Rocky Brands Inc Stock Price, News & Analysis

Rocky Brands, Inc. (NASDAQ: RCKY) appointed Dwight E. Smith as a Class I director, effective January 1, 2023. Mr. Smith brings extensive experience as the founder and CEO of Sophisticated Systems, Inc. and has served on several boards, including the Federal Reserve Bank of Cleveland. Concurrently, Glenn E. Corlett and James L. Stewart will retire from the board effective December 31, 2022, reducing the board size from eleven to ten members. The company acknowledges their contributions over 48 years of combined service. Smith's addition aims to enhance board leadership.

Rocky Brands, Inc. (NASDAQ: RCKY) has declared a quarterly cash dividend of $0.155 per share, to be paid on December 15, 2022, to shareholders of record by December 1, 2022. The future declaration and payment of dividends will depend on the quarterly assessments by the board of directors. This reflects the company's continued commitment to returning value to its shareholders. Rocky Brands is a well-known designer and manufacturer of quality footwear and apparel, with prominent brands like Rocky® and Georgia Boot®.

Rocky Brands reported strong third quarter 2022 financial results, with net sales increasing by 17.5% to $147.5 million. Adjusted net sales rose 14.7% to $143.9 million. The wholesale segment saw a 25.8% increase, while the retail segment increased 7.3%. Net income improved to $5.7 million, or $0.77 per diluted share. Despite a drop in gross margin percentage due to cost pressures, operating expenses decreased significantly. The company maintained confidence in its growth strategies amid macroeconomic challenges.

Rocky Brands, Inc. (NASDAQ: RCKY) will announce its third-quarter financial results for the period ending September 30, 2022 on November 2, 2022, after market close. Following the release, management will hold a conference call at 4:30 p.m. ET to discuss the results. Interested participants can join by dialing (888) 254-3590 (domestic) or (323) 994-2093 (international), or via a live webcast on www.rockybrands.com. A replay of the call will be accessible until November 16, 2022.

Rocky Brands, Inc. (NASDAQ: RCKY) has promoted Tom Robertson to Chief Operating Officer, a newly created position aimed at enhancing operational efficiency. Previously CFO, Robertson will oversee daily operations while a search for a new CFO begins immediately. The announcement comes as David Dixon, President of Manufacturing/Sourcing Operations, steps down after 29 years. Chairman Jason Brooks praised Robertson's contributions and expressed confidence in his ability to drive profitable growth.

SureWerx has announced the acquisition of NEOS Overshoe from Rocky Brands (NASDAQ: RCKY), enhancing its portfolio in the safety footwear market. This acquisition aligns with SureWerx's strategy to expand its offerings and strengthen its position in the industrial and professional overshoe market. NEOS, known for its premium overshoes, has evolved over the years and now serves various industries, ensuring protection against harsh conditions. The deal reflects SureWerx's aggressive growth strategy in safety products, adding to its existing brands.

Rocky Brands, Inc. (NASDAQ: RCKY) has announced the sale of its NEOS Overshoe division to SureWerx, a global manufacturer of safety products. The specific terms of the sale were not disclosed. Rocky Brands acquired NEOS in March 2021, aiming to enhance its portfolio in performance footwear. NEOS has been a key player in designing overshoes for consumer and worker protection since 1993. This strategic move aligns with Rocky Brands' focus on optimizing its core offerings while collaborating with SureWerx to expand the NEOS brand's reach.

Rocky Brands, Inc. (NASDAQ: RCKY) has declared a quarterly cash dividend of $0.155 per share, payable on September 15, 2022, to shareholders on record by September 1, 2022. The board of directors will determine future dividends and payment schedules. Rocky Brands is known for a portfolio of premium footwear and apparel brands, including Rocky®, Georgia Boot®, and Durango®. Forward-looking statements in the release indicate potential business risks, with no assurance of meeting projections.