338
Fashion Jobs
DFS
Senior Merchandising Manager (Global Merchandising)
Permanent · HONG KONG
STOCKX
Operations Specialist
Permanent · TSUEN WAN
A & F
Hollister CO. - Brand Representative (Part-Time / Full-Time), Hysan Place
Permanent · CAUSEWAY BAY
A & F
Hollister CO. - Brand Representative (Part-Time / Full-Time), Yoho Mall
Permanent · YUEN LONG
A & F
Abercrombie & Fitch - Brand Representative (Part-Time / Full-Time), Festival Walk
Permanent · KOWLOON TONG
L'OREAL GROUP
Assistant Purchasing Manager (Marketing, Digital IT)
Permanent · HONG KONG
DR. MARTENS
Head of Financial Accounting, Apac
Permanent · TSIM SHA TSUI
TJX COMPANIES
Director of Sourcing, Apparel -Hong Kong
Permanent · KWUN TONG
A & F
Abercrombie & Fitch - Brand Representative (Part-Time / Full-Time), Harbour City
Permanent · TSIM SHA TSUI
FRESH
Senior/Retail & Education Executive, tr Apac
Permanent · HONG KONG
JAEGER
Training Manager
Permanent · HONG KONG
KERING EYEWEAR
Kering Eyewear Assistant Trade Marketing Manager Travel Retail
Permanent · HONG KONG
LOUIS VUITTON MALLETIER
Repair Operations Specialist
Permanent · HONG KONG
LOUIS VUITTON MALLETIER
Specialist - Client Development
Permanent · HONG KONG
LOUIS VUITTON MALLETIER
Senior Specialist - Client Development
Permanent · HONG KONG
BENEFIT COSMETICS
Retail & Operations Manager
Permanent · HONG KONG
CHRISTIAN DIOR COUTURE
Logistics Officer - Sales Administration
Permanent · CAUSEWAY BAY
LORO PIANA
Client Development Manager
Permanent · HONG KONG
BOBBI BROWN COSMETICS
Senior Education Manager, Bobbi Brown, Apac
Permanent · HONG KONG
L'OREAL GROUP
Supply Chain Planner
Permanent · HONG KONG
ADIDAS
Director, Sustainable Sourcing - Chemical, Water & Waste Management
Permanent · HONG KONG
HYPEBEAST
Account Manager
Permanent · HONG KONG
Published
Jul 26, 2017
Reading time
2 minutes
Download
Download the article
Print
Text size

Rocky Brands improves net income and reduces debt in Q2

Published
Jul 26, 2017

Rocky Brands on Tuesday reported its second quarter results, which mark as the company’s first sales decline since the prior year’s second quarter.

The footwear company recorded a decrease in net sales to $62.6 million in the second quarter of fiscal 2016, and this year, the net sales fell 6.6% to $58.5 million.


Creative Recreation, one of the brands under the Rocky Brands portfolio


Wholesale sales in the second quarter of 2017 decreased 10.5% to $37.1 million, due in part to the discontinuation of a low margin private label program, and military segment sales fell slightly to $10.3 million from $10.7 million. The retail sales increased 5.8% to $11.0 million, but could not offset the decline.
 
Despite the decrease, Rocky Brands reported an increase in sales to $121.5 million for the six-month period ended on June 30, 2017.

In addition, second quarter net income was $1.5 million, or $0.20 per diluted share, compared to a net loss of $1.8 million, or ($0.23) per diluted share, in the prior year; and net income for the six-month period was $3.0 million, or $0.40 per diluted share, compared to a net loss of $2.0 million, or ($0.26) per diluted share in the prior year’s comparable period.
 
“The significant increase in second quarter profitability year-over-year reflects the work we have done to create a more efficient company,” said President and CEO Jason Brooks.
 
“Through enhancements to our production facility in Puerto Rico along with a number of organizational changes aimed at reducing our expense structure we were able to improve operating profit by nearly $4.8 million. Equally important, we continued to see signs of stabilization in our branded wholesale business.”
 
Gross margin increased to $18.2 million, or 31.1% of sales, driven by a significant improvement in both wholesale and military segment margins. SG&A expenses fell $15.9 million, or 27.2% of net sales, and the company’s funded debt fell 63.3% to $8.6 million.
 
“Looking ahead, I am encouraged by the outlook for Rocky Brands,” continued Brooks. “With Rocky, Georgia Boot and Durango, we have a great portfolio of brands that hold leadership positions in their respective categories and provide compelling growth opportunities for our wholesale segment. At the same time, our retail model is uniquely situated to directly and efficiently serve the footwear needs of America’s manufacturing and labor based businesses."

Copyright © 2024 FashionNetwork.com All rights reserved.