Sales for the eCommerce business, which are included in the brand sales numbers above, increased 29.3% to $13.3 million for the third quarter compared to $10.3 million for the same period last year. The sales increase was driven primarily by strong performance of the Sanuk brand, increased global sales for UGG brand fall styles plus the addition of new international eCommerce websites.
Stock Repurchase Program
During the third quarter of 2012, the Company repurchased approximately 1,833,000 shares of its common stock under its stock repurchase program for a total of $84.7 million. This brings the Company’s total stock repurchases over the past year to $184.7 million. As of September 30, 2012, the Company had $115.3 million authorized repurchase funds remaining under its $200.0 million stock repurchase program announced in July 2012. Depending on market conditions and other factors, such repurchases may be commenced or suspended at any time without prior notice.Balance Sheet At September 30, 2012, cash and cash equivalents were $61.6 million compared to $90.4 million at September 30, 2011. At September 30, 2012, the Company had $275.0 million in outstanding borrowings under its credit facility compared to $45.0 million at September 30, 2011. The decrease in cash and cash equivalents and the increase in outstanding borrowings are primarily attributable to $184.7 million of cash payments for stock repurchases and $76.1 million of cash payments for capital assets, which includes $28.6 million for retail expansion, $27.9 million for the new headquarters facility, $12.0 million for IT infrastructure, and $7.6 million for other capital expenditures. Inventories at September 30, 2012 increased 36.2% to $486.2 million from $356.9 million at September 30, 2011. By brand, UGG inventory increased $127.8 million to $451.8 million at September 30, 2012, Teva inventory increased $2.2 million to $19.1 million at September 30, 2012, Sanuk inventory decreased $0.6 million to $8.6 million at September 30, 2012, and the other brands’ inventory decreased $0.1 million to $6.7 million at September 30, 2012.