Rocky Brands Inc (RCKY) 2026 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to the Rocky Brands first-quarter 2026 earnings conference call. (Operator Instructions) I would like to remind everyone that this conference is being recorded, and we'll now turn the conference over to Brendon Frey of ICR.

各位女士、先生，下午好，感謝各位撥冗等候。歡迎參加 Rocky Brands 2026 會計年度第一季財報電話會議。（接線員指示）提醒各位，本次會議將進行錄音。現在把會議交給 ICR 的 Brendon Frey。

Thank you, and thanks to everyone joining us today.

謝謝，也感謝今天加入我們的各位。

Before we begin, please note that today's session, including the Q&A period, may contain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Such statements are based on information and assumptions available at this time and are subject to changes, risks, and uncertainties, which may cause actual results to differ materially. We assume no obligation to update such statements.

在開始之前，請注意今天的會議（包含問答環節）可能包含《1995 年私人證券訴訟改革法》所定義的前瞻性陳述。此類陳述係基於目前可得的資訊與假設，並可能受到變動、風險與不確定性影響，致使實際結果與陳述內容出現重大差異。我們不承擔更新此類陳述之義務。

For a complete discussion of the risks and uncertainties, please refer to today's press release and our reports follow Securities and Exchange Commission, including our 10-K for the year ended December 31, 2025.

關於風險與不確定性的完整討論，請參閱我們今日的新聞稿，以及我們向美國證券交易委員會提交的報告，包括截至 2025 年 12 月 31 日止年度的 10-K 年報。

I now turn the conference over to Jason Brooks, Chief Executive Officer of Rocky Brands. Jason?

現在我把會議交給 Rocky Brands 執行長 Jason Brooks。Jason？

Thank you, Brendon. With me on today's call is Tom Robertson, our Chief Operating and Chief Financial Officer. After our prepared remarks, we will take your questions.

謝謝你，Brendon。今天與我一同出席電話會議的還有我們的營運長兼財務長 Tom Robertson。在我們的準備發言結束後，將開放各位提問。

We are pleased to report a solid start to 2026 as we sustained a strong sales momentum we experienced in the back half of last year. Q1 sales increased 9% following the 9% increase we achieved in the fourth quarter of 2025. Our performance was driven by legacy styles and compelling new product introductions in key categories that fueled robust D2C growth and improving wholesale trends.

我們很高興報告 2026 年開局穩健，延續了去年下半年所展現的強勁銷售動能。第一季銷售額成長 9%，延續 2025 年第四季同樣 9% 的增幅。我們的表現主要受惠於經典款式與關鍵品類中具吸引力的新產品上市，帶動 D2C（直面消費者）強勁成長，並推動批發趨勢改善。

The extended winter weather across much of the Eastern United States provided a favorable backdrop for our cold weather offerings, while our spring collections gained traction as the quarter progressed.

美國東部多地冬季天候延長，為我們的寒冷天氣產品提供了有利環境；同時，隨著季度推進，我們的春季系列也逐步獲得市場動能。

What's particularly encouraging is the quality of our growth. We are seeing consistent full-price selling with key brick-and-mortar accounts. As well as a digital partners and especially on our own branded websites, our strategic focus on expanding distribution, introducing compelling new products at key price points and leveraging technology platforms like the BOA continues to resonate with our retailers and our consumers.

尤其令人鼓舞的是我們成長的品質。我們在主要實體通路客戶看到穩定的正價銷售表現；同時在數位合作夥伴，特別是我們自有品牌官網亦是如此。我們聚焦於擴大通路覆蓋、在關鍵價位帶推出具吸引力的新產品，以及運用如 BOA 等技術平台的策略，持續獲得零售商與消費者的共鳴。

Tom will go through the financials in detail shortly, but from a profitability standpoint, Q1 was in line with our expectations.

Tom 稍後會更詳細說明財務數據，但就獲利能力而言，第一季表現符合我們的預期。

The year-over-year change in gross and operating margins was driven primarily by higher tariffs, which was expected and included in our outlook for this year. The good news is that the headwind from higher tariffs starts to lessen in the second quarter, which along with our current top-line momentum gives us a clear line of sight for returning gross margins to 40% range and delivering meaningful earnings growth in the second half of the year.

毛利率與營業利益率的年對年變動，主要是由較高的關稅所致；這在預期之內，且已納入我們今年的展望。好消息是，較高關稅帶來的逆風將自第二季開始減弱；再加上目前的營收動能，讓我們對毛利率回到約 40% 區間、並在下半年實現顯著獲利成長有清晰的可見度。

Let me walk you through our first-quarter brand performances. XTRATUF started 2026 with exceptional momentum, delivering high-teen growth over last year as all channels contributed to the brand's strong performance. US wholesale was up low double-digits, while our e-commerce business continued its impressive trajectory from Q4, posting substantial growth.

接下來我將帶各位回顧第一季各品牌表現。XTRATUF 在 2026 年以極佳動能開局，較去年實現高十位數成長，且各通路皆對品牌的強勁表現有所貢獻。美國批發成長低雙位數，而我們的電商業務延續第四季的亮眼走勢，實現大幅成長。

Marketplace sales also gained momentum throughout the quarter. Our product mix reflected both the strength of our core offerings and successful new introductions. The 15-inch legacy boot, our ankle-deck boot, and the ankle-deck boot sport in key colors like duck camo and olive remain top sellers.

市集（Marketplace）銷售也在整個季度持續增溫。我們的產品組合同時反映核心產品的強勢，以及新產品導入的成功。15 吋經典靴款、Ankle-Deck 靴款，以及 Ankle-Deck Boot Sport 在鴨紋迷彩與橄欖綠等關鍵配色，仍是最暢銷品項。

We're particularly pleased with the reception of our spring 2026 line, which was highlighted by the Brown ADV Sport and the Men's Black Deep Storm ADV, and our highly anticipated Kids Tufts Cruisers collection. Distribution gains were broad-based across big box sporting good retailers, outdoor focus key accounts, specialty lifestyle independence. And Western-focused partners.

我們對 2026 年春季產品線的市場反應尤其滿意，其中亮點包括 Brown ADV Sport、男款 Black Deep Storm ADV，以及備受期待的 Kids Tufts Cruisers 系列。通路拓展成果廣泛，涵蓋大型體育用品零售商、以戶外為主的關鍵客戶、生活風格專門的獨立零售商，以及聚焦西部市場的合作夥伴。

Our well-established marine channel also delivered solid results to the start of the year. This diverse channel strength, combined with a compelling product innovation, positions Xtra Tough for continued success through 2026.

我們成熟的海事（Marine）通路在年初也交出穩健成績。多元通路的強勢表現，加上具吸引力的產品創新，使 XTRATUF 在 2026 年持續成功具備良好條件。

Muck delivered its best first quarter in over three years, posting high teen growth versus last year. This outstanding performance reflected strength across all channels, wholesale, e-commerce, marketplace, and international. As the brand capitalized on favorable weather conditions and strong product availability, extended winter weather across most of the United States drove exceptional demand for our Arctic collections, which became the biggest contributor to the brand's growth in both men's and women's collections.

Muck 創下三年多來最佳第一季表現，較去年達到高十位數成長。這項出色成果反映品牌在各通路的全面強勁，包括批發、電商、市集與國際市場。品牌把握有利天候與充足供貨，美國多地冬季延長帶動我們 Arctic 系列需求大增，成為品牌成長的最大貢獻來源，並同時推升男款與女款系列表現。

Our marketing team effectively leveraged social media and digital advertising to capitalize on these favorable weather patterns through February and early March.

我們的行銷團隊有效運用社群媒體與數位廣告，在 2 月至 3 月上旬把握這些有利天候型態所帶來的機會。

Equally important was our focus on maintaining strong inventory positions on our core, chore and chore steel styles, which continued to perform well across multiple channels. The major highlight was early delivery and reception of our new RainScape spring collection, which contributed meaningfully to the brand's growth in the quarter.

同樣重要的是，我們專注於維持核心款、Chore 與 Chore Steel 款式的強健庫存水位，這些產品在多個通路持續表現良好。最大亮點是我們全新 RainScape 春季系列的提前交付與良好市場反應，對本季品牌成長做出顯著貢獻。

From a channel perspective, our hardware business grew significantly, driven by continued partnership expanses with a national hardware retailer. Also of note, the sporting goods channel showed meaningful improvements after several challenging quarters as Muck regained shelf space from competitors for our legacy arctic styles.

就通路而言，我們的五金通路業務顯著成長，主要受惠於與一家全國性五金零售商持續擴大合作。另值得一提的是，體育用品通路在經歷數個艱困季度後出現明顯改善，因為 Muck 以經典 Arctic 款式從競品手中重新取得貨架空間。

Durango delivered a solid start to the year with single-digit growth driven by consistent yield account momentum throughout the quarter. We saw particularly strong performance in Texas where the Hispanic market segment showed meaningful improvement over last year with double-digit increases.

Durango 以穩健表現展開新年度，實現個位數成長，主要由季度期間關鍵客戶動能持續帶動。我們在德州看到特別強勁的表現，其中西語裔市場區隔較去年明顯改善，增幅達雙位數。

Florida and Georgia also posted strong double-digit gains, fueled by demand for our Rebel Work and our new Shiloh collection. A highlight in our key account business was exceptional growth with a major western retailer which increased over 30% for the quarter. This was driven by exclusive styles and successful expansion into new categories, including the Shiloh and our Women's Crush Fashion Series. The March delivery of exciting spring products, including category extensions in the Shiloh and Crush updates, and our new Workhorse Work Collection provided additional momentum heading into the second quarter.

佛羅里達與喬治亞也繳出強勁的雙位數成長，主要由 Rebel Work 與全新 Shiloh 系列的需求帶動。我們關鍵客戶業務的一大亮點，是與一家主要西部零售商的合作出現卓越成長，本季增幅超過 30%。這主要由獨家款式，以及成功拓展至新類別所驅動，包括 Shiloh 與我們的女款 Crush 時尚系列。3 月交付的多款令人振奮的春季新品（包括 Shiloh 的品類延伸、Crush 的更新，以及全新 Workhorse 工作系列）也為第二季帶來額外動能。

Georgia Boot faced a challenging January but rebounded strongly in February and March, both of which exceeded prior-year sales. While the quarter finished with a slight single-digit decline versus last year, this was primarily time-driven as several meaningful wholesale orders booked in late March carried into April, positioning us well for the current quarter.

Georgia Boot 在 1 月面臨挑戰，但在 2 月與 3 月強勢反彈，兩個月份的銷售均超越去年同期。雖然本季最終較去年小幅個位數下滑，但主要是時間因素所致：多筆重要批發訂單於 3 月下旬入帳並延續至 4 月出貨，使我們在本季具備良好定位。

Adding to our optimism for Georgia is the continued strength of the brand's digital channels as both e-commerce and marketplace were both up healthy double-digits in Q1, and that momentum has carried into early part of Q2. Product innovation continues to drive Georgia Boot's success. Our Carbon Flex Wedge collection remains one of the brand's most successful launches, performing exceptionally well across both field and key accounts.

讓我們對 Georgia 更加樂觀的，還包括品牌數位通路的持續強勁：第一季電商與市集銷售均呈現健康的雙位數成長，且動能延續至第二季初。產品創新仍是 Georgia Boot 成功的關鍵驅動力。我們的 Carbon Flex Wedge 系列仍是品牌最成功的上市之一，在工地通路與關鍵客戶中皆表現極為出色。

Notably, the BOA-equipped version has quickly become a top-performing item in the overall line, and we will continue to expand the BOA technology across future assortments.

值得注意的是，搭載 BOA 系統的版本已迅速成為整體產品線中的高績效品項之一，我們也將持續在未來的產品組合中擴大導入 BOA 技術。

Additionally, our new Core 37 farm and ranch assortment was among the top performing introductions for fall 2026 and begins shipping this quarter, delivering strong value at a key price point across multiple categories.

此外，我們全新的 Core 37 農場與牧場產品組合，是 2026 年秋季表現最佳的新產品導入之一，並將於本季開始出貨，在多個品類的關鍵價位帶提供強勁的價值主張。

Rocky Work Outdoor and Western started 2026 with a positive result as wholesale sales continued strengthening through greater in-line product sales versus last year's off-price focus. The outdoor segment's growth was highlighted by increased programs with key upper Midwest retailers and a prominent Midwest online retailer who began featuring Rocky again after several years.

Rocky Work、Outdoor 與 Western 在 2026 年開局表現正向，批發銷售持續走強，主要來自較去年偏重折扣（off-price）的策略轉向，提升常規在售（in-line）產品的銷售。戶外品類的成長亮點包括：與美國上中西部的關鍵零售商增加合作專案，以及一家知名的中西部線上零售商在多年後再次開始主推 Rocky。

We also saw solid sales with independent retailers carrying our deep line of insulated and waterproof footwear. New spring deliveries and replenishment orders for our new Western collection were pivotal in reviving a category that had been challenged in recent periods. Our new Ride LTE series of Western work boots introduced late in Q4 has been a hit with retailers. We are already receiving significant replenishment orders from partners who brought the product in before the end of the year.

我們也在經銷我們深度保暖與防水鞋款系列的獨立零售商中看到穩健銷售。春季新品到貨，以及我們全新 Western 系列的補貨訂單，對於重振近幾期表現受壓的品類至關重要。我們於第四季末推出的全新 Ride LTE 西部工作靴系列深受零售商歡迎；我們已開始收到在去年底前導入該產品的合作夥伴所提出的大量補貨訂單。

In work, we continue to gain strength with key industry footwear suppliers across Texas and the Northeast, along with prominent mid-tier footwear retailers. Technology leadership remains a key differentiator. Our premium ram's horn BOA composition toe product showed mid-teen growth and has quickly become one of the leading boots in the industry safety tow market.

在工作靴業務方面，我們持續與德州及東北地區的關鍵產業鞋類供應商，以及知名的中型鞋類零售商合作並不斷累積實力。技術領先地位仍是關鍵差異化因素。我們的高端公羊角 BOA 複合材質安全包頭產品實現了十幾個百分點的成長，並迅速成為產業安全包頭靴市場中的領先靴款之一。

Commercial, military, and public service delivered a solid start to 2026, posting low single-digit growth over the prior period. This performance represents continued positive momentum from our strong Q4 2025 finish and marks a significant improvement in trajectory compared to the beginning of last year.

商用、軍用與公共服務業務在 2026 年開局表現穩健，較前期實現低個位數成長。此表現延續了我們 2025 年第四季強勁收官所帶來的正向動能，且相較去年年初，成長軌跡明顯改善。

The commercial military segment led the way with high single-digit growth, driven by the exceptional performance with Army and Air Force Exchange Services, which posted strong double-digit increases. Navy Exchange also had a phenomenal quarter with significant growth fueled by our S2V steel-toe boots. Our S2V collection continues to be a growth driver for the division, with the Predator S2V and related styles performing exceptionally well across both field and key accounts.

商用軍用業務板塊以高個位數成長領先，主要受惠於我們在陸軍與空軍交換服務（Army and Air Force Exchange Services）的卓越表現，該通路實現強勁的雙位數增長。海軍交換服務（Navy Exchange）本季同樣表現亮眼，在我們 S2V 鋼頭靴的帶動下實現顯著成長。我們的 S2V 系列持續成為該事業部的成長引擎，其中 Predator S2V 及相關款式在外勤與重點客戶兩端均表現出色。

Turning to our B2B Lehigh business, it continued its strong momentum from Q4, growing high-single-digits versus the first quarter of last year. This performance was driven by continued success and new customer acquisition, a direct result of a strategic structural changes we've made to our sales force.

再看我們的 B2B Lehigh 業務，其延續第四季的強勁動能，較去年第一季實現高個位數成長。此表現主要來自持續的成功與新客戶取得，這是我們對銷售團隊所做策略性組織結構調整的直接成果。

We are also seeing positive trends in subsidy utilization and average subsidy dollars as companies work to provide consistent product assortments for their employees, despite rising costs. While we are monitoring potential impacts from the tariff uncertainty and fuel costs later in the year, the effect on Q1 was minimal, and the overall health of the business remains very strong.

我們也看到補助使用率與平均補助金額呈現正向趨勢，因為企業即使面臨成本上升，仍致力為員工提供一致的產品組合。雖然我們正監控今年稍晚關稅不確定性與燃料成本可能帶來的影響，但第一季影響有限，整體業務健康度仍非常強勁。

Finally, our partnership with Volle Eyewear continues to strengthen and deliver results with accounts that committed in Q4 2025 now onboarding and rescinding their subsidies for 2026. The response to this prescription safety eyewear program remains very positive and is generating meaningful incremental sales as an extension of our managed PPE programs.

最後，我們與 Volle Eyewear 的合作夥伴關係持續深化並帶來成果；在 2025 年第四季承諾合作的客戶，目前正陸續導入並為 2026 年恢復其補助。市場對此處方型安全眼鏡計畫的回應仍非常正面，作為我們託管式 PPE 計畫的延伸，正帶來具實質意義的增量銷售。

To reiterate, we are pleased with our first quarter performance, and we are encouraged by the sell-in and sell-out trends we are seeing across the brand portfolio. We look forward to getting past these tough tariff comparisons, so our bottom line results better reflect the strength of our business and the benefits of our operating model.

重申一次，我們對第一季表現感到滿意，且對於我們在品牌組合中所看到的鋪貨（sell-in）與終端銷售（sell-out）趨勢感到鼓舞。我們期待度過這些艱難的關稅比較基期，讓我們的最終獲利表現能更充分反映業務實力與營運模式帶來的效益。

With that, I will turn it over to Tom to review the financials.

接下來，我把時間交給 Tom 來說明財務表現。

Echoing Jason's sentiment, I am very pleased with the start of our 2026. The momentum we experienced in our business last year carried over into the new year, driving strong top-line growth despite the challenging tariff environment we anticipated.

呼應 Jason 的看法，我對 2026 年的開局感到非常滿意。我們去年在業務上累積的動能延續到新年度，即使面臨我們預期的具挑戰性的關稅環境，仍帶動營收端的強勁成長。

Reported net sales for the first quarter increased 9.1% year-over-year to $124.4 million, which was in line with our expectations by segment, wholesale sales increased $3.6 million, or 4.8%, to $78.4 million. Retail sales increased 16.5% to $42.7 million, and contract manufacturing sales were $3.3 million.

第一季公告淨銷售額年增 9.1% 至 1.244 億美元，按事業別來看符合我們的預期：批發銷售增加 360 萬美元（增幅 4.8%）至 7,840 萬美元；零售銷售成長 16.5% 至 4,270 萬美元；委託製造銷售為 330 萬美元。

Turning to gross profit, for the first quarter, gross profit was $45.4 million, or 36.5% of sales, compared to $47 million, or 41.2% of sales, in the same period last year. The 470 basis points decrease was driven by a little over $7 million in higher tariffs compared with the year ago period and to a much lesser extent, an increase in sales of discontinued styles. This was partly offset by strong full price selling, favorable channel mix with higher retail sales and the benefit of price increases implemented in Q2 of 2025.

再看毛利，第一季毛利為 4,540 萬美元，佔銷售額 36.5%；去年同期毛利為 4,700 萬美元，佔銷售額 41.2%。毛利率下滑 470 個基點，主要原因是相較去年同期關稅增加逾 700 萬美元；其次（影響較小）為停售款式銷售占比提高。部分不利因素被以下項目抵銷：全價銷售強勁、通路組合更有利（零售占比提高），以及 2025 年第二季實施的漲價效益。

Reported gross margins by segment were as follows. Retail margins were 34.4% versus 40.3%, with the change driven by significant impact of tariffs. Retail margins were 42.6% versus 45.7%, also reflecting higher tariffs compared with a year ago. And contract manufacturing margins improved to 9.2% from 5.8%.

各事業別公告毛利率如下：零售毛利率為 34.4%，去年同期為 40.3%，變動主要由關稅的顯著影響所致。批發毛利率為 42.6%，去年同期為 45.7%，同樣反映相較去年更高的關稅。委託製造毛利率則由 5.8% 改善至 9.2%。

Operating expenses were $41.8 million. 33.6% of net sales in the first quarter of 2026, compared to $38.3 million or 33.6% of net sales last year. Excluding the $700,000 of acquisition-related amortization in the first quarter of this year and last year, adjusted operating expenses were $41.1 million and $37.6 million, respectively, in Q1 of 2026 and Q1 of 2025.

營業費用為 4,180 萬美元，佔 2026 年第一季淨銷售額 33.6%；去年為 3,830 萬美元，同樣佔淨銷售額 33.6%。排除今年與去年第一季各 70 萬美元的併購相關攤銷後，調整後營業費用分別為 4,110 萬美元（2026 年第一季）與 3,760 萬美元（2025 年第一季）。

As a percentage of net sales, adjusted operating expenses were 33.0% in both periods. The increase in operating expenses was driven primarily by higher logistics costs associated with the increase in retail sales.

以淨銷售額百分比計，兩期的調整後營業費用皆為 33.0%。營業費用增加主要是因零售銷售成長所帶動的物流成本上升。

Income from operations was $3.6 million, or 2.9% of net sales, compared to $8.7 million, or 7.6% of net sales in the year-ago period. Adjusted operating income was $4.3 million or 3.5% of net sales compared to adjusted operating income of $9.4 million or 8.2% of net sales a year ago, reflecting the impact of higher tariffs in the first quarter of 2026.

營業利益為 360 萬美元，佔淨銷售額 2.9%；去年同期為 870 萬美元，佔淨銷售額 7.6%。調整後營業利益為 430 萬美元，佔淨銷售額 3.5%；去年同期調整後營業利益為 940 萬美元，佔淨銷售額 8.2%，反映 2026 年第一季較高關稅的影響。

For the first quarter of this year, interest expense was $2.1 million compared with $2.4 million in the year-ago period. This decrease reflects lower debt levels. On a GAAP basis, we reported net income of $1.3 million, or $0.17 per diluted share, compared to net income of $4.9 million, or $0.66 per diluted share, in the first quarter of 2025. Adjusted net income for the first quarter of 2026 was $1.8 million, or $0.24 per diluted share, compared to adjusted net income of $5.5 million, or $0.73 per diluted share, a year ago.

今年第一季利息費用為 210 萬美元，去年同期為 240 萬美元；下降主要反映負債水位降低。按 GAAP 基礎，我們公告淨利為 130 萬美元，稀釋後每股盈餘 0.17 美元；相較之下，2025 年第一季淨利為 490 萬美元，稀釋後每股盈餘 0.66 美元。2026 年第一季調整後淨利為 180 萬美元，稀釋後每股盈餘 0.24 美元；去年同期調整後淨利為 550 萬美元，稀釋後每股盈餘 0.73 美元。

Turning to our balance sheet, at the end of the first quarter, cash and cash equivalents stood at $1.7 million, and our debt, net of unamortized debt issuance costs, totaled $122.2 million, a decrease of 5% since March 31 last year.

再看資產負債表，截至第一季末，現金及約當現金為 170 萬美元；我們的負債（扣除未攤銷的發債成本）合計 1.222 億美元，較去年 3 月 31 日下降 5%。

Inventories at the end of the first quarter were $172.6 million, down 1.6% compared to $175.5 million a year ago and down 4.7% compared to $181.1 million at the end of 2025. We are pleased with our inventory management has successfully navigated the tariff environment while maintaining appropriate stock goals to support our growth.

第一季末存貨為 1.726 億美元，較去年同期 1.755 億美元下降 1.6%，亦較 2025 年底的 1.811 億美元下降 4.7%。我們對存貨管理感到滿意：在維持適當庫存目標以支援成長的同時，也成功因應了關稅環境。

With respect to our outlook, based on our first-quarter performance, we are reiterating our full year 2026 guidance provided on our fourth quarter call. For 2026, we continue to expect revenue to increase approximately 6% over 2025, with our retail segment growing faster than wholesale.

關於展望，基於第一季表現，我們重申在第四季法說會所提供的 2026 全年指引。2026 年，我們仍預期營收較 2025 年約成長 6%，且零售事業部的成長速度將快於批發。

We are still, while we are still forecasting gross margins to be down modestly from the 40.9% we reported in 2025, this includes... Roughly $10 million in higher tariffs that will hit our P&L in the first half of the year, but split roughly 70-30 between Q1 and Q2 versus our prior view of 80-20.

我們仍然預測毛利率將較 2025 年公告的 40.9% 小幅下滑；其中包含……約 1,000 萬美元的關稅增加將在上半年反映於損益表，但相較我們先前 80-20 的看法，現在將約以 70-30 分配於第一季與第二季。

SG&A is expected to be up in dollars as we've increased our marketing spend to support growth. However, as a percentage of revenue, we expect to lever by approximately 80 basis points. Interest expense will take another step down this year based on year-end debt levels. The decrease will be more modest than what we realized in 2025.

SG&A 預期在金額上將增加，因我們提高行銷投入以支援成長；但以營收百分比計，我們預期將槓桿改善約 80 個基點。利息費用今年將依據年末負債水位再下降一個台階，但降幅將較我們在 2025 年實現的更為溫和。

This translates into EPS growth in the low-teen range. For modeling purposes, we still expect Q2 gross margins to improve from Q1 levels, but to a lesser degree than initially thought, as approximately $1 million more and higher tariffs are expected to flow to the P&L in Q1 -- I'm sorry, from Q1 shifted into Q2 due to the timing of certain product sales.

這將轉化為每股盈餘（EPS）在低十位數百分比區間的成長。就建模而言，我們仍預期第二季毛利率將較第一季水準改善，但改善幅度將小於我們最初的預期，因為預計約額外 100 萬美元以及更高的關稅將反映到損益表（P&L）中於第一季——抱歉，是由於某些產品銷售時點的關係，從第一季移轉到第二季。

Therefore, while we're still forecasting year-over-year decline in profitability to lessen in Q2 versus Q1, the improvement will not be as meaningful as we. Anticipated at the start of the year due to the shift and now expect due due to this shift, we now expect Q2 EPS to be down somewhere in the neighborhood of $0.20 versus Q2 last year.

因此，雖然我們仍預測第二季相較第一季的獲利能力年對年下滑幅度會收斂，但改善不會像我們在年初所預期的那麼顯著；由於這項移轉，我們現在預期第二季 EPS 將較去年第二季下滑約 0.20 美元左右。

We look forward to having the current tariff headwinds largely behind us as we exit Q2, which will drive gross margins back above 40% and allow us to translate our top-line momentum into strong earnings growth for the second-half of the year.

我們期待在第二季結束時，當前關稅帶來的逆風大致能夠告一段落，這將推動毛利率回到 40% 以上，並使我們能將營收動能轉化為下半年強勁的獲利成長。

That concludes our prepared remarks. Operator, we are now ready for questions.

以上為我們事先準備的發言。接線員，我們現在準備開始問答。

(Operator Instructions) Jonathan Komp, Baird.

（接線員指示）Baird 的 Jonathan Komp。

Hi, good afternoon. I want to start by asking just what you're observing in the environment, if you've seen any major shifts across your brands or your major partners, given some of the uncertainty in the environment, just overall, your sense of health of the consumer demand and the orders that you're seeing?

嗨，下午好。我想先問一下你們在目前環境中觀察到什麼情況；在環境不確定性之下，你們是否看到各品牌或主要合作夥伴出現任何重大變化？整體而言，你們對消費者需求的健康程度，以及你們看到的訂單狀況，有什麼感受？

Hey, John, thanks. I would tell you that we feel pretty positive. As I talked about the brands, right, XTRATUF is still seeing really nice momentum. We've seen Muck kind of make a little bit of a turn here and Rocky and Durango. So I think we're feeling pretty positive about it.

嗨，John，謝謝。我會說我們感覺相當正面。就像我談到品牌時所說的，XTRATUF 仍然展現非常好的動能。Muck 這邊我們看到有些轉向改善，Rocky 和 Durango 也是。所以我想我們整體感覺相當正面。

The hardware business has been pretty positive as we talked about. Western business seems to be going pretty good for us. So the one area that we still aren't seeing a huge uptick is in commercial military, where we haven't seen any contracts from our US government, but that's something that we'll continue to focus on and work.

我們先前提到的五金（hardware）業務表現也相當正面。西部（Western）業務對我們來說看起來也進展得不錯。唯一我們仍未看到明顯回升的領域是商用軍品（commercial military），我們尚未從美國政府拿到任何合約，但這是我們會持續聚焦並努力推進的方向。

I don't know if you had anything to add, Tom.

Tom，你有什麼要補充的嗎？

Yeah, and I would tell you, really throughout the first quarter and even in April, we saw general at-once trends being up compared to LY and then also looking out into the future, our order book was very strong for the rest of the year. So we have not seen a big change in behavior from any of our consumers.

有的。我會說其實在第一季整體期間、甚至到四月，我們看到一般即時訂單（at-once）趨勢相較去年同期（LY）是上升的；此外，往後看，我們今年剩餘期間的訂單簿（order book）非常強勁。因此，我們沒有看到消費者行為出現重大改變。

I think one of the things we're trying to dissect a little bit is around with the success of particularly the Muck brand in Q4 and in Q1 of this year, the order book is very strong and so we believe that retailers are going to be stocking back up on inventory that they sold through over the last six months.

我想我們正在稍微拆解的一件事是，特別是 Muck 品牌在去年第四季以及今年第一季的成功之下，訂單簿非常強勁，因此我們相信零售商會把過去六個月賣掉的庫存再補回來。

Maybe to follow up, but more related to the cost environment, can you talk about any surcharges you're seeing come through or any expectations that you think about freight and down the road product costs of higher costs that you might see?

我想追問一下，但更偏向成本環境：你們能談談目前看到的任何附加費（surcharges），或是你們對運費的預期，以及未來可能看到的產品成本上升等更高成本嗎？

Yes, certainly. So we definitely experienced higher freight fuel surcharges. At the end of the first quarter, that's continued, obviously, into the first month here of the second quarter. It's something we're monitoring closely. That also drove a little bit of the increase in our logistics costs that we caught out in the prepared remarks. The thing that we're really trying to keep our eye on, quite frankly, is there's a lot of oil-based products that are in our households of our shoes and.

當然可以。我們確實經歷了更高的運輸燃油附加費。第一季末時如此，顯然在第二季的第一個月也持續發生。我們正密切監控。這也推動了我們在事先準備發言中提到的物流成本小幅上升。坦白說，我們真正想緊盯的是：我們鞋類的用料中有很多是以石油為基礎的材料，還有……

And some of the rubber compounds that go into our rubber boot products, so we're keeping a close eye on that. We've seen some slight price increases. We're being warned of larger ones that this doesn't settle in here or get resolved relatively soon, and so we're keeping a very close eye on that.

以及用於我們橡膠靴產品的一些橡膠配方（rubber compounds），所以我們正密切關注。我們已看到一些小幅漲價；也被提醒如果這件事無法在短期內趨於穩定或相對快速地解決，可能會有更大的漲幅，因此我們會非常密切地留意。

And then when you look at the back half, Tom, could you maybe just walk through. Some of the pieces that are giving you confidence in, I think you said pretty healthy or strong earnings growth year-over-year in the back half.

另外，談到下半年，Tom，你能否帶我們走一遍：有哪些因素讓你們對下半年年對年相當健康或強勁的獲利成長更有信心？

Yes, I mean, I think the thing that's given us the most confidence is the order book, right? And we are really up in future orders across all brands, certain brands, particularly our rubber products are standing out with Maka and Extra Tough, but we're seeing strong orders for Q3 and for Q4. And so just trying to decipher if that means that the retailers are going to be doing more ordering and less at once. And so it's just allowing us to try to make the best decisions to get inventory here for the last half of the year.

可以。我想最讓我們有信心的是訂單簿，對吧？我們在所有品牌的未來訂單都明顯成長；其中某些品牌，特別是我們的橡膠產品更為突出，像是 Muck 和 XTRATUF（ExtraTough）。我們看到第三季與第四季的訂單都很強勁。因此我們也在嘗試判斷，這是否意味著零售商會做更多預先下單、而較少即時訂單（at-once）。這讓我們能做出最佳決策，為下半年備好庫存。

Maybe just last one, tariffs for the year, what's your current thinking around the impact from the rates that you're paying today and then anything you might share on the refund front as well? Thank you.

最後一題：就今年的關稅而言，你們目前對於今天所支付稅率的影響有何看法？另外也請分享一下退稅（refund）方面的最新情況。謝謝。

Yeah, so let's start with the refund. So obviously, the ACE portal opened up a week or so ago. The 20th. Yeah, the 20th. So we have started that refund process, requesting our refunds. The guidance that we provided assumes no refunds are captured, right? So that would be all upside.

好，我們先從退稅談起。很明顯，ACE 入口網站大約在一週左右前開放了。20 號。對，20 號。所以我們已經開始退稅流程，提出退稅申請。我們提供的財測指引是假設沒有計入任何退稅，對吧？所以那會是額外上行（upside）。

The total request that we're seeking is about $20.5 million. And so TBD on when that gets paid. And we're going to continue to work through the process of getting all of our refunds submitted. The system is not working perfectly for us, but we've heard that from a lot of other peers of ours, so we'll continue to push through that.

我們申請的總金額約為 2,050 萬美元。至於何時會支付仍待定（TBD）。我們會持續推進，把所有退稅申請都提交完成。系統對我們而言並非完全順暢，但我們也從許多同業那裡聽到相同情況，所以我們會繼續把流程推進下去。

In the guidance that we've given, we've kind of forecasted the future tariff impact of these 122s at this 10%. I know we're kind of waiting to see what happens with the Section 301 investigations later this summer. And so we'll update guidance as we have more clarity on what the future of tariffs look like, but hopefully we're able to capture these refunds in the next Q2 or Q3.

在我們給出的指引中，我們大致以 10% 來預估這些 122（條款/類別）的未來關稅影響。我知道我們也在等待今年夏末第 301 條款（Section 301）調查的結果。因此，隨著我們對未來關稅走向有更清楚的掌握，我們會更新指引；但希望我們能在第二季或第三季拿到這些退稅。

Okay. Thanks again for all the color.

好的。再次感謝你們提供這麼多細節。

Janine Stichter, BTIG.

BTIG 的 Janine Stichter。

Hi, congratulations on the momentum. I want to ask a bit more about the sell-in and sell-through trends you're seeing. I think you mentioned that you're really pleased with both the sell-in and the sell-through. Can you help us understand where those fit? Are you currently at a point where broadly across all brands, the sell-through is outpacing the sell-in? And would you expect that to kind of catch up as the year progresses? Just want to understand what you're seeing from both the sell-in and sell-through perspective.

嗨，恭喜你們的動能表現。我想再多問一些你們看到的鋪貨（sell-in）與終端銷售（sell-through）趨勢。我想你們提到對 sell-in 和 sell-through 都很滿意。你們能幫我們理解這兩者目前的相對位置嗎？目前是否在整體各品牌層面，sell-through 正在超過 sell-in？你們是否預期隨著年度推進，sell-in 會逐步追上？我想從 sell-in 與 sell-through 的角度了解你們看到的情況。

Yeah, thank you, Janine. Appreciate it. So I think if we look back into Q4, we had tremendous success there, 9% growth in Q4 from 2024 to 2025, and we saw that sell through at retail, and so I think that's really allowed the retailer to continue to fill in not only at once, which we continue to see in Q1, but it also has allowed them to feel what we believe to be as just more comfortable in their bookings for Q3 and Q4.

好的，謝謝你，Janine，感謝。我想如果回看第四季，我們表現非常成功，從 2024 到 2025 年第四季成長 9%，而我們也在零售端看到 sell-through 的表現；因此我認為這確實讓零售商能持續補貨，不僅是即時訂單（at-once）——我們在第一季仍持續看到——也讓他們在我們認為的第三季與第四季預訂（bookings）上更有信心、更覺得安心。

And our product typically is a little bit more heavily weighted to waterproof and insulated type product. XTRATUF is a little unique in that. It's still a good fall product, but we're seeing some pretty good bookings from them in the Q2, Q3, Q4 as well. So I think we're just feeling comfortable as the at-once business continues to happen, and then we're seeing the pre-books for fall.

而我們的產品通常較偏重防水與保暖（insulated）類型。XTRATUF 在這方面有點獨特：它仍然是很好的秋季產品，但我們也看到他們在第二季、第三季、第四季都有相當不錯的預訂。因此我想我們的感受是：即時訂單（at-once）業務持續發生，同時我們也看到秋季的預訂（pre-books）。

Not all the brands at the same level, but we are seeing it in pretty good -- pretty good across all the brands as we move into the second and the third and fourth quarter.

並非所有品牌都處於同一水準，但隨著我們進入第二季、第三季與第四季，我們看到整體而言——在所有品牌上——表現相當不錯、相當穩健。

Yeah, just to add on there, I think Jason had it in his prepared remarks, but really important to call out that we have the inventory to execute and capture sales when weather came in Q4 and in Q1, right? And so that investment in inventory is paying dividends. We think we've -- particularly with the Muck brand that we've gained some shelf space back. And that's exciting to hear, given that we think four or five years ago when we acquired the brands, we lost a little bit.

是的，補充一下，我想 Jason 在他事先準備的發言裡有提到，但非常重要的一點是：當天氣因素在第四季與第一季出現時，我們有足夠的庫存去執行並把握銷售機會，對吧？因此，這項庫存投資正在帶來回報。我們認為——特別是在 Muck 品牌方面——我們已經拿回了一些貨架空間。考量到我們認為在四、五年前收購這些品牌時曾經流失了一些，這樣的消息令人振奮。

We think we've gained a lot of that back, and our numbers would prove that out. The other thing that I think that I'm probably most excited about, and it's really across all brands, our new product for this 2026 and fall '26 is arguably the best booking season we've ever had. So we're excited to see how this plays out at retail.

我們認為我們已經把其中很大一部分拿回來了，而我們的數據也能證明這一點。另一件我可能最興奮的事，而且其實是涵蓋所有品牌：我們為 2026 年以及 26 年秋季推出的新產品，從接單表現來看，可能是我們有史以來最好的訂貨季。因此，我們很期待看看在零售端會如何發展。

We haven't seen it checked through retail yet. We're starting to see it certainly on the spring product, but we'll continue to monitor that. And that's probably the thing I'm most positive about.

我們還沒有看到它在零售端被完全驗證。我們開始在春季產品上看到一些跡象，但我們會持續監測。而這大概是我最正面的部分。

Great. That's helpful. And then maybe just you mentioned that the Hispanic consumer had improved. I think you called out Texas. Can you unpack that a little bit more what's been going on there?

很好，這很有幫助。接著你提到西語裔消費者的狀況有所改善，我想你特別點名了德州。你能再多拆解一下那邊到底發生了什麼嗎？

I think there was just some areas in 2025 where that market was slowed a little bit, in particularly in the western areas. And so we have just seen that some of those retail partners are seeing better sell-through in that area, in particularly the Hispanic market. Just seeing some better sell-through in those retail stores.

我認為在 2025 年有些地區那個市場放緩了一些，特別是在西部地區。因此我們看到部分零售合作夥伴在那個區域的銷售穿透（sell-through）變得更好，尤其是在西語裔市場。就是在那些零售門店看到更好的 sell-through。

Super helpful. Thank you. I'll pass it on.

非常有幫助，謝謝。我把問題交給下一位。

Thank you.

謝謝。

(Operator Instructions) Bruce Geller, Geller Ventures.

（接線員指示）Bruce Geller，Geller Ventures。

Hi. Good afternoon, gentlemen. I'm trying to get a better sense of the overall tariff impact. It seems, based on what you said today, that it costs you in the first quarter roughly $0.70 a share on an after-tax basis. So ex the tariffs, you would have earned close to $1 a share. Is that a fair statement?

嗨，各位下午好，先生們。我想更清楚了解整體關稅影響。根據你們今天的說法，看起來第一季關稅在稅後大約讓你們每股成本增加了 0.70 美元。所以如果不含關稅，你們本來會接近每股賺 1 美元。這樣說公平嗎？

I think that's a fair statement.

我認為這樣說是公平的。

And so if you get this $20 million refund, that's over $2 a share after tax. Is it fair to say that the earnings power of the company is approximately $2 per share higher than you've earned in the last 12 months because of these tariffs, or is that offset somewhat by the new tariffs that have been put on?

那如果你們拿到這 2,000 萬美元的退稅，稅後就超過每股 2 美元。是否可以說，因為這些關稅，你們公司的獲利能力大約比過去 12 個月實際賺到的每股高出約 2 美元？還是會被後來加上的新關稅部分抵消？

Yeah, I guess you were in 2025, we had just I'm going off memory here just over $10 million of tariff impact and then the $10 million we're calling out for 2026. So if it was like a rolling 12 months, that's, I think, the math that you're doing there.

是的，我想在 2025 年，我憑記憶來說，關稅影響略高於 1,000 萬美元，然後我們也點出 2026 年還有 1,000 萬美元。所以如果用過去 12 個月滾動來看，我想你就是在做這個數學。

And so -- yes, I mean, I think that math works. I think we're -- there's variables.

所以——是的，我的意思是，我認為那個數學是成立的。我們——但也有一些變數。

There's other variables in there, Bruce, that complicate things, right?

Bruce，裡面還有其他變數會讓事情變得更複雜，對吧？

Sure. Yes, and so we recognize that we have the 10% tariffs in place right now that we know are already being challenged in court. And then we know the Section 301s are coming at us. And so we're monitoring that closely.

當然。是的，所以我們知道目前有 10% 的關稅正在實施，而且我們也知道它已經在法院受到挑戰。然後我們也知道 301 條款（Section 301）的關稅會衝著我們來。因此我們正在密切監控。

I think last I read, the goal of the 301s were to get the 301 tariffs back to what the reciprocal rates were, pre the Supreme Court ruling. So we'll continue to monitor that closely.

我最後看到的資訊是，301 的目標是把 301 關稅恢復到最高法院裁決之前的互惠稅率水準。所以我們會持續密切關注。

Okay. But with the tariffs that are in place right now, just the 10%, excluding the potential for the 301s. How much of a year-over-year -- or how much of a hit on a 12-month basis would you say that the tariffs that have now been eliminated cost you?

好的。但就目前已經在實施的關稅來看，只有那個 10%，先不考慮 301 的可能性。你會說現在已被取消的那些關稅，在 12 個月基礎上大概讓你們少了多少？或是年對年大概少了多少？

Again, I'm trying to get a sense of the earnings power because last year reported. Or in the last 12 months, you've reported roughly $250 a share in earnings, but it sounds to me like the earnings power could be $2 more than that, and that's on a base that now seems to be growing on a nice trajectory.

我再說一次，我想掌握的是獲利能力，因為去年你們公告的——或過去 12 個月你們公告的每股盈餘大約是 2.50 美元，但聽起來獲利能力可能比那個多 2 美元，而且在一個看起來正沿著不錯成長軌跡的基礎上。

So yeah, I think your logic is correct, and maybe this will help articulate it. If we were to take out the IAEPA impact in the first quarter of 2026, we would have shown a slight margin improvement over 2025 results. We took pricing, obviously, when the tariffs came out, and the pricing we took was based on the tariffs at the time, was also planned mitigation strategies, which we've been working through.

所以是的，我認為你的邏輯是正確的，也許這樣能更清楚表達：如果我們把 2026 年第一季的 IAEPA 影響拿掉，我們相較於 2025 年的結果會呈現些微的毛利率改善。當關稅出來時我們確實有調價，而我們調價是基於當時的關稅水準，也包含原本規劃的緩解策略，而我們一直在推進這些策略。

And so if we look at the current landscape today, we would see some slight improvements, partially driven by all of these sourcing changes that the team has made, including making more of our products in the Dominican Republic, which had a more favorable tariff rate up until the Supreme Court ruling, but we anticipate hopefully that's recovering or getting back to normal here in the future.

因此，如果我們看今天的現況，我們會看到一些小幅改善，部分是由團隊所做的各種採購來源調整所帶動，包括把更多產品移到多明尼加共和國生產；在最高法院裁決之前，那裡的關稅稅率更有利，但我們希望並預期未來能逐步恢復或回到正常狀態。

Okay, thanks. And just one other question. I know you don't really like to talk about specific customers, but I personally have noticed I've been getting a lot of digital ads lately from Boot Barn regarding the XTRATUF brand. And to my knowledge, historically, you guys had not sold XTRATUF at Boot Barn, so I'm just curious if this is something that has recently come to fruition?

好的，謝謝。再問一個問題。我知道你們不太喜歡談特定客戶，但我個人注意到最近我收到很多 Boot Barn 的數位廣告，內容是 XTRATUF 品牌。據我所知，過去你們並沒有在 Boot Barn 銷售 XTRATUF，所以我很好奇這是否是最近才落地的合作？

And if so, is it just online or are these boots now going into the stores as well because that seems to me like it could be pretty material, if that's accurate?

如果是的話，是只有線上，還是這些靴子也會進到門店？因為如果屬實，對我來說這可能相當重要。

Yeah so in my prepared remarks, I talked a little bit about the Western retail category for XTRATUF, so there's been a little bit of expansion into that area. It's slow right now in all that area, but we do see a really positive potential opportunity there. And maybe more than just that retailer that you talked about, but there is definitely a little bit of opportunity there.

是的，所以在我事先準備的發言中，我有稍微談到 XTRATUF 的西部零售類別，因此在那個領域確實有一些擴張。目前那整個區域的表現都偏慢，但我們確實看到非常正面的潛在機會。而且可能不只是你提到的那家零售商，確實存在一些機會。

Great. Thank you very much, gentlemen.

很好。非常感謝，先生們。

Thank you. If there are no further questions at this time, I'd like to pass the call back over to management for any closing remarks.

謝謝。如果目前沒有其他問題，我想把電話交回管理層做結語。

Great. Thank you very much.

很好。非常感謝。

First, I'd like to thank the entire Rocky Brands team and the efforts that they've put in here in Q1, helping Rocky be the best company it can be. I'd also like to thank our Board of Directors and our shareholders for their support, and we look forward to our continued success in 2026.

首先，我想感謝整個 Rocky Brands 團隊，以及他們在第一季投入的努力，協助 Rocky 成為它所能成為的最佳公司。我也想感謝我們的董事會與股東的支持，我們期待在 2026 年持續取得成功。

Thank you all very much for your time today.

非常感謝各位今天撥冗參與。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的參與。