US: Rocky Brands posts FY, Q4 sales declines
US footwear company Rocky Brands has recorded a decline in full-year and fourth-quarter sales as the company recorded declining sales under military contracts and the discontinuation of the Dickies license.
It said yesterday (15 February) that for the year ended 31 December, net sales fell 5.2% to US$239.6m. Net income for the year increased 8.1% to reach US$7.7m.
Over the fourth-quarter net sales fell 4.1% to $63.9m. Net income declined to $273,312 against $3m in the same period of the previous year.
"Our fourth quarter operating performance represents a solid finish to a productive year," said president and CEO David Sharp.
"The strategic initiatives aimed at growing our core wholesale business yielded positive results as the year progressed and provide us with good momentum to begin 2012.
"At the same time our retail division hit an important inflection point during the second half of the year. Sales via our internet / direct ship model surpassed our legacy mobile store platform which helped drive operating profits in both the third and fourth quarters.
"We are confident the wholesale and retail trends we experienced in 2011 will continue to benefit our future results. In addition, the new strategies we've implemented to extend our brands into new categories and new channels of distribution are gaining traction."
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Rocky Brands has seen its second-quarter profit slide after the US footwear company faced declining sales and distribution issues following severe storms in Ohio....
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