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Jun 30, 2020
Rocky Brands Q2 2020 Earnings Report
Reported a decrease in net sales but retail sales increased.
Key Takeaways
Rocky Brands reported a decrease in net sales for the second quarter of 2020, with net sales of $56.2 million compared to $62.0 million in the second quarter of 2019. However, retail sales increased by 15.8% to $16.3 million. The company's cash and cash equivalents increased to $25.8 million, and it had zero debt at the end of the quarter.
Net sales decreased by 9.3% to $56.2 million compared to the previous year.
Retail sales increased by 15.8% to $16.3 million compared to the same period last year.
The company had cash and cash equivalents of $25.8 million and zero debt at the end of the second quarter.
Digital sales increased triple digits on a percentage basis.
Forward Guidance
Company is confident that its business model and balance sheet have Rocky Brands well positioned to navigate the current headwinds and emerge from the pandemic poised for long-term success.
Positive Outlook
- Business exhibited increasing strength as the quarter progressed despite the ongoing challenges created by COVID-19.
- Strengthening brands and product lines.
- Enhancing marketing programs.
- Building out digital capabilities.
- Strong relationships with key wholesale accounts helped weather the slowdown at brick and mortar retail.
Challenges Ahead
- Ongoing challenges created by COVID-19.
- Uncertainty about the ultimate impact that COVID-19 will have on the industry.
- Uncertainty about the ultimate impact that COVID-19 will have on the overall economy.
- Decline in wholesale sales.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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