CIT: West Coast team featured in Fashion Manuscript.
FSG LAWYERS: Represented Loomworks Apparel (P.J. Salvage) on its acquisiton by Delta Galil.
Details on Industry Insight.
Company Reports Fiscal 2011 Sales Increased 37.6% to a Record $1.377 Billion
Fiscal 2011 Diluted EPS Increased 25.8% to a Record $5.07
UGG® Brand Annual Sales Increased 37.6% to a Record $1.202 Billion
Company Reports Fourth Quarter Sales Increased 40.4% to a Record $603.9 Million
Fourth Quarter Diluted EPS Increased 40.1% to a Record $3.18
Company Announces $100 Million Stock Repurchase Program
GOLETA, Calif.--(BUSINESS WIRE)--Feb. 23, 2012-- Deckers Outdoor Corporation (NASDAQGS: DECK) today announced record financial results for both the fiscal year and fourth quarter ended December 31, 2011.
Fiscal 2011 Highlights
Net sales increased 37.6% to $1.377 billion compared to $1.001 billion last year.
Gross margin was 49.3% compared to 50.2% last year.
Diluted EPS increased 25.8% to $5.07 compared to $4.03 last year.
UGG brand sales increased 37.6% to $1.202 billion compared to $873.1 million last year.
Teva® brand sales increased 23.1% to $124.8 million compared to $101.3 million last year.
International sales increased 82.4% to $432.2 million compared to $236.9 million last year.
Domestic sales increased 23.7% to $945.1 million compared to $764.1 million last year.
Retail sales increased 50.4% to $189.0 million compared to $125.6 million last year; same store sales rose 6.3% on top of a 16.6% increase last year.
eCommerce sales increased 16.0% to $106.5 million compared to $91.8 million last year.
Fourth Quarter Highlights
Net sales increased 40.4% to $603.9 million compared to $430.1 million for the same period last year.
Gross margin was 51.0% compared to 54.2% for the same period last year.
Diluted EPS increased 40.1% to $3.18 compared to $2.27 for the same period last year.
UGG brand sales increased 37.7% to $568.5 million compared to $412.8 million for the same period last year.
Teva brand sales increased 45.9% to $19.4 million compared to $13.3 million for the same period last year.
International sales increased 178.6% to $147.6 million compared to $53.0 million for the same period last year.
Domestic sales increased 21.0% to $456.3 million compared to $377.1 million for the same period last year.
Retail sales increased 36.5% to $98.8 million compared to $72.4 million for the same period last year.
eCommerce sales increased 12.6% to $67.1 million compared to $59.5 million for the same period last year.
“Our fourth quarter results exceeded expectations and were the highest in the history of the Company for sales and profitability,” stated Angel Martinez, President, Chief Executive Officer and Chair of the Board of Directors. “UGG brand sales once again grew at a robust pace during the holidays, fueling our record performance and easily pushing annual sales for the UGG brand above $1 billion for the first time. We are very pleased with the UGG brand results, particularly the growing diversity of the sales mix in terms of product collections, distribution channels, and geographies.”
“We are coming off a very strong period of growth in 2011 driven by investments in product development, marketing and advertising, and international and retail expansion” continued Martinez. “We believe that each of these areas is critical to successfully developing global lifestyle brands, and we remain committed to these strategies going forward.
"With the addition of the Sanuk® brand this July, we begin a new year with what we believe to be our strongest brand portfolio ever, with compelling growth prospects across our entire business as evidenced by our outlook for sales growth of 15% in 2012. Our projected top-line expansion, which includes a higher contribution from retail sales and the Sanuk brand, along with selective price increases compared with 2011, is helping offset our second consecutive year of significant cost headwinds mainly related to increases in sheepskin prices. We continue to pursue all available opportunities to further mitigate the impact of cost pressures and based on our initial visibility, we expect to experience relief beginning in 2013.”
See Page 2 for a breakdown of sales by division