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Jun 30, 2023
Rocky Brands Q2 2023 Earnings Report
Net sales decreased due to aligning overall inventory levels, but gross margin improved driven by pricing actions.
Key Takeaways
Rocky Brands reported a decrease in net sales by 38.4% to $99.8 million compared to the same quarter last year. However, the gross margin improved by 440 basis points to 37.6%. The company experienced a net loss of $2.7 million, or $0.37 per diluted share, compared to a net income of $0.9 million, or $0.12 per diluted share, in the second quarter of 2022.
Net sales decreased 38.4% to $99.8 million.
Wholesale segment sales decreased 45.5%.
Gross margin increased 440 basis points to 37.6%.
Net loss of $2.7 million, or $0.37 per diluted share.
Revenue by Segment
Forward Guidance
Rocky Brands anticipates improvement over the remainder of 2023 based on consumer demand, order book, and conversations with wholesale partners.
Positive Outlook
- Consumer demand for products remains solid.
- Strong full price selling.
- Recent price increases.
- Current order book.
- Conversations with key wholesale partners about plans for the second half of the year.
Challenges Ahead
- Year-to-date results were more challenging than anticipated.
- Ongoing industry headwinds.
- Retailers continue to work on aligning overall inventory levels with the current market environment.
- Net sales decreased 38.4%.
- Wholesale segment sales decreased 45.5%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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