07:30 AM EDT, 04/10/2024 (MT Newswires) -- Roots Corp ( RROTF ) , which closed 6.5% higher on Tuesday, reported its Q4 2023 results.

The clothing manufacturer reports that total sales declined 2.9% YoY, from $111.5 million, to $106.2 million. Sales growth in its fleece and active categories were offset by declines in certain seasonal collections, including colder weather outerwear and accessories.

Net income was $14.6 million, or $0.36 per share, compared with net income of $13 million, or $0.31 per share, for Q4 2022.

Roots generated free cash flow of $36 million for the quarter, 3.8% higher than FCF of $34.7 million, last year.

The company had also reduced inventory levels by 34% YoY, from $36.2 million at the end of F2023, versus $55 million at the end of F2022. Leon Wu , Chief Financial Officer, said. "This achievement has notably strengthened our cash flow, which led to a 32% reduction in net debt. As we enter fiscal 2024, our robust balance sheet provides us with the flexibility to strategically purchase inventory to address consumer demand while navigating through the short-term macroeconomic headwinds."

As at February 3, 2024, Roots had net debt of $17.0 million, improved from $24.8 million a year earlier.