Rocky Brands Q1 net sales down 33.9% to $110.4M; net loss $0.4M; SVP resigns

ROCKY BRANDS, INC.

2023-Q1 EPS reported -$0.05 revenue$110,445,000

Net sales fell 33.9% YoY to $110.4M; wholesale down 40.2%, retail up 3.1%.
Net loss of $0.4M ($0.05 diluted loss); adjusted net loss $0.8M ($0.12 loss).
Gross margin improved 200 bps to 39.6%; operating income $4.2M ($4.9M adjusted).
SVP Richard Simms resigned effective April 27; separation treated as termination without cause.
Total debt down 17.9% YoY to $219.8M; inventories down 22.5% to $224.1M.

item 2.02 item 5.02 item 9.01

Executive movements

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Departed

Richard A. Simms

Senior Vice President of IT, Customer Service and Operational Excellence

RCKY · ROCKY BRANDS, INC.

Effective: 2023-04-27
Filed: May 2, 2023, 7:59 PM ET

On April 27, 2023, Richard A. Simms resigned from his position with the Company as Senior Vice President of IT, Customer Service and Operational Excellence, effective April 27, 2023.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

ROCKY BRANDS, INC. reported first quarter ended March 31, 2023 results: revenue $110.4 million, net income $0.4 million, EPS $(0.05) per diluted share.

Period: first quarter ended March 31, 2023
Revenue: $110.4 million
Net income: $0.4 million
EPS: $(0.05) per diluted share
Result: reported results

Exact text from the filing

Rocky Brands, Inc. (NASDAQ: RCKY) today announced financial results for its first quarter ended March 31, 2023. First Quarter 2023 Overview ● Net sales decreased 33.9% to $110.4 million ● Wholesale segment sales decreased 40.2% ● Retail segment revenue increased 3.1% ● Gross margin increased 200 basis points to 39.6% ● Operating income was $4.2 million, or $4.9 million on an adjusted basis ● Net loss was $0.4 million, or $(0.05) per diluted share ● Inventories decreased 22.5% year-over-year ● Total debt at March 31, 2023 was down 17.9% compared with March 31, 2022

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Executive change SEC 8-K Item 5.02 confidence 0.95

Richard A. Simms resigned as Senior Vice President of IT, Customer Service and Operational Excellence at ROCKY BRANDS, INC..

Action: resigned
Role: Senior Vice President of IT, Customer Service and Operational Excellence

Exact text from the filing

On April 27, 2023, Richard A. Simms resigned from his position with the Company as Senior Vice President of IT, Customer Service and Operational Excellence, effective April 27, 2023.

View on SEC.gov

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ROCKY BRANDS, INC. filing history →

Source: SEC EDGAR

accession 0001437749-23-012088

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