Net income plummeted 69% to $1,382,870 from $4,471,542 in the fourth quarter ended Dec. 31 on sales that were down 17% to $65,266,028 from $78,906,687 as warm weather and poor retail traffic hurt boot sales. Military was a bright spot, gaining 66% to $5.3 million, but the slimmer margins on those sales pulled overall gross margin down 110 basis points to 33.9%. Wholesale sales were off 25% to $46.5 million while retail fell 1% to $13.5 million.
For the full year, sales fell 6% to $269,302,023 from $286,242,169 ... Log in to view full article.