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16 September, 2019 -
The U.S. based manufacturer of premium outdoor, work, Western, duty and military footwear said the financial results for its second quarter ended June 30, reflect a number of organisational changes aimed at reducing its cost structure.
Rocky Brands’ second quarter net sales were reported to stand at US$58.5 million against US$62.6 million in the second quarter of 2016. Net income in the period was US$1.5 million, or US$0.20 per diluted share compared to a net loss of US$1.8 million, or (US$0.23) per diluted share in the second quarter of 2016.
In the first six months of 2017, net sales amounted to US$121.5 million against US$120.1 million in the same quarter the prior year. Net income in the first half was US$3 million, or US$0.40 per diluted share against a net loss of US$2 million, or (US$0.26) per diluted share for the six months ended June 30, 2016.
“The significant increase in second quarter profitability year-over-year reflects the work we have done to create a more efficient company. Through enhancements to our production facility in Puerto Rico along with a number of organisational changes aimed at reducing our expense structure we were able to improve operating profit by nearly US$4.8 million”, said Jason Brooks, President and CEO, Rocky Brands adding that the company achieved higher gross margins due to less promotional sales as well as the discontinuation of the private label program. “We are continuing to focus on designing and delivering high quality branded products which support higher gross margins.”
Rocky Brands has been expanding its U.S. based manufacturing capabilities so as to increase the number of military contracts and produce footwear at better margins. “Our retail model is uniquely situated to directly and efficiently serve the footwear needs of America’s manufacturing and labour based businesses”, said Brooks.