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UGG & Teva perform well in Q1 – Deckers
23
Apr '10
Deckers Outdoor Corporation announced financial results for the first quarter ended March 31, 2010.

First Quarter Highlights

• Net sales increased 16.2% to $155.9 million versus $134.2 million last year.
• Gross margin improved 610 basis points to 50.0% versus 43.9% a year ago.
• Diluted EPS increased 47.3% to $1.37 compared to $0.93 a year ago.
• UGG brand sales increased 14.2% to $104.4 million versus $91.4 million last year.
• Teva brand sales increased 21.4% to $43.2 million compared to $35.6 million last year.
• Retail sales increased 66.1% to $23.1 million compared to $13.9 million last year; same store sales rose 28.2%.

Angel Martinez, President, Chief Executive Officer and Chairman of the Board of Directors, stated: "Our first quarter earnings performance was much stronger than expected, driven by higher sales of the UGG brand combined with double digit growth of the Teva brand. Both our direct-to-consumer business, highlighted by same store sales growth of 28.2%, and our overall domestic wholesale business were above plan, as consumer response to the UGG brand's diverse assortment of spring boots, sandals, and new sneaker collection was very positive. At the same time, the Teva brand delivered its strongest quarter in several years, fueled by sales of our expanded spring line of open and closed toe styles. These results are a validation of Teva's resurgence as an outdoor market leader and underscore our efforts to lessen the brand's dependence on weather. The sell-through performance of our entire brand portfolio this spring has been very encouraging and has led to improved orders for the fall season, evidenced by our heightened outlook for the full year. We move forward with strong momentum across our business, and with $357 million in cash and no debt, we are well capitalized to execute our future growth strategies."

Division Summary

UGG Brand
UGG brand net sales for the first quarter increased 14.2% to $104.4 million compared to $91.4 million for the same period last year. The sales increase was primarily attributable to strong sell-through of the spring line at company-owned retail stores, coupled with increased shipments of spring product to domestic wholesale accounts.

Teva Brand
Teva brand net sales increased 21.4% to $43.2 million for the first quarter compared to $35.6 million for the same period last year. The increase in sales was the result of strong domestic and international demand for the expanded spring line of open and closed toe footwear, as well as from the Company assuming control of direct distribution in the Benelux region.

Other Brands
Combined net sales of the Company's other brands were $8.4 million for the first quarter of 2010 compared to $7.3 million for the same period last year.

eCommerce
Sales for the eCommerce business, which are included in the brand sales numbers above, increased 13.8% to $18.4 million for the first quarter compared to $16.2 million for the same period last year.


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