Gross margin for the period reduced to 49.1 per cent in Q3 of FY16 as compared to 52.9 per cent in the corresponding quarter last fiscal.
Net sales rose by 1.4 per cent in this period to $795.9 million as compared to $784.7 million last fiscal on a reported basis. On a constant currency basis, net sales rose by 3.6 per cent.
Commenting on the results, Angel Martinez, CEO and chair of the board of directors of Deckers Brands said, “Our third quarter was more challenging than we expected as warm weather and weak store traffic across retail pressured demand.”
“We recognise the need to accelerate elements of our long-term strategy. To do this, we are streamlining our organisation, so we can dedicate more resources to our largest market opportunities,” he added.
The company expects fiscal 2016 diluted EPS to be approximately $5.15 on a constant currency basis, reflecting an increase of 10.5 per cent over the twelve month period, ended March 31, 2015.
Gross margin for fiscal 2016 is expected to be approximately 46 per cent, down 230 basis points from fiscal 2015 as a result of a stronger US$ and other factors. (MCJ)
Fibre2Fashion News Desk – India
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