USA: Rocky Q3 Sales Miss Analyst Predictions
Rocky shoes & Boots has confirmed that it has missed analyst expectations with an 88.0 per cent rise in third-quarter sales.
Rocky reported net sales of $94.1 million compared to $50.1m in the same period last year. Analysts polled by Thomson Financial had predicted that Rocky would make a revenue of $100.6m for the quarter.
Third-quarter net income grew to $6.5m compared to income of $4.9m a year ago.
This year's results included $43.8m worth of revenue from EJ Footwear Group, which Rocky completed the acquisition of in January.
Chairman and chief executive officer Mike Brooks said: "As we previously announced, third-quarter sales of our outdoor footwear were weaker than expected, partially offset by strength in our work and western categories.
"While we are disappointed with our recent results, we remain very confident in the vitality of our brands and optimistic about our prospects for growth."
The company said it remains comfortable with its previously updated guidance for financial 2005 of net sales in the range of $294m to $296m and earnings-per-share in the range of $2.25 to $2.29. The company also reaffirmed its financial 2006 guidance of net sales between $313m to $318m.
Rocky Shoes & Boots designs, develops, manufactures and markets premium quality rugged outdoor, occupational, and casual footwear, as well as branded apparel and accessories.
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