Deckers reports record Q4 sales on Ugg sales
With strong demand for its Ugg boots, Deckers Outdoor (Nasdaq: DECK) reported a better-than-expected quarterly profit for the ninth straight quarter.
For the fourth quarter, the company, which is also the parent of Teva and Simple, earned $89.2 million, or $2.27 a share, compared with $67.7 million, or $1.74 a share, a year ago.
Revenue rose 24 percent to $430.1 million. The company reported that sales of Ugg boots represented about 96 percent of Deckers’ total sales.
Ugg sales for the fourth quarter increased 23.8 percent to a record $412.8 million compared to $333.3 million for the same period last year. Teva’s sales were up 26.2 percent to $13.3 million compared to $10.5 million in 2009, while combined net sales of the company’s other brands decreased 2.3 percent to $4.1 million versus $4.2 million for the same period last year.
For the full year 2010, Deckers said net sales increased 23.1 percent to $1.001 billion compared to $813.2 million last year.
Net income was $158.2 million, or $4.03 per share, in 2010 versus $116.7 million, or $2.96 per share, in 2009.
Also for the full year, Ugg sales increased 22.7 percent to a record $873.1 million compared to $711.8 million in 2009; Teva sales were up 30.5 percent to $101.3 million compared to $77.7 million; and combined net sales of its remaining brands increased 11.9 percent to $26.5 million versus $23.7 million.
For 2011, the company said it expects earnings to grow about 10 percent from 2010 levels.
--Compiled by Wendy Geister
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