Rocky Brands management said they were very pleased with the companys fourth quarter results, as the company reported only slight declines in revenues within a tumultuous environment for the footwear retail industry.
SG&A expenses were reduced as the company made efforts to lower distribution expenses, lower compensation and lower headcount, among others factors. Inventory management improvements allowed a reduction in borrowing under the companys bank facility and helped contribute to a 20% decline in its annual interest expenses and 15% decrease in year over year debt.
The companys Work category, which included brands Georgia Boot and Rocky, along with Dickies and Michelin, saw sales drop 3.0%, from $25.3 million last year to $23.7 million this year. For the full year, Work sales decreased 2.9% from $92.2 million to $89.5 million.
For the Western category, fourth quarter sales were down 14.1% to $8.5 million from $9.9 million in the year-ago period. Full year sales fell 16.6% to $31.1 million from $37.3 million a year ago. Rocky said the entire decline was due to a now-resolved dispute with an unnamed supplier.
Hunting footwear sales were flat at $7.3 million for the quarter, while full year sales fell 12.8% to $29.8 million from $34.2 million a year ago. Duty footwear in the fourth quarter was slightly down to $4.9 million from $5.0 million in the year ago period, while full year sales increased slightly to $17.9 million from $17.5 million a year ago.
Rockys retail division saw sales fall 18.9% to $15.4 million from $19 million in the year ago period. Full year retail sales fell 7% to $65.9 million from $70.7 million last year.
