Why Rocky Brands Stock Slumped on Wednesday
Investors in Rocky Brands (NASDAQ: RCKY) lost ground to a rising market on Wednesday. The stock dropped 22% by 12:45 p.m. ET, compared to a 1.3% jump in the wider market. The drop put the footwear and apparel specialist's shares down 23% so far in 2022, back below the S&P 500's pace for the year.
It was sparked by management's cautious comments about the short-term earnings outlook.
Rocky Brands said in an earnings report on Tuesday that sales rose 23%, reflecting solid demand across its portfolio. "We didn't experience any noticeable sales slowdown" tied to inflation or slowing economic growth, CEO Jason Brooks said in a press release.
Source Fool.com
