Footwear and apparel maker Rocky Brands Inc. announced Monday its first-quarter net income dropped 14% due to lower sales of Western-style footwear products.
For the three months ended 31 March 2007, the company earnings reached US765,905, or 14 cents a share, as compared US893,230, or 16 cents a share, in the same period last year.
Sales increased 7.2% to US61.7 million, from US57.5 million last year with strong sales of work and outdoor footwear.
According to Rocky, the decline in income was largely from a decrease in sales of footwear marketed toward farmers and ranchers, which have higher profit margins than other varieties. |
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