Business
Rocky Brands, Inc. Announces Second Quarter 2024 Results
Net Sales of $98.3 Million; Net Loss Per Share of $0.17; Adjusted Net Income Per Share of $0.17 Inventories Decreased 20.0% and Total Debt Decreased 31.3%
About this update from Rocky Brands, Inc.
[{"type":"text","content":"\nNet Sales of $98.3 Million; Net Loss Per Share of $0.17; Adjusted Net Income Per Share of $0.17\n\n\nInventories Decreased 20.0% and Total Debt Decreased 31.3% Year-Over-Year\n\n\n NELSONVILLE, Ohio--(BUSINESS WIRE)--\nRocky Brands, Inc. (NASDAQ: RCKY) today announced financial results for its second quarter ended June 30, 2024.\n\n\nSecond Quarter 2024 Overview\n\n\n\n\n\nNet sales decreased 1.6% to $98.3 million from the year ago quarter, or increased 6.1%, excluding certain non-recurring sales from the year ago quarter\n\n\n\n\n\n\n\n\n\nOperating income increased 104.7% to $4.5 million from the year ago quarter\n\n\n\n\n\n\n\n\n\nNet loss was $1.2 million, or $0.17 per diluted share as compared to a net loss of $2.7 million or $0.37 per diluted share for the year ago quarter\n\n\n\n\n\n\n\n\n\nAdjusted net income was $1.3 million, or $0.17 per diluted share, as compared to $0.0 million or $0.00 per diluted share for the year ago quarter\n\n\n\n\n\n\n\n\n\nInventories at June 30, 2024 decreased 20.0% year-over-year\n\n\n\n\n\n\n\n\n\nTotal debt at June 30, 2024 decreased 31.3% year-over-year\n\n\n\n\n\n\n\nJason Brooks, Chairman, President and Chief Executive Officer, commented, “We continue to effectively navigate an unpredictable consumer environment thanks to our diversified brand portfolio and recently deployed cost saving initiatives. Strong double-digit gains in sales for our Durango and XTRATUF brands in both our wholesale and e-commerce channels helped offset softness in other areas of our business and generated low-single digit year-over-year recurring sales growth. The second quarter was also highlighted by the refinancing of our debt and simplification of our capital structure which is expected to generate approximately $4.4 million in annualized savings beginning in 2025. Over the past several years, we have taken actions to improve the Company’s financial profile in order to reinvest in growth and drive increased shareholder value. We are encouraged with our recent results and look forward to delivering further growth over the near and long-term.”\n\n\nSecond Quarter 2024 Review\n\n\nSecond quarter net sales decreased 1.6% to $98.3 million compared with $99.8 million in the second quarter of 2023. Excluding certain non-recurring sales relating to the manufacturing of Servus product following the divestiture of ...