US: Rocky Brands sees third-quarter profit rise
- Q3 profit climbed 3% to $5.4m
- Gross margin reached 36.1%
- Sales up 2% to $72.5m
Rising footwear sales has driven Rocky Brands to post a 3% rise in third-quarter net profit.
Net income reached US$5.4m over the three months ended 30 September, compared to $5.2m the prior year. Income from operations climbed 4.9% to $7.9m.
Gross margin was $26.2m, or 36.1% of sales compared to $25.6m, or 36% for the same period last year.
The outdoor, work apparel and footwear maker said net sales edged up 2% to $72.5m. The Durango City line of fashion boots helped footwear sales to increase 9%.
Retail sales fell 6.8% to $9.6m, while wholesale sales rose 4.5% to $62.9m.
CEO and president David Sharp said: "We are pleased that several of our more recently launched footwear initiatives once again delivered strong results."
"As apparel sales to one of our customers continue to decline and growth projections for the overall work and hunting footwear markets remain modest, we are encouraged by our ability to successfully develop new growth vehicles for the future."
Unseasonably warm weather weighed on the fourth quarter at Rocky Brands Inc, but the footwear and apparel maker is confident a new US military contract will help top-line growth in the first half of 2...
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