Business
Rocky Brands, Inc. Announces Record Second Quarter Results
Revenue Increased 134.2% to $131.6 Million Diluted Earnings Per Share Increased 57.6% to $0.52 Adjusted Diluted Earnings Per Share Increased 120.0% to $0.99
About this update from Rocky Brands, Inc.
[{"type":"text","content":"\nRevenue Increased 134.2% to $131.6 Million\nDiluted Earnings Per Share Increased 57.6% to $0.52\nAdjusted Diluted Earnings Per Share Increased 120.0% to $0.99\n\n NELSONVILLE, Ohio--(BUSINESS WIRE)--\nRocky Brands, Inc. (NASDAQ: RCKY) today announced financial results for its second quarter ended June 30, 2021.\n\nSecond Quarter 2021 Highlights \n\n\nNet sales increased 134.2% to $131.6 million\n\n\nWholesale segment sales increased 195.0%; Retail segment sales increased 36.8%\n\n\n\n\nGross margin increased 280 basis points to 37.4%\n\n\nNet income increased 59.5% to $3.9 million, or $0.52 per diluted share\n\n\nAdjusted net income increased 129.0% to $7.4 million, or $0.99 per diluted share\n\n\n“Our business exhibited tremendous strength in the second quarter,” said Jason Brooks, Chairman, President and Chief Executive Officer. “Demand for our Rocky, Georgia and Durango brands has been building over the past year and recent trends have been particularly strong. The combination of innovative product introductions, enhanced consumer engagement, and effective inventory management are fueling market share gains in our work, western and outdoor markets. At the same time, the newest additions to our brand portfolio, in particular The Original Muck Boot Company and XTRATUF are performing very well, contributing to our exceptional growth. I am confident that we are well positioned to continue capitalizing on our current momentum and successfully integrating our recent acquisition to unlock even greater earnings power from our operating model in the years ahead.”\n\nSecond Quarter Review\n\nSecond quarter net sales increased 134.2% to $131.6 million compared with $56.2 million in the second quarter of 2020. Second quarter 2021 net sales includes $50.1 million in net sales from the performance and lifestyle footwear business acquired from Honeywell International, Inc. on March 15, 2021.\n\nWholesale sales for the second quarter increased 195.0% to $101.1 million compared to $34.3 million for the same period in 2020. Retail sales for the second quarter increased 36.8% to $22.3 million compared to $16.3 million for the same period last year. Contract Manufacturing segment sales, which now include contract military sales and private label programs, increased 45.6% to $8.1 million compared to $5.6 million in the second quarter of 2020.\n...