• Linkdin
Maximize your media exposure with Fibre2Fashion's single PR package  |   Know More

US' Rocky Brands' sales increase 2.2% to $112.9 mn in Q1 FY24

01 May '24
2 min read
US' Rocky Brands' sales increase 2.2% to $112.9 mn in Q1 FY24
Pic: Rocky Brands

Insights

  • American company Rocky Brands reported a 2.2 per cent increase in Q1 FY24 net sales to $112.9 million.
  • The company's retail sales increased to $30.4 million, and contract manufacturing sales jumped to $2.7 million.
  • Operating income rose to $8 million.
  • Net income reached $2.6 million, reversing a previous loss.
  • Inventories decreased by 26.3 per cent.
Rocky Brands, a leading designer, manufacturer, and marketer of premium quality footwear and apparel, has reported a 2.2 per cent increase in net sales to $112.9 million in the first quarter of fiscal 2024 (Q1 FY24), up from $110.4 million in the same period last year. Despite a slight decrease in wholesale sales from $80.1 million to $79.8 million, retail sales rose by 3 per cent to $30.4 million, compared to $29.5 million in the first quarter of FY23. The company also saw a dramatic increase in contract manufacturing sales, which includes military contracts and private label programmes, from $0.9 million to $2.7 million.

Gross margin for the quarter was $44.1 million, or 39.1 per cent of net sales, slightly down from 39.6 per cent in the prior year. Operating expenses decreased notably to $36.2 million, or 32 per cent of net sales, compared to $39.6 million, or 35.9 per cent previously. This reduction in expenses boosted income from operations to $8.0 million, or 7.1 per cent of net sales, a substantial increase from $4.2 million or 3.8 per cent of net sales in the first quarter of FY23, the company said in a press release.

Net income for the quarter was $2.6 million, or $0.34 per diluted share, a significant turnaround from a net loss of $0.4 million, or $0.05 per diluted share, in the previous year. Adjusted net income improved to $3.1 million, or $0.41 per diluted share, compared to a net loss of $0.8 million, or $0.12 per diluted share, in Q1 FY23.

Inventories at the end of March 2024 stood at $165.1 million, showing a notable reduction of 26.3 per cent from $224.1 million a year ago, and a slight decrease of 2.4 per cent from $169.2 million at the end of December 2023.

“Our first quarter performance represents a solid start to the year,” said Jason Brooks, chairman, president and chief executive officer. “Cost saving initiatives implemented throughout 2023 allowed us to redeploy a higher portion of our spend toward advertising programmes which fuelled stronger than expected growth and meaningful expense leverage. We are pleased with the top-line momentum we experienced across our business, highlighted by double digit gains for our Durango and Xtratuf brands.”

Fibre2Fashion News Desk (DP)

Leave your Comments

Esteemed Clients

Woolmark Services India Pvt. Ltd.
Weitmann & Konrad GmbH & Co. KG
VNU Exhibitions Asia
USTER
UBM China (Shanghai)
Tuyap Tum Fuarcilik Yapim A.S.
TÜYAP IHTISAS FUARLARI A.S.
Tradewind International Servicing
Thermore (Far East) Ltd.
The LYCRA Company Singapore  Pte. Ltd
Thai Trade Center
Thai Acrylic Fibre Company Limited
X
Advanced Search