The company detailed that its wholesale segment sales for 2023 decreased 30.5% to $337m compared to $484.8m in 2022. Credit: Shutterstock

Rocky Brands operating income for the year decreased 19.7% to $35.4m whilst net income decreased 49.1% to $10.4m. Net sales fell to $461.8m.

“While it was a challenging year from a sell-in perspective as many of our wholesale accounts worked to rebalance their overall inventory levels,” said Jason Brooks, chairman, president, and CEO of Rocky Brands.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

“Retail sell-through and the performance of our own e-commerce websites underscores that consumer demand for our brands remains solid.”

The company detailed that its wholesale segment sales for 2023 decreased 30.5% to $337m compared to $484.8m in 2022.

Retail sales for the year increased 1.4% to $117m compared to $115.4m for the same period last year.

See Also:

Despite facing headwinds in 2023, Rocky Brands is optimistic about its prospects, emphasising investing in its operations to drive profitable growth. This includes enhancing its retail and e-commerce platforms and improving product offerings.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Gross margin in 2023 was $178.6m, or 38.7% of net sales, compared to $225.2m, or 36.6% of net sales, for 2022.

Brooks added: “We made great progress strengthening our balance sheet throughout 2023 highlighted by a $66.2m reduction in inventories and an $83.8m decline in our debt levels compared with the end of 2022.”

Rocky Brands Q4 in brief:

  • Net sales decreased 9.3% to $126m,
  • Operating income increased 8.2% to $14.7m,
  • Net income increased 3.0% to $6.7m,
  • Wholesale sales decreased 13.3% to $85.8m
  • Retail sales increased 1.5% to $37.8m compared to $37.3m last year,
  • Gross margin in the fourth quarter of 2023 was $50.7m.

In its Q3 results, Rocky Brands blamed the economic climate for a difficult start to 2023 but said its profits increased in Q3 2023.