The following is a summary of the Rocky Brands, Inc. (RCKY) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Rocky Brands reported Q1 2024 net sales of $112.9 million, a 2.2% year-over-year increase, or 7.6% (or 9.3% considering the Canadian distribution model change made in 2023).

• Gross profit for Q1 was $44.1 million, or 39.1% of sales. Operating expenses were down to $36.2 million, around 32% of the net sales.

• Reported Q1 net income was $2.6 million or $0.34 per diluted share.

• An upsized, amended and extended ABL facility with Bank of America has brought down their total debt by 29%.

Business Progress:

• Rocky Brands saw robust growth across several brands with double-digit gains for Durango and XTRATUF, and improvements in online retail partners for the Georgia boot brand due to well-received selective price reductions.

• The new line of Rocky work boots from their Dominican facility is expected to support top-line and margin contributions in 2024.

• Due to new product introductions, sales for Rocky and Muck brands are expected to go up, and all branded e-commerce sites posted strong Q1 2024 traffic and sales increases.

• Rocky Brands has projected their revenue to be towards the high end of their range of $450 million to $460 million for 2024, with savings of approximately $4.4 million expected annually from 2025 due to refinancing transactions.

More details: Rocky Brands IR

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