Rocky Brands Inc. reported net income of $3.1 million, or 42 cents per diluted share, for the third quarter ending Sept. 30. It was a 7 percent increase from the year-ago period, where the firm reported net income of $2.9 million, or 39 cents a share.
Rocky — which owns Georgia Boot and Durango, and licenses Michelin footwear —missed Wall Street expectations. Analysts predicted the firm would make 54 cents per share.
The Nelsonville, Ohio-based company said net sales rose to $72.7 million, from $70.1 million in the third quarter of 2013.
“Following a strong first half of the year, our sales growth moderated during the third quarter. We believe consumer interest in our innovative product lines remains high; however, sell-through was hampered by a warm, dry September across much of the U.S.,” David Sharp, president and CEO, said in a statement.
He added, “In addition, our wholesale dealers are now buying closer to their need, which is shifting sales for our insulated and waterproof cold-weather boots into the fourth quarter.”