NEW YORK — Despite seeing a decline in total sales, Rocky Brands Inc. doubled its third quarter earnings.
The Nelsonville, Ohio-based firm said Tuesday after the close of the markets that it earned $2.4 million, or 43 cents a share, up from $1.2 million, or 21 cents, the prior year. Revenues, however, fell 12 percent to $72.5 million.
“We are pleased with our third quarter results, particularly the significant increase in our bottom line. While the current macroeconomic conditions have created a challenging sales environment, we have continued to focus on areas of our business that we can control such as cost containment and manufacturing efficiencies,” said Mike Brooks, chairman and CEO of Rocky, in a Tuesday press release.
Rocky’s gross margins jumped during the quarter to 37.4 percent of sales from 35.6 percent thanks largely to higher wholesale price points and despite a dip in overall wholesale sales. The firm also had reduced operating expenses year over year.