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Home / Knowledge / News / Apparel/Garments / Decker Brands reports 46.7% gross margin for 2017
Decker Brands reports 46.7% gross margin for 2017
29
May '17
For the fiscal 2017, Decker Brands has reported gross margin of 46.7 per cent compared to 45.2 per cent last year. Non-GAAP gross margin was 46.7 per cent compared to 45.4 per cent last year. The year over year increase in gross margin was primarily due to lower input costs and supply chain efficiencies, partially offset by foreign exchange headwinds.

The company's SG&A expenses as a percentage of sales were 46.8 per cent compared to 36.5 per cent last year. Non-GAAP SG&A expenses as a percentage of sales were 37.4 per cent compared to 35.0 per cent last year. The difference between the GAAP and Non-GAAP results for the full year was due to company's incurring charges of $167.5 million related to restructuring, impairment and other charges of which $134.2 million were non-cash charges. However, there was 4.5 per cent decline in the net sales with $1.790 billion compared to $1.875 billion last year. On a constant currency basis, net sales decreased 4.1 per cent.

"Over the course of the last year, the organisation has been hard at work identifying margin enhancing initiatives and detailing plans that significantly improve the profitability of the company. We now anticipate that the $150 million cumulative savings plan announced in February 2017 will drive a $100 million operating profit improvement by fiscal year 2020. I am proud of the work the team has accomplished, and I believe we have laid a solid foundation to execute on our savings plan. I am confident that these improvements will drive a significant increase in shareholder value over the long-term," Dave Powers, president and CEO, said.

The company’s fiscal year 2018 outlook includes targeted savings which are expected to result in over $17 million of operating profit improvement. Its gross margin is expected to be approximately 47.5 per cent while net sales might be in the range of down 2 per cent to flat. (RR)

Fibre2Fashion News Desk – India


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