Rocky Q3 Buoyed By Wholesale

Rocky Brands Inc. saw improved results in the third quarter.

For the period ended Sept. 30, Rocky reported net income of $5.4 million, or 72 cents a share, compared with $5.2 million, or 70 cents, in the same period a year ago.

Revenue advanced 2.1 percent to $72.5 million, from $71 million a year ago. 

David Sharp, president and CEO of the firm, said in a statement, “Several of our more recently launched footwear initiatives once again delivered strong results. [We saw] double-digit percentage gains in our Western, commercial military and lifestyle categories, which include our new Durango City line of more fashion-forward boots.”

Wholesale sales for the third quarter grew 4.5 percent to $62.9 million, driven by a 9 percent increase in footwear sales, and in turn offset a decline in apparel sales.

Retail sales slipped to $9.6 million from $10.3 million last year. The company had no military-segment sales for the third quarter, compared with $0.4 million in the third quarter of 2011. 

The company saw its debt reduced 30 percent to $41.9 million from a year ago. Cash stood at $3.5 million.