MOSS ADAMS CAPITAL: Apparel and foowear market monitor highlights notable deals, stock prices and results.
Details on Industry Insight.
GOLETA, Calif., Oct 28, 2010 (BUSINESS WIRE) -- Deckers Outdoor Corporation (NASDAQGS: DECK) today announced financial results for the third quarter ended September 30, 2010.
* Gross margin improved 420 basis points to 47.1% versus 42.9% a year ago.
* Diluted EPS increased 24.4% to $1.07 compared to $0.86 a year ago. The Company completed a three-for-one stock split, in the form of a stock dividend paid on July 2, 2010. All share and per share data in this release and accompanying tables have been adjusted to reflect the impact of such split for all periods presented.
* UGG® brand sales increased 20.2 % to $255.8 million versus $212.8 million last year.
* Teva® brand sales increased 51.7% to $13.7 million compared to $9.0 million a year ago.
* International sales increased 48.2% to $73.2 million versus $49.4 million last year.
* Retail sales increased 63.3% to $20.2 million compared to $12.3 million last year; same store sales rose 17.9%.
Angel Martinez, President, Chief Executive Officer and Chairman of the Board of Directors, stated: "The strong performance of our new fall lines helped fuel sales gains across each of our distribution channels and geographic regions compared to the third quarter of last year.
"We continue to successfully expand the UGG brand's market share by developing more compelling products including boots, casuals and sneakers that target a wider consumer audience. The global response to our fall collection has been very encouraging, with sell-through rates accelerating as we've moved into the fourth quarter.
"At the same time, the strong momentum the Teva brand experienced during the first half of the year is carrying over into the second half. This was driven by increased shipments of our fall collection, led by an expanded offering of closed toe products coupled with strong in-season demand for our sandal assortment. We are encouraged by the current trends in our business and believe we are well positioned for a very good holiday selling season."
On page 2, results summary by division, plus Q4 and 2010 outlooks