Sales fell by 8.1 percent to $66.6 million for Rocky Brands in the third quarter ended Sept. 30. Earnings before income taxes grew by 53.4 percent to $4.4 million. Net earnings were up by 17.2 percent to $2.8 million.
The gross margin in the quarter amounted to 37.1 percent of sales, compared with 37.4 percent for the same period last year. Income from operations increased by 19.8 percent to $6.1 million, or 9.2 percent of sales for the period, compared with 7.1 percent in the prior year.
Wholesale revenues for the quarter decreased by 2.1 percent to $54.5 million. Retail sales dropped by 33.0 percent to $11.5 million. This was a result of the ongoing transition to more internet-driven transactions. Interest expenses fell by 14.4 percent to $2.0 million for the quarter due to a reduction in average borrowings combined with lower interest rates compared with last year.