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Apparel marketer Deckers posts 6.6% hike in Q3FY15 sales
06
Feb '15
Deckers Brands, a marketer of apparel and accessories reported 6.6 per cent year on year hike in sales for the third fiscal quarter ended December 31, 2014.

Deckers said net sales increased 6.6 per cent to a record $784.7 million in the third fiscal of 2014 compared to $736.0 million for the same period last year.

Direct-to-Consumer comparable sales, which include worldwide comparable retail store sales and worldwide comparable ecommerce sales rose 7.6 per cent over the same quarter of previous year.

Retail revenue surged 8.3 per cent from a year ago quarter to $192.7 million, while ecommerce sales mounted 25.2 per cent year on year to $146.9 million.

Domestic revenue rose slower by 3.1 per cent from same quarter of 2013 to $526.3 million and global sales expanded by 14.6 per cent to $258.4 million.

UGG brand sales ascended 6.5 per cent to $736.0 million, however, Teva brand sales fell 12.1 per cent to $13.6 million.

Sanuk brand revenues too declined 7.9 per cent to $20.5 million, while Other Brands sales too zoomed 96.5 per cent to $14.6 million.

Gross margin increased 180 basis points to 52.9 per cent as against 51.1 per cent in the prior year quarter.

SG&A expenses in the reporting quarter as a percent of net sales stood at 25.6 per cent up from 23.7 per cent in the corresponding quarter of 2013.

Diluted earnings per share also increased 11.4 per cent to $4.50 in the quarter under review compared to $4.04 the third fiscal quarter of last year.

"Our third quarter performance represents an important inflection point in the evolution of the UGG brand product line," CEO Angel Martinez said.

Martinez added, “Our results indicate that our strategic initiatives aimed at diversifying the business are working and consumers are adopting our new footwear collections faster than we anticipated.”

“We are making investments to increase our demand planning accuracy, as well as continuing to improve our product lines to ensure that we have a balanced business across our global network,” he observed.

During the third quarter of 2014, the company repurchased approximately 157,000 shares of its common stock, at an average price of $84.69, for a total of $13.3 million.

As of December 31, 2014, the Company had $66.0 million authorized repurchase funds remaining under its $200.0 million stock repurchase program announced in July 2012.

As on December 31, 2014, cash and cash equivalents were $369.4 million compared to $237.1 million at December 31, 2013.

The Company had $5.4 million in outstanding borrowings under its credit facility at December 31, 2014 as against $9.7 million at December 31, 2013. (AR)

Fibre2fashion News Desk - India

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