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Rocky Brands reports Q1 FY20 sales of $56 million
04 May 20 2 min read
Rocky Brands, a designer and manufacturer of premium quality footwear and apparel, posted its net sales to $55.7 million in first quarter (Q1) FY20 ended on March 31, 2020 compared to sales of $65.9 million in same period prior year. Net income for the quarter were $1.1 million (Q1 FY19: $3.6 million). Gross margin during the quarter were $19.3 million.
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“Our business is holding up well despite one of the most difficult operating environments in our company’s long history. We entered 2020 with good momentum thanks to the multi-year execution of strategic initiatives that have enhanced our brands’ positioning in the marketplace, strengthened our relationships with our consumers and retail customers, and fortified our balance sheet,” Jason Brooks, president and chief executive officer, said in a press release.
Operating expenses for the quarter were $17.8 million compared to $18.4 million in Q1 FY19.
Wholesale sales for the first quarter were $35.0 million compared to $42.4 million for the same period prior year. Retail sales for the first quarter increased 9.4 per cent to $16.9 million compared to $15.4 million for the same period last year. Military segment sales for quarter were $3.8 million compared to $8.1 million in Q1 FY19.
“While we face challenges due to the Covid-19 pandemic, particularly within our brick and mortar wholesale channel as much of the country continues to shelter-at-home, we have taken decisive actions to capitalise on our digital and distribution centre capabilities and increase liquidity,” Brooks said.
Fibre2Fashion News Desk (JL)
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