Rocky Brands reports Q1 EPS 41c, consensus 2c

Reports Q1 revenue $112.9M, consensus $106.4M. Reports Q1 Inventories decrease 26.3% year-over-year. “Our first quarter performance represents a solid start to the year,” said Jason Brooks, CEO. “Cost saving initiatives implemented throughout 2023 allowed us to redeploy a higher portion of our spend toward advertising programs which fueled stronger than expected growth and meaningful expense leverage. We are pleased with the top-line momentum we experienced across our business, highlighted by double digit gains for our Durango and XTRATUF brands. While the macroeconomic outlook remains uncertain, we continue to be cautiously optimistic that the Company is well positioned to generate enhanced profitability and increased shareholder value as 2024 unfolds.”