May 21, 2024
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Deckers Brands sales up 20 percent year-over-year


Deckers Brands reported a 20.3 percent year-over-year net increase in sales but still had a net loss of $42.1 million for its fiscal first quarter ended June 30.

Sales continued to grow in its direct-to-consumer channel, including its Hoka One One brand, and the figure included wholesale shipments of Ugg products originally expected to ship in the second quarter.

Sales, general and administrative expenses also slimmed nearly 5 percent to $146.9 million, but net loss per diluted share came to $1.32.

The Goleta-based company’s cost-savings plan has positioned it to be more “nimble, efficient and profitable,” President and CEO Dave Powers said on an earnings call July 26.

“While it is still early in the year, we are encouraged by our recent top-line performance,” Powers said in a news release. “Looking ahead, we believe the product, marketing and distribution strategies we’ve implemented across our brand portfolio, along with the anticipated benefits from our cost savings initiatives, have us well positioned to achieve the operating profit improvement targets we established for fiscal 2018 and longer-term.”

Domestic net sales increased more than 10 percent compared to the first quarter of last year, and international sales increased 37 percent to $89 million.

The company had cash and cash equivalents of $279.9 million, as well as $441.6 million in inventories and $285 million in current liabilities. Shares ended July 27 up 1 percent to $64.41.

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