In the Q2, Rocky Brands Inc 's corporate clients experienced a reduction by -3.74 % in their costs of revenue, compared to a year ago, sequentially costs of revenue were trimmed by -7.88 %. During the corresponding time, Rocky Brands Inc recorded a revenue increase by 12.43 % year on year, sequentially revenue fell by -4.1 %. While revenue at the Rocky Brands Inc 's corporate clients recorded rose by 11.96 % year on year, sequentially revenue grew by 7.38 %.
Customers of Rocky Brands Inc saw their costs of revenue decrease by -3.74 % in Q2 compare to a year ago, sequentially costs of revenue were trimmed by -7.88 %, for the same period Rocky Brands Inc recorded revenue increase by 12.43 % year on year, sequentially revenue fell by -4.1 %.
Rocky Brands Inc's Comment on Sales, Marketing and Customers
Wholesale
In the U.S., we distribute Rocky, Georgia Boot, Durango, Creative Recreation and
Michelin products through a wide range of wholesale distribution channels.
We sell our products to wholesale accounts in the U.S. primarily through a dedicated
in-house sales team who carry our branded products exclusively, as well as independent
sales representatives who carry our branded products and other non-competing products.
Our sales force for Rocky is organized around major accounts, including Bass Pro
Shops, Cabela’s, Dick’s Sporting Goods, Tractor Supply Company and
Gander Mountain, and around our target markets: outdoor, work, duty, commercial
military and western. For our Georgia Boot and Durango brands, our sales employees
are organized around each brand and target a broad range of distribution channels.
All of our sales people actively call on their retail customer base to educate
them on the quality, comfort, technical features and breadth of our product lines
and to ensure that our products are displayed effectively at retail locations.
Our wholesale distribution channels vary by market:
Our outdoor products are sold primarily through sporting goods stores, outdoor
specialty stores, catalogs and mass merchants.
Our work-related products are sold primarily through retail uniform stores, catalogs,
farm store chains, specialty safety stores, independent shoe stores and hardware
stores.
Our duty products are sold primarily through uniform stores and catalog specialists.
Our commercial military products are sold primarily through base exchanges such
as AAFES and consumer e-commerce websites.
Our western products are sold through western stores, work specialty stores, specialty
farm and ranch stores and more recently, fashion oriented footwear retailers.
Our lifestyle products are sold primarily through fashion oriented footwear retailers.
Retail
We market products directly to consumers through three retail strategies under
the Lehigh retail brand: Lehigh business-to-business including direct sales and
through our Custom Fit websites, consumer e-commerce websites, and our stores,
which include our outlet store, mobile and retail stores.
Websites
We sell our product lines on our websites at www.rockyboots.com, www.georgiaboot.com,
www.durangoboot.com, www.lehighoutfitters.com, www.lehighsafetyshoes.com, www.slipgrips.com,
www.rockymilitary.com, www.rockys2v.com, 4eursole.com and cr8rec.com. We believe
that our internet presence allows us to showcase the breadth and depth of our
product lines in each of our target markets and enables us to educate our consumers
about the unique technical features of our products. We also sell directly to
our business customers directly through our Custom Fit websites that are tailored
to the specific needs of our customers. Our customers’ employees order directly
through their employers’ established Custom Fit website and the footwear
is delivered directly to the consumer via a common freight carrier. Our customers
include large, national companies such as Carnival Cruise Lines, Pepsi, Schneider,
Hagemeyer, Saint Gobain, Holland America Cruise Lines, and Waste Management.
Outlet Store
We operate the Rocky outlet store in Nelsonville, Ohio. Our outlet store primarily
sells first quality or discontinued products in addition to a limited amount of
factory damaged goods. Related products from other manufacturers are also sold
in the store. Our outlet store allows us to showcase the breadth of our product
lines as well as to cost-effectively sell slow-moving inventory. Our outlet store
also provides an opportunity to interact with consumers to better understand their
needs.
Mobile and Retail Stores
Lehigh’s successful continued focus on converting our customers from delivery
via our mobile and retail stores to purchasing via our Custom Fit sites and delivery
direct has led to the continued reduction of the mobile and retail stores in the
past several years. In 2016 we will continue to service the New York City Transit
Authority with mobile stores.
Military
While we are focused on continuing to build our wholesale and retail business,
we also actively bid on footwear contracts with the U.S. military, which requires
products to be made in the U.S. Our manufacturing facilities in Puerto Rico, a
U.S. territory, allow us to competitively bid for such contracts. We have received
an order to fulfill a contract to the U.S. Military to produce “Hot Weather”
combat boots. We began shipping boots in the first quarter of 2013. The contract
included a minimum purchase amount of $3.0 million and a maximum of $15.0 million
for the first year and included an option for four additional years with the same
terms. During 2014 and 2015, we shipped boots under this same agreement.
All of our footwear for the U.S. military is currently branded Rocky. We believe
that many U.S. service men and women are active outdoor enthusiasts and may be
employed in many of the work and duty markets that we target with our brands.
As a result, we believe our sales to the U.S. military serve as an opportunity
to reach our target demographic with high quality branded products.
Rocky Brands, Inc. Reports Mixed Financial Results Amid Debt Refinancing Efforts Rocky Brands, Inc. (NASDAQ: RCKY), a prominent designer, manufacturer, and marketer of quality footwear and apparel, recently announced its financial results for the second quarter of 2024, highlighting a complex situation marked by a slight decline in net sales offset by substantial gains in operating income. The report covers the company’s performance for the quarter ending June 30, 2024, providing insights into its current financial health and ongoing strategic maneuvers. Financial Performance Overview In its second quarter results, Rocky Brands reported net sales of $98.3 million, representing a 1.6% decrease compared to t...
Rocky Brands, Inc. Enhances Cash Flow and Liquidity Profile Through Comprehensive Debt RefinancingRocky Brands, Inc. (NASDAQ: RCKY), a leading designer, manufacturer, and marketer of premium quality footwear and apparel, has announced a definitive debt refinance agreement with Bank of America, as agent. This agreement, which amends and restates the company s existing revolving credit facility, will not only enhance cash flow and liquidity but also simplify the capital structure. The decision comes at a time when Rocky Brands Inc s corporate customers recorded a 4.75% increase in their cost of revenue in the fourth quarter of 2023 year-on-year. However, sequentially, costs of revenue were trimmed by -1.76%. I...
Rocky Brands Inc’s Comment on Sales, Marketing and Customers
Wholesale
In the U.S., we distribute Rocky, Georgia Boot, Durango, Creative Recreation and
Michelin products through a wide range of wholesale distribution channels.
We sell our products to wholesale accounts in the U.S. primarily through a dedicated
in-house sales team who carry our branded products exclusively, as well as independent
sales representatives who carry our branded products and other non-competing products.
Our sales force for Rocky is organized around major accounts, including Bass Pro
Shops, Cabela’s, Dick’s Sporting Goods, Tractor Supply Company and
Gander Mountain, and around our target markets: outdoor, work, duty, commercial
military and western. For our Georgia Boot and Durango brands, our sales employees
are organized around each brand and target a broad range of distribution channels.
All of our sales people actively call on their retail customer base to educate
them on the quality, comfort, technical features and breadth of our product lines
and to ensure that our products are displayed effectively at retail locations.
Our wholesale distribution channels vary by market:
Our outdoor products are sold primarily through sporting goods stores, outdoor
specialty stores, catalogs and mass merchants.
Our work-related products are sold primarily through retail uniform stores, catalogs,
farm store chains, specialty safety stores, independent shoe stores and hardware
stores.
Our duty products are sold primarily through uniform stores and catalog specialists.
Our commercial military products are sold primarily through base exchanges such
as AAFES and consumer e-commerce websites.
Our western products are sold through western stores, work specialty stores, specialty
farm and ranch stores and more recently, fashion oriented footwear retailers.
Our lifestyle products are sold primarily through fashion oriented footwear retailers.
Retail
We market products directly to consumers through three retail strategies under
the Lehigh retail brand: Lehigh business-to-business including direct sales and
through our Custom Fit websites, consumer e-commerce websites, and our stores,
which include our outlet store, mobile and retail stores.
Websites
We sell our product lines on our websites at www.rockyboots.com, www.georgiaboot.com,
www.durangoboot.com, www.lehighoutfitters.com, www.lehighsafetyshoes.com, www.slipgrips.com,
www.rockymilitary.com, www.rockys2v.com, 4eursole.com and cr8rec.com. We believe
that our internet presence allows us to showcase the breadth and depth of our
product lines in each of our target markets and enables us to educate our consumers
about the unique technical features of our products. We also sell directly to
our business customers directly through our Custom Fit websites that are tailored
to the specific needs of our customers. Our customers’ employees order directly
through their employers’ established Custom Fit website and the footwear
is delivered directly to the consumer via a common freight carrier. Our customers
include large, national companies such as Carnival Cruise Lines, Pepsi, Schneider,
Hagemeyer, Saint Gobain, Holland America Cruise Lines, and Waste Management.
Outlet Store
We operate the Rocky outlet store in Nelsonville, Ohio. Our outlet store primarily
sells first quality or discontinued products in addition to a limited amount of
factory damaged goods. Related products from other manufacturers are also sold
in the store. Our outlet store allows us to showcase the breadth of our product
lines as well as to cost-effectively sell slow-moving inventory. Our outlet store
also provides an opportunity to interact with consumers to better understand their
needs.
Mobile and Retail Stores
Lehigh’s successful continued focus on converting our customers from delivery
via our mobile and retail stores to purchasing via our Custom Fit sites and delivery
direct has led to the continued reduction of the mobile and retail stores in the
past several years. In 2016 we will continue to service the New York City Transit
Authority with mobile stores.
Military
While we are focused on continuing to build our wholesale and retail business,
we also actively bid on footwear contracts with the U.S. military, which requires
products to be made in the U.S. Our manufacturing facilities in Puerto Rico, a
U.S. territory, allow us to competitively bid for such contracts. We have received
an order to fulfill a contract to the U.S. Military to produce “Hot Weather”
combat boots. We began shipping boots in the first quarter of 2013. The contract
included a minimum purchase amount of $3.0 million and a maximum of $15.0 million
for the first year and included an option for four additional years with the same
terms. During 2014 and 2015, we shipped boots under this same agreement.
All of our footwear for the U.S. military is currently branded Rocky. We believe
that many U.S. service men and women are active outdoor enthusiasts and may be
employed in many of the work and duty markets that we target with our brands.
As a result, we believe our sales to the U.S. military serve as an opportunity
to reach our target demographic with high quality branded products.
Sources:
Rocky Brands Inc’s official press releases and regulatory filings; CSIMarket.com’s market research; and the financial filings and press releases of other companies cited in this report.
Updated on:
Focus of this report: Rocky Brands Inc’s corporate clients.
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