Rocky Brands, Inc. Announces First Quarter 2022 Results

About this update from Rocky Brands, Inc.

[{"type":"text","content":"\nFirst Quarter Sales Increased to $167.0 Million\n\n NELSONVILLE, Ohio--(BUSINESS WIRE)--\nRocky Brands, Inc. (NASDAQ: RCKY) today announced financial results for its first quarter ended March 31, 2022.\n\nFirst Quarter 2022 Overview\n\n\nNet sales increased 90.5% to $167.0 million\n\n\nWholesale segment sales increased 126.2%; Retail segment sales increased 19.3%\n\n\n\n\nOperating income increased 100.5% to $13.2 million\n\n\nAdjusted operating income increased 17.7% to $14.2 million\n\n\nNet income increased 63.4% to $7.3 million, or $0.99 per diluted share\n\n\nAdjusted net income decreased 6.8% to $8.2 million, or $1.10 per diluted share\n\n\n“The year has started off well with demand for our brands remaining very strong,” said Jason Brooks, Chairman, President and Chief Executive Officer. “We have built a powerful brand portfolio featuring innovative footwear that is resonating with consumers across multiple categories led by work, western and outdoor. To better support growth and improve the organization’s ability to capitalize on market opportunities, we have invested in additional distribution and fulfillment capacity and hired more personnel to help execute these critical functions. The combination of the current cost environment and tight labor market has resulted in higher temporary spending to bring our new facility up to speed. We are making good progress and anticipate gaining further efficiencies as the year proceeds, enabling us to translate our top-line strength into enhanced profitability. At the same time, we expect to manage inventories down to more normalized levels, which will be another source of cash utilized to reduce debt. We are excited about the near and long-term prospects for Rocky Brands and are focused on continuing to create value for all of our stakeholders.”\n\nFirst Quarter Review\n\nFirst quarter net sales increased 90.5% to $167.0 million compared with $87.7 million in the first quarter of 2021. First quarter 2022 net sales include $64.0 million in Boston Group net sales compared with $6.5 million in the same period last year. The Boston Group is defined as The Original Muck Boot Company, XTRATUF, Servus, NEOS and Ranger brands acquired from Honeywell International Inc. on March 15, 2021.\n\nWholesale sales for the first quarter increased 126.2% to $134.0 million compared to $59.2 million ...

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