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ecoSNEAKS drives Simple brand sales of Deckers
24
Jul '09
Deckers Outdoor Corporation announced financial results for the second quarter ended June 30, 2009.

Second Quarter Highlights:
• Net sales increased 12.5% to $102.5 million versus $91.1 million for the same period last year.
• Diluted EPS was $0.22 compared to ($0.29) a year ago. Excluding non-cash, pre-tax tradename/trademark write-downs in each period of $1.0 million (the TSUBO brand in 2009) and $14.9 million (the Teva brand in 2008), non-GAAP* diluted EPS decreased 33.3% to $0.26 from $0.39 a year ago.
• International sales increased 36.8% to $46.5 million compared to $34.0 million for the same period last year.
• UGG brand sales increased 22.9% to $74.4 million versus $60.6 million for the same period last year.

Angel Martinez, President, Chief Executive Officer and Chairman of the Board of Directors, stated: “Our solid performance throughout this challenging economic period highlights the desirability of our brands and underscores our disciplined distribution strategy and ability to control expenses. Our second quarter earnings were ahead of our guidance primarily due to lower than projected operating expenses, a shift in certain marketing expenses to the second half of the year, and to a lesser extent, higher sales.

The UGG brand delivered strong second quarter results, fueled primarily by shipments of fall product to our international distributors. In addition, our spring line of sandals, flip flops, fashion wedges and boots continued to retail well, an indication of the progress we have made evolving the UGG brand into a year-round brand. While our Teva brand has not been immune to the difficult market conditions, our strategy of developing broader lines of open and closed toe footwear with more compelling price points is resonating with consumers and allowing us to capture market share.

Simple brand sales continue to be driven by increased awareness of ecoSNEAKS and greater distribution for the collection with accounts such as Nordstrom and Journeys. We remain optimistic about our near and long-term growth prospects and approach the second half of the year having improved our cash, cash equivalents and short-term investments position by over $50 million to over $175 million compared to nearly $125 million as of June 30, 2008.”

Division Summary
UGG Brand

UGG brand net sales for the second quarter increased 22.9% to $74.4 million compared to $60.6 million for the same period last year. The sales gain was primarily attributable to an increase in global shipments of fall product versus the same period a year ago.

Teva Brand
Teva brand net sales decreased 10.6% to $22.6 million for the second quarter compared to $25.2 million for the same period last year. The decline in sales was the result of lower reorders in the second quarter compared with the year ago period combined with lower closeout sales due to an improved inventory position versus last year.

Simple Brand
Simple brand net sales for the second quarter decreased 25.2% to $3.5 million compared to $4.7 million for the same period last year. Simple brand sales were higher in the second quarter of 2008 in part due to the launch of Planet Walkers, and a lower than normal rate of reorder business in the second quarter of 2009.


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