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RCKY Nasdaq· Rocky Brands, Inc
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RCKY Nasdaq· Rocky Brands, Inc
Earnings report Q3 2023

Rocky Brands, Inc. Reports Decline in Net Sales for Q3 2023

Segments of revenue

Rocky Brands, Inc. reported net sales of $125.6 million for the third quarter of 2023, compared to $147.5 million in the same period last year. This represents a decline of approximately 15% year-over-year. For the nine months ended September 30, 2023, net sales were $335.9 million, compared to $476.5 million in the prior year period, reflecting a decrease of approximately 30%.

Strengths

Despite the decline in net sales, Rocky Brands, Inc. demonstrated improved profitability in the third quarter of 2023. The company attributes the decline in net sales to a challenging macroeconomic environment and elevated inventory levels at retail partners. However, they noted steady improvements in the third quarter compared to the first six months of the year.

Challenges

Rocky Brands, Inc. faced distribution challenges in 2021, resulting in the late delivery of Fall 2021 inventory into the first half of 2022. This created a difficult year-over-year comparison for the first nine months of 2023. The company also experienced a decline in net sales for the third quarter of 2023, which can be attributed to the challenging macroeconomic backdrop and elevated inventory levels at retail partners.

Noteworthy

Despite the decline in net sales, Rocky Brands, Inc. observed improved profitability in the third quarter of 2023. The company's management highlighted the steady improvements seen in the third quarter compared to the first six months of the year. Additionally, the distribution challenges faced in 2021 impacted the year-over-year comparison for the first nine months of 2023.

Summary

Rocky Brands, Inc. reported a decline in net sales for the third quarter of 2023, attributed to a challenging macroeconomic environment and elevated inventory levels at retail partners. However, the company demonstrated improved profitability in the quarter and noted steady improvements compared to the first half of the year. The distribution challenges in 2021 also impacted the year-over-year comparison for the first nine months of 2023.

Source documents

Form 10-Q  filed on Nov 08, 2023
88 pages scanned

Reference data

Company financials Q3 revenue 126M
Analyst estimates Q3 EPS beat by 94.64%
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