Wholesale business yields positive results, Rocky Brands
18 Feb '12
4 min read
Gross margin in the fourth quarter of 2011 was $22.5 million, or 35.1% of sales compared to $24.3 million, or 36.5% for the same period last year. The 140 basis point decrease was primarily driven by an inventory adjustment resulting from our annual physical inventory.
Income from operations, excluding the aforementioned charge associated with the termination of the defined benefit pension plan, was $5.7 million, or 8.9% of net sales, compared to $5.4 million, or 8.1% of net sales, in the prior year period.
Inventory increased 10.5% to $65.0 million at December 31, 2011 compared with $58.9 million on the same date a year ago. The increase in inventory was the result of an increase in cost per unit partially offset by a decrease in units of footwear.
Rocky Brands Inc is a leading designer, manufacturer and marketer of premium quality footwear and apparel marketed under a portfolio of well recognized brand names including Rocky, Georgia Boot, Durango, Lehigh, and the licensed brands Michelin and Mossy Oak.
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