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US’ Rocky Brands’ net sales up 19.7%, wholesale segment up 24% in FY22

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US’ Rocky Brands, a leading footwear and apparel company, has reported a significant increase in net sales for fiscal 2022 (FY22), with a growth of 19.7 per cent to $615.5 million compared to $514.2 million in FY21. The wholesale segment was the top performer, with sales increasing by 24 per cent to $484.8 million compared to $391.1 million in FY21.

The retail segment also showed growth, with sales rising by 21.9 per cent to $115.4 million compared to $94.7 million in the previous year. However, the contract manufacturing segment, which includes contract military sales and private label programmes, saw a decrease of 46.2 per cent in sales, dropping to $15.3 million compared to $28.5 million in FY21, the company said in a press release.

Rocky Brands, a leading footwear and apparel company, has reported a significant increase in net sales for fiscal 2022 (FY22), with a growth of 19.7 per cent to $615.5 million compared to $514.2 million in FY21. The wholesale segment was the top performer, with sales increasing by 24 per cent to $484.8 million compared to $391.1 million in FY21.

Gross margin for FY22 was $225.2 million, which is 36.6 per cent of net sales, compared to $194.5 million, or 37.8 per cent of net sales, in FY21. Adjusted gross margin for FY22 was $224.1 million, or 36.6 per cent of adjusted net sales.

Operating expenses for FY22 were $181.2 million, or 29.4 per cent of net sales, compared to $158.6 million, or 30.8 per cent of net sales, in FY21. Adjusted operating expenses were $175.5 million in FY22 and $146.6 million in FY21.

Income from operations for FY22 was $44.0 million, or 7.2 per cent of net sales, compared to $36.0 million, or 7.0 per cent of net sales, in FY21. Adjusted operating income for FY22 was $48.6 million, or 7.9 per cent of adjusted net sales, compared to adjusted operating income of $51.4 million, or 10.0 per cent of net sales, in FY21.

The company reported FY22 net income of $20.5 million, or $2.78 per diluted share, compared to net income of $20.6 million, or $2.77 per diluted share in FY21. Adjusted net income for FY22 was $24.1 million, or $3.27 per diluted share, compared to adjusted net income of $32.5 million, or $4.39 per diluted share in FY21.

For the fourth quarter (Q4) of FY22, the company reported a decrease in net sales of 18 per cent to $138.9 million compared with $169.5 million in the same period in 2021. Wholesale segment sales for Q4 decreased by 26.6 per cent year-on-year (YoY) to $98.9 million compared to $134.8 million in Q4 FY21. However, the retail segment showed growth, with sales increasing by 40.8 per cent to $37.3 million compared to $26.5 million for the same period last year. The contract manufacturing segment saw a decrease of 66.6 per cent in sales, dropping to $2.7 million compared to $8.1 million in Q4 FY21.

Despite the overall decline in net sales for the fourth quarter, Rocky Brands reported a gross margin of $56.7 million, or 40.8 per cent of net sales, compared to $63.3 million, or 37.3 per cent of net sales, for the same period last year.

Fibre2Fashion News Desk (DP)

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