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Deckers reports record Q3 financial results

Oct '08
Deckers Outdoor Corporation announced financial results for the third quarter ended September 30, 2008.

Third Quarter Highlights

* Net sales increased 52.5% to $197.3 million versus $129.4 million last year.
* Diluted EPS increased 34.0% to $1.97 versus $1.47 a year ago.
* Domestic sales increased 40.9% to $162.3 million compared to $115.2 million last year.
* International sales increased 146.7% to $35.0 million versus $14.2 million a year ago.
* UGG brand sales increased 57.1% to $178.7 million compared to $113.7 million last year.

Angel Martinez, President, Chief Executive Officer and Chairman of the Board of Directors, stated, "Our record third quarter performance was fueled primarily by the growing global demand for our diversified line of UGG footwear products."

"We continue to see robust full price selling for our UGG brand throughout our retail account base which is particularly rewarding given the difficult macroeconomic environment and further underscores the strength of the brand. We were also pleased with the results from our Teva brand's first truly complete fall performance and lifestyle line of closed-toe footwear as consumers responded positively to several new styles from the collection."

"Meanwhile, our Simple brand's performance was highlighted by the growing popularity of ecoSNEAKS which is benefitting from broader distribution and better placement at retail. In addition, the recent launch of PlanetWalkers contributed nicely to the brand's overall results."

"Looking ahead, we remain optimistic about our future prospects, reflected in both our heightened outlook for the remainder of 2008 and our recently raised long-term growth target of $1 billion in sales by 2012."

Division Summary
UGG brand net sales for the third quarter increased 57.1% to $178.7 million compared to $113.7 million for the same period last year. The significant year-over-year improvement was driven by increased orders for the expanded fall line from domestic retailers coupled with higher shipments to international distributors.

Teva brand net sales were $11.2 million for the third quarter, the same as last year over the same period. Consumer demand for new fall closed-toe product was offset by declines in core sandal sales.

Simple brand net sales for the third quarter increased 16.6% to $5.2 million compared to $4.4 million for the same period last year. The increase was driven by strong retail sell-through of ecoSNEAKS combined with the launch of PlanetWalkers that began at the end of the second quarter of 2008.

TSUBO was acquired in the second quarter of 2008. TSUBO brand net sales were $2.2 million in the third quarter.

Sales for the eCommerce business, which are included in the brand sales numbers above, increased 36.0% to $10.6 million for the third quartercompared to $7.8 million for the same period a year ago.

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