NASDAQ$RCKY
Rocky Brands Inc · Q1 2023 earnings
Q1 2023 earnings · · Investor relations
Briefing
Net sales decreased due to wholesale performance, while gross margins increased due to pricing actions and decreased logistics costs.
Rocky Brands reported a decrease in net sales by 33.9% to $110.4 million, primarily due to a decline in wholesale sales. However, gross margin increased by 200 basis points to 39.6%. The company experienced a net loss of $0.4 million, or $(0.05) per diluted share, compared to a net income of $7.3 million, or $0.99 per diluted share in the same quarter last year.
- Net sales decreased 33.9% to $110.4 million.
- Wholesale segment sales decreased 40.2%.
- Gross margin increased 200 basis points to 39.6%.
- Operating income was $4.2 million, or $4.9 million on an adjusted basis.
Headline financials
Revenue & EPS history
Rocky Brands · Revenue · Quarterly
$110M
Revenue by segment
Rocky Brands · $111M total across 3 segments · Q1 2023
- Wholesale$80.1M-40.2%72.5%
- Retail$29.5M+3.1%26.7%
- Contract Manufacturing$900K-79.5%0.8%
Forward guidance
The company is taking actions to reduce expenses and protect profitability in response to challenging market conditions. They expect to begin fulfilling orders for a three-year contract to produce combat boots for the U.S. Military in the fourth quarter of 2023.
Tailwinds
- Consumer demand for brands remains healthy.
- Gross margins are up significantly year-over-year.
- Positive sell-through with key accounts during the first quarter.
- Generated over $2 million in annualized interest expense savings.
- Strength of brand portfolio positions the company to accelerate growth once the operating environment improves.
Headwinds
- Wholesale performance didn’t translate into increased sell-in.
- Retail partners are working down elevated inventory levels.
- Retail partners have adopted a more cautious approach to reorders.
- Year started slower than expected.
- Challenging market conditions necessitate expense reductions.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2023
+3.0%
Avg return
Earnings day
+6.3%
Avg return
5 days after
+6.7%
Avg return
30 days after
62%
40 / 65 earnings
Positive
+53.3%
Q1 2025
Best reaction
-26.6%
Q3 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +0.4% | +3.1% | +2.6% | |
| Q4 2025 | +37.8% | +35.3% | +13.2% | |
| Q3 2025 | -2.0% | -4.7% | +1.5% | |
| Q1 2025 | +53.3% | +34.6% | +63.1% | |
| Q4 2024 | -10.9% | -19.6% | -25.4% | |
| Q3 2024 | -26.6% | -25.1% | -21.7% | |
| Q2 2024 | -2.8% | -16.7% | -10.7% | |
| Q1 2024 | +22.2% | +29.7% | +37.4% | |
| Q4 2023 | -18.4% | -14.4% | -11.3% | |
| Q3 2023 | +47.5% | +78.8% | +135.2% | |
| Q2 2023 | +2.4% | +1.6% | -11.7% | |
| Q1 2023 | -26.6% | -26.7% | -33.6% | |
| Q4 2022 | +1.4% | -2.2% | -15.9% | |
| Q3 2022 | +11.4% | +14.5% | +42.3% | |
| Q2 2022 | -15.7% | -18.0% | -23.5% | |
| Q1 2022 | +1.9% | -5.5% | -4.8% | |
| Q4 2021 | +23.2% | +19.5% | +7.9% | |
| Q3 2021 | -23.2% | -24.8% | -38.1% | |
| Q2 2021 | -14.0% | -7.9% | -15.0% | |
| Q1 2021 | +13.5% | +18.9% | -0.7% | |
| Q4 2020 | +13.6% | +35.2% | +39.8% | |
| Q3 2020 | +4.5% | +11.1% | +27.1% | |
| Q2 2020 | +49.7% | +27.3% | +30.2% | |
| Q1 2020 | +4.0% | -6.5% | +1.6% | |
| Q4 2019 | +5.6% | -1.4% | -24.3% | |
| Q3 2019 | -13.6% | -13.3% | -15.4% | |
| Q2 2019 | +4.8% | +9.0% | -2.7% | |
| Q1 2019 | +7.5% | +5.9% | +6.0% | |
| Q4 2018 | +5.3% | +8.5% | -12.4% | |
| Q3 2018 | +3.0% | +7.8% | -0.9% | |
| Q2 2018 | +22.0% | +15.3% | +13.8% | |
| Q1 2018 | +6.2% | +10.0% | +21.6% | |
| Q4 2017 | +9.4% | +12.1% | +25.2% | |
| Q3 2017 | +1.4% | +24.9% | +34.4% | |
| Q2 2017 | +13.4% | +10.6% | +6.3% | |
| Q1 2017 | +10.6% | +27.2% | +27.6% | |
| Q4 2016 | -0.9% | +1.8% | -2.2% | |
| Q3 2016 | +2.9% | +4.4% | +8.7% | |
| Q2 2016 | -9.1% | -12.9% | -13.8% | |
| Q1 2016 | -11.6% | — | — | |
| Q4 2015 | -6.2% | — | — | |
| Q3 2015 | -15.8% | — | — | |
| Q2 2015 | -10.6% | — | — | |
| Q1 2015 | +0.6% | — | — | |
| Q4 2014 | +29.4% | — | — | |
| Q3 2014 | -1.7% | — | — | |
| Q2 2014 | +4.0% | — | — | |
| Q1 2014 | -0.8% | — | — | |
| Q4 2013 | +0.5% | — | — | |
| Q3 2013 | -21.2% | — | — | |
| Q2 2013 | +13.6% | — | — | |
| Q1 2013 | +3.3% | — | — | |
| Q4 2012 | -10.0% | — | — | |
| Q3 2012 | -1.5% | — | — | |
| Q2 2012 | -10.6% | — | — | |
| Q1 2011 | +3.1% | — | — | |
| Q1 2012 | +1.9% | — | — | |
| Q4 2011 | -0.8% | — | — | |
| Q3 2010 | -2.0% | — | — | |
| Q3 2011 | -2.0% | — | — | |
| Q2 2011 | +3.4% | — | — | |
| Q2 2010 | +3.4% | — | — | |
| Q4 2009 | +3.4% | — | — | |
| Q4 2010 | +3.4% | — | — | |
| Q1 2010 | +3.6% | — | — |
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