Business
Rocky Brands, Inc. Announces Fourth Quarter and Full Year 2022 Results
NELSONVILLE, Ohio--(BUSINESS WIRE)-- Rocky Brands, Inc. (NASDAQ: RCKY) today announced financial results for its fourth quarter and year ended December 31,
About this update from Rocky Brands, Inc.
[{"type":"text","content":" NELSONVILLE, Ohio--(BUSINESS WIRE)--\nRocky Brands, Inc. (NASDAQ: RCKY) today announced financial results for its fourth quarter and year ended December 31, 2022.\n\nFourth Quarter 2022 Overview\n\n\nNet sales decreased 18.0% to $138.9 million\n\n\nWholesale segment sales decreased 26.6%; Retail segment sales increased 40.8%\n\n\n\n\nOperating income decreased 25.2% to $13.6 million\n\n\nNet income decreased 48.1% to $6.5 million, or $0.89 per diluted share\n\n\nAdjusted net income decreased 42.4% to $7.9 million, or $1.08 per diluted share\n\n\nFull Year 2022 Overview\n\n\nNet sales increased 19.7% to $615.5 million\n\n\nWholesale segment sales increased 24.0%; Retail segment sales increased 21.9%\n\n\n\n\nOperating income increased 22.4% to $44.0 million\n\n\nNet income remained flat at $20.5 million, or $2.78 per diluted share\n\n\nAdjusted net income decreased 26.0% to $24.1 million, or $3.27 per diluted share\n\n\n“We completed a very solid year of growth with fourth quarter results that exceeded expectations,” said Jason Brooks, Chairman, President and Chief Executive Officer. “Strong gains in our direct channels helped partially offset anticipated challenges in our Wholesale segment due to a difficult comparison and an over-inventoried selling environment. The consistent consumer demand we experienced in 2022 across multiple footwear categories led by work, outdoor and western reflects the strength of our brand portfolio, the appeal of our products, and the loyalty we’ve built with our target audiences. In order to best capitalize on the market opportunities that we believe exist for our business, we have invested in expanding and upgrading our distribution and fulfillment capabilities, evolved and increased our marketing programs, and fortified our leadership team. While we are cautious about near-term trends given the heightened macroeconomic uncertainty, I am more confident than ever that we have the right foundation in place to drive profitable growth and enhanced shareholder value over the long-term.”\n\nFourth Quarter Review\n\nFourth quarter net sales decreased 18.0% to $138.9 million compared with $169.5 million in the fourth quarter of 2021. Wholesale segment sales for the fourth quarter decreased 26.6% to $98.9 million compared to $134.8 million for the same period in 2021. Retail segment sales for the fourth q...