Rocky Brands Q4 net sales decrease 18 percent

Fourth quarter net sales at Rocky Brands, Inc. decreased 18 percent to 138.9 million dollars.

The company’s wholesale segment sales decreased 26.6 percent and retail segment sales increased 40.8 percent.

The company said, operating income decreased 25.2 percent to 13.6 million dollars, net income decreased 48.1 percent to 6.5 million dollars or 89 cents per diluted share, while adjusted net income decreased 42.4 percent to 7.9 million dollars or 1.08 dollars per diluted share.

“We completed a very solid year of growth with fourth quarter results that exceeded expectations,” said Jason Brooks, the company’s chairman, president and CEO, adding, “Strong gains in our direct channels helped partially offset anticipated challenges in our wholesale segment due to a difficult comparison and an over-inventoried selling environment.”

For the full year, the company’s net sales increased 19.7 percent to 615.5 million dollars, wholesale segment sales increased 24 percent; while retail segment sales increased 21.9 percent.

The company’s operating income increased 22.4 percent to 44 million dollars, net income remained flat at 20.5 million dollars or 2.78 dollars per diluted share and adjusted net income decreased 26 percent to 24.1 million dollars or 3.27 dollars per diluted share.