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Q2FY15 sales soar 24.2% at apparel marketer Decker Brands
30
Oct '14
NYSE-listed and marketer of footwear and apparel - Deckers Brands said its sales rose 24.2% year-on-year, to reach record figures in the second fiscal quarter ended September 30, 2014.

In the three months to September 30, 2014, sales at Decker Brands rose 24.2% to a record $480.3 million compared to $386.7 million in the second fiscal quarter of 2013.

Decker Brands said gross margin went up by 340 basis points to 46.6% in the reporting quarter against 43.2% for the same period last year.

SG&A expenses as a percent of net sales increased to 34.2%, when compared with 31.1% for the prior year quarter.

In the quarter under review, diluted earnings per share surged 23.2% to $1.17 versus $0.95 for the second fiscal quarter of 2013.

Considering brand-wise sales in the reporting quarter, UGG brand revenues climbed 23.8% to $417.1 million and Teva sales ascended 14.9% to $20.7 million, both rising from a year ago quarter periods.

Decker said Sanuk brand turnover went up slowly by 3.2% to $19.0 million, while other brands in the Decker portfolio together notched up sales hike of 76.5% to $23.5 million.

Direct-to-Consumer comparable sales, which include retail same store sales and comparable ecommerce sales, increased 3.3% over the same period last year.

Of total turnover, US sales surged 21.1% year-on-year to $289.1 million, while global revenues climbed 29.2% from a year ago period to $191.2 million.

At September 30, 2014, cash and cash equivalents were $114.7 million compared to $84.1 million at September 30, 2013.

Decker’s had $154.6 million in outstanding borrowings under its credit facility at September 30, 2014 compared to $245.5 million at September 30, 2013.

Inventories at September 30, 2014 increased 8.3% to $481.7 million from $444.6 million at September 30, 2013.

For the full fiscal year, Decker now expects revenues to be around $1.825 billion, up 15% from the previous fiscal year.

The apparel marketer has forecast diluted earnings per share to be around $4.71, up 15.8% over the twelve month period ended March 31, 2014 and which is also above the previous guidance of 14.5%.

“This guidance assumes a gross profit margin of approximately 49% and an operating margin of approximately 13%,” Decker said.

CEO Angel Martinez said, "Both our revenues and earnings grew more than 20% for the second quarter compared to the same period last year driven by the performance of our diversified product line up ever.

“We believe that we are well positioned for another successful holiday season, and more importantly, to drive growth for many years to come," she added. (AR)

Fibre2fashion News Desk - India

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