US: Deckers Q1 profit up 7.3%, but expects Q2 loss
- Q1 profit up 7.3% to US$19.2m
- Sales up 31.4% to $204.9m
- Expects Q2 loss on changes to sales model
Ugg boot owner Deckers Outdoor Corporation has booked a higher first quarter profit following a major increase in sales for its Ugg and Teva brands.
Ugg revenues were up 42.2% in the three months to 31 March, while Teva’s sales leapt 16.8%. The US company’s international sales rose 45.8% and its retail sales soared by 52.8%.
Hailing a “good start to the year”, company president, CEO and chairman Angel Martinez said: “We believe that our strategies to diversify our merchandise assortments and extend the global reach of our brands are being executed successfully.
“The favourable response to the Ugg brand’s spring line of fashion sandals, sneakers, slippers and boots drove gains in our domestic wholesale, consumer direct and international distribution channels.”
Deckers now expects full-year revenue to increase 21% and earnings per share to rise about 13%, but said it expected to record a second quarter loss as it changed its sales models in some markets.
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