Business
Rocky Brands, Inc. Announces Third Quarter Results
NELSONVILLE, Ohio--(BUSINESS WIRE)-- Rocky Brands, Inc. (NASDAQ: RCKY) today announced financial results for its third quarter ended September 30, 2021 which
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 third quarter ended September 30, 2021 which reflect the impact from temporary fulfillment challenges in the Company’s Ohio distribution center.\n\nThird Quarter 2021 Overview\n\n\nNet sales increased 61.4% to $125.5 million\n\n\nWholesale segment sales increased 70.3%; Retail segment sales increased 35.3%\n\n\n\n\nNet loss of $(0.4) million, or $(0.05) per diluted share\n\n\nAdjusted net income of $2.5 million, or $0.34 per diluted share\n\n\n“We continued to experience robust demand for our portfolio of leading brands during the third quarter,” said Jason Brooks, Chairman, President and Chief Executive Officer. “After moving the recently acquired Boston Group’s* inventory to our Ohio distribution center in mid-August, and receiving record inbound supply in preparation for a strong finish to the year, we encountered unanticipated fulfillment challenges that are temporarily hindering our ability to deliver a portion of orders on time. We are making good progress towards regaining the full efficiency of our Ohio distribution center, which along with our new distribution center in Reno, Nevada that went live in early October, has improved our shipping capacity ahead of the holiday season.”\n\n“While we are disappointed that our near-term growth potential is being limited by fulfillment headwinds, I am confident we’re positioning the business for further market share gains and increased profitability even as the operating environment remains volatile. Our enviable inventory position and relative insulation from industry-impacting global supply chain issues enabled through our Caribbean-based manufacturing facilities, provide key competitive advantages that are driving shelf space gains and new market opportunities. We are excited to complete the integration of the Boston Group so we can turn our full attention to unlocking the earning power of our combined organizations.”\n\n*Boston Group defined as The Original Muck Boot Company, XTRATUF, Servus, NEOS and Ranger brands acquired from Honeywell International, Inc on March 15, 2021.\n\nThird Quarter Review\n\nThird quarter net sales increased 61.4% to $125.5 million compared with $77.8 million in the third quarter of 2020. Third quarter 2021 net sales include $41.6 milli...