US: Ugg drives Deckers to 34% Q3 EPS growth
Dynamic growth from its diversified line of Ugg branded products helped footwear company Deckers Outdoor Corporation to post 34% third quarter earnings growth.
Net sales increased 52.5% to US$197.3m in the period ended 30 September, with Ugg brand sales surging 57.1% to $178.7m.
Domestic sales were up 40.9% to $162.3m, while international sales soared 146.7% to $35m. Diluted earnings per share increased 34% to $1.97.
"We continue to see robust full price selling for our Ugg brand throughout our retail account base, which is particularly rewarding given the difficult macroeconomic environment and further underscores the strength of the brand," said Angel Martinez, president, CEO and chairman of Deckers.
"Looking ahead, we remain optimistic about our future prospects, reflected in both our heightened outlook for the remainder of 2008 and our recently raised long-term growth target of $1bn in sales by 2012."
Deckers now expects full-year revenues to increase 52% on last year, up from the company's previous guidance figure of 43%.
Full-year EPS is now expected to increase 40%, up from the previous growth forecast of 34%.
Finally, the company expects fourth quarter revenue growth of 52%, and EPS growth of 44%, up from previously forecast growth of 45% and 42% respectively.
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