with $195.1 million for the first nine months of 2019. The Company reported net income of $11.2 million, or $1.53 per diluted share, and net income of $12.4 million, or $1.66 per diluted share for the nine months ended September 30, 2020 and 2019, respectively. Adjusted net income for the first nine months of 2020, which excludes expenses related to the temporary closure of the Company’s manufacturing facilities due to COVID-19, was $12.8 million, or $1.74 per diluted share. Adjusted net income for the first nine months of 2019, which excludes hurricane expense related reimbursement, was $11.8 million, or $1.59 per diluted share.\n\nJason Brooks, President and Chief Executive Officer, commented, “We delivered outstanding results fueled by the resurgence of our wholesale business combined with continued strength in our direct to consumer channels. The third quarter was highlighted by strong demand for our product lines which drove increased full priced selling in stores and online. These top-line dynamics contributed to meaningful gains in gross margins and operating expense leverage, resulting in a strong increase in Q3 profitability. Our recent performance amidst ongoing challenges created by COVID-19 underscores the strong consumer appeal of our current footwear offering, the importance of our brands to our retail partners, and the work we’ve done creating a more efficient organization. While there are uncertainties around the near and long-term impact that COVID-19 will have on our industry and the overall economy, we are currently on track for a solid f...