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Deckers Outdoor Corporation Reports Fourth Quarter And Fiscal 2012 Financial Results

Stocks in this article: DECK

Deckers Outdoor Corporation (NASDAQGS: DECK) today announced financial results for the fourth quarter and fiscal year ended December 31, 2012.

Fourth Quarter Review

  • Net sales increased 2.2% to a record $617.3 million compared to $603.9 million for the same period last year.
  • Gross margin was 46.3% compared to 51.0% for the same period last year.
  • Diluted earnings per share was $2.77 compared to $3.18 for the same period last year, which takes into account repurchases of the Company’s common stock under its stock repurchase program.
  • UGG® brand sales increased 2.9% to $584.8 million compared to $568.5 million for the same period last year.
  • Sanuk® brand sales increased 39.2% to $15.3 million compared to $11.0 million for the same period last year.
  • Teva® brand sales decreased 29.5% to $13.7 million compared to $19.4 million for the same period last year.
  • Retail sales increased 37.1% to $135.5 million compared to $98.8 million for the same period last year; same store sales decreased 3.4% for the thirteen weeks ending December 30, 2012 compared to the thirteen weeks ending January 1, 2012.
  • eCommerce sales increased 30.6% to $87.6 million compared to $67.1 million for the same period last year.
  • Domestic sales decreased 2.1% to $446.7 million compared to $456.3 million for the same period last year.
  • International sales increased 15.6% to $170.5 million compared to $147.6 million for the same period last year.

Fiscal 2012 Review

  • Net sales increased 2.7% to a record $1.414 billion compared to $1.377 billion last year.
  • Gross margin was 44.7% compared to 49.3% last year.
  • Diluted earnings per share was $3.45 compared to $5.07 last year, which takes into account repurchases of the Company’s common stock under its stock repurchase program.
  • UGG brand sales decreased 1.5% to $1.184 billion compared to $1.202 billion last year.
  • Sanuk brand net sales were $94.0 million for the fiscal year ending December 31, 2012 and were $26.6 million for the six months commencing on July 1, 2011, the acquisition date, and ending December 31, 2011.
  • Teva brand sales decreased 7.4% to $115.5 million compared to $124.8 million last year.
  • Retail sales increased 30.1% to $246.0 million compared to $189.0 million last year; same store sales decreased 3.4% for the 52 weeks ending December 30, 2012 compared to the 52 weeks ending January 1, 2012.
  • eCommerce sales increased 22.6% to $130.6 million compared to $106.5 million last year.
  • Domestic sales increased 2.9% to $973.0 million compared to $945.1 million last year.
  • International sales increased 2.1% to $441.4 million compared to $432.2 million last year.

“There are several aspects of our fourth quarter performance that we believe underscore the health and relevancy of the UGG brand,” stated Angel Martinez, President, Chief Executive Officer and Chair of the Board of Directors. “We experienced strong sales for the UGG brand on our eCommerce websites while at the same time it was widely reported that “UGG” was one of the most searched terms on the internet during the holiday season. Our fourth quarter retail store performance improved versus third quarter trends, while at the same time, weekly sell-through in our domestic wholesale channel accelerated as the fourth quarter progressed culminating in a period of robust full-price selling in late December 2012. While cancellations were higher as a result of the late start to the season, we believe the improved trends we witnessed as temperatures got colder helped our customer account base with improved inventory levels versus a year ago. In the U.K., wholesale sales grew double digits as better than expected sell-through resulted in a meaningful level of reorders during the quarter. Lastly, we are pleased with the performance of the Sanuk brand as demonstrated by double digit sales growth in the fourth quarter.”

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