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Deckers UGG brand sales up

Aug '08
Deckers Outdoor Corporation announced financial results for the second quarter ended June 30, 2008.

Deckers also announced that it conducted an impairment evaluation of the Teva trademarks intangible asset on its condensed consolidated balance sheet. Based on the results of the evaluation, the Company wrote down the value of the intangible asset and recorded a non-cash, pre-tax charge of $14.9 million in the second quarter.

Angel Martinez, President, Chief Executive Officer and Chairman of the Board of Directors, stated, "The positive momentum that the UGG brand experienced at the start of the year continued into the second quarter which allowed us to once again exceed expectations.

A significant increase in fall orders both domestically and overseas, combined with solid sell-through of spring product in our direct to consumer business contributed to the brand's outperformance. The very challenging retail environment for the Teva brand contributed to our inability to support a portion of the value of the Teva trademarks on our balance sheet for accounting purposes.

However, given the circumstances and compared to our competition, we are still encouraged with the Teva brand's results, as sales rose modestly driven by increased shelf space at retail and consumer demand for several new styles from our spring collection. At the same time, Simple brand sales increased and continued to benefit from strong sell-through of the spring 2008 product line, increased distribution, and enhanced awareness of the brand.

We also recently announced a number of important initiatives that we believe will strengthen our market position and enhance our global prospects, namely the acquisition of TSUBO, LLC, two new UGG brand concept stores opening in the U.K. and our joint-venture in China for the UGG brand. As we move into the back half of the year, we remain very confident about our prospects evidenced by our heightened outlook for the UGG brand and our increased sales and earnings expectations for 2008."

Division Summary:

UGG brand net sales for the second quarter increased 130.6% to $60.6 million compared to $26.3 million for the same period last year. The significant sales gain was primarily attributable to an increase in global shipments of fall product versus the same period a year ago.

Teva brand net sales increased 4.8% to $25.2 million for the second quarter compared to $24.1 million for the same period last year. A solid fill-in business for key spring styles helped offset a lower pre-book schedule as retailers were cautious with their future orders during the spring season.

Simple brand net sales for the second quarter increased 94.0% to $4.7 million compared to $2.4 million for the same period last year. The increase was driven by strong sell-through of the entire spring product line coupled with the initial orders of PlanetWalkers shipping for the collection's launch in the third quarter.

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