The company detailed that its wholesale segment sales for 2023 decreased 30.5% to $337m compared to $484.8m in 2022. Credit: Shutterstock

Rocky Brands operating income for the year decreased 19.7% to $35.4m whilst net income decreased 49.1% to $10.4m. Net sales fell to $461.8m.

“While it was a challenging year from a sell-in perspective as many of our wholesale accounts worked to rebalance their overall inventory levels,” said Jason Brooks, chairman, president, and CEO of Rocky Brands.

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“Retail sell-through and the performance of our own e-commerce websites underscores that consumer demand for our brands remains solid.”

The company detailed that its wholesale segment sales for 2023 decreased 30.5% to $337m compared to $484.8m in 2022.

Retail sales for the year increased 1.4% to $117m compared to $115.4m for the same period last year.

Despite facing headwinds in 2023, Rocky Brands is optimistic about its prospects, emphasising investing in its operations to drive profitable growth. This includes enhancing its retail and e-commerce platforms and improving product offerings.

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Gross margin in 2023 was $178.6m, or 38.7% of net sales, compared to $225.2m, or 36.6% of net sales, for 2022.

Brooks added: “We made great progress strengthening our balance sheet throughout 2023 highlighted by a $66.2m reduction in inventories and an $83.8m decline in our debt levels compared with the end of 2022.”

Rocky Brands Q4 in brief:

  • Net sales decreased 9.3% to $126m,
  • Operating income increased 8.2% to $14.7m,
  • Net income increased 3.0% to $6.7m,
  • Wholesale sales decreased 13.3% to $85.8m
  • Retail sales increased 1.5% to $37.8m compared to $37.3m last year,
  • Gross margin in the fourth quarter of 2023 was $50.7m.

In its Q3 results, Rocky Brands blamed the economic climate for a difficult start to 2023 but said its profits increased in Q3 2023.