Rocky Brands achieves record first quarter results

United States
Published:  06 May, 2021

The U.S. headquartered developer and manufacturer of outdoor, work, western and military footwear has announced its first quarter results ending March 31, 2021, including a first quarter net sales increase of 57.3% to US$87.7 million compared with US$55.7 million in the first quarter of 2020.

Wholesale sales for the first quarter increased 69.1% to US$59.2 million compared to US$35 million for the same period in 2020. Retail sales for the first quarter increased 42% to US$24 million compared to US$16.9 million for the same period of 2020.

Gross margin in the first quarter of 2021 was US$35.1 million, or 40.1% of net sales, compared to US$19.3 million, or 34.7% of net sales, for the same period in 2020.

Operating expenses were US$28.6 million, or 32.6% of net sales, for the first quarter of 2021 compared to US$17.8 million, or 32.0% of net sales a year previously. The improvement as a percent of net sales was driven by leverage on higher net sales.

Income from operations for the first quarter of 2021 increased 335% to US$6.6 million, or 7.5% of net sales compared to US$1.5 million for the same period in 2020, or 2.7% of net sales.