Third Quarter Review
“Over the past two years, we have raised prices on selective key styles to help mitigate the impact of an 80% increase in our sheepskin and raw material costs over this same period,” stated Angel Martinez, President, Chief Executive Officer and Chair of the Board of Directors.
“We believe that these selective price increases, particularly during a period of one of the warmest years on record, has pushed us above the consumer’s price-value expectations for the UGG brand. We also believe that this has resulted in softer than expected third quarter sell-through trends in our Company owned stores, and has pushed back the start of the brand’s key selling season at retail this year.
“However, based on positive consumer feedback, the performance of new product introductions, and market research data, we continue to be confident in the strength and popularity of our brand portfolio and the multiple growth opportunities that still lie ahead.”
“We recently negotiated fall 2013 product costs and based upon the decreases in our product costs for Fall 2013, together with the adverse effect of our price increases, we made the decision to adjust our domestic pricing in mid-September on select Classic styles, retroactive to all orders shipped since July 1,” continued Mr. Martinez.
“To support our loyal retailers and consumers during this challenging sales environment we made the strategic decision to pass along a portion of the upcoming savings immediately. We believe this is in the best interests of the brand and will help drive sell-through during the holiday season. ”
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