US: Deckers boosts Q3 profits on strong sales
- Q3 net income up 23%
- Q3 net sales increase of 15.8%
- Ugg brand sales increased 19.1%
Deckers Outdoor Corporation has posted third quarter net income of US$33.8m, compared to $26m in Q3 last year, buoyed by sales of its Ugg brand.
The company reported a net sales increase of 15.8% to $228.4m versus $197.3m for the same period last year.
Deckers said that diluted EPS increased 31.5% to $2.59 versus $1.97 for the same period last year.
Its domestic sales increased 10.3% to $179.0m, compared to $162.3m for the same period last year, while international sales increased 41.1% to $49.4m compared to $35.0m for the same period last year.
Ugg brand sales increased 19.1% to $212.8m in the third quarter - versus $178.7m for the same period last year.
Angel Martinez, president, CEO and chairman of the board, said: "In addition to exceeding expectations, our third quarter results highlight our efforts to further diversify our product lines, expand our share of the market, and control expenses.
"Our Ugg brand sales continue to be led by our core boot category, with the performance of several new styles driving the strong start to the fall selling season. Our focus on broadening the depth of our collections has enabled us to increase shelf space and attract new consumers to the brand."
At 30 September inventories at Deckers increased 18.9% to $187.8m versus $157.9m for the same period a year ago, the company added.
Deckers also raised its full year revenue outlook and now expects its full year revenue to increase approximately 13% over 2008, compared to previous guidance of approximately 9% to 10%.
Click here to view the company's full third quarter results statement.
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