Rocky Brands (NASDAQ: RCKY) reported Q1 EPS of $1.19, $0.60 better than the analyst estimate of $0.59. Revenue for the quarter came in at $87.7 million versus the consensus estimate of $71.25 million.

First Quarter 2021 Highlights

• Net sales increased 57.3% to $87.7 million
  • Wholesale segment sales increased 69.1%; Retail segment sales increased 42.0%
• Gross margin increased 540 basis points to 40.1%
• Net income increased 278.1% to $4.5 million, or $0.61 per diluted share
• Adjusted net income increased 344.1% to $8.7 million, or $1.19 per diluted share
• Acquired the performance and lifestyle footwear business of Honeywell International, Inc.

Jason Brooks, President and Chief Executive Officer, commented, “It has been an excellent start to the year for Rocky Brands as we delivered a strong first quarter performance and completed a highly transformative acquisition. We experienced robust demand for our Rocky, Georgia and Durango brands across our wholesale and direct to consumer channels, which when combined with an easier comparison due to the impact on our business from COVID-19 in the year ago period, resulted in a dramatic improvement in revenue and earnings per share. The multi-year initiatives we’ve been executing in product innovation, fulfillment, consumer engagement and inventory management enhanced our ability to capture market share during the pandemic while creating a strong foundation to support long-term growth. The recent addition of The Original Muck Boot Company, XTRATUF, Servus, NEOS, and Ranger brands has further bolstered our powerful portfolio and provided our business model with compelling new opportunities to drive profitable, top-line expansion and increased shareholder value for years to come.”

For earnings history and earnings-related data on Rocky Brands (RCKY) click here.