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Deckers reports earnings growth, record revenue

By   /   Thursday, October 29th, 2020  /   Comments Off on Deckers reports earnings growth, record revenue

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Deckers Brands, a footwear company based in Goleta, reported increases in sales and earnings in the most recent fiscal quarter, on the strength of major sales growth by its Teva and Hoka One One brands.

Its earnings report for the second quarter of 2020-21, released Oct. 29, showed revenue up 15% from the same quarter last year, for a record total of $623.5 million. Deckers’ earnings per share increased 32.2% to $3.58.

“Deckers’ record second quarter performance was the result of our powerful brands, dedicated teams, innovative product launches, and ability to capture demand online,” Dave Powers, company’s president and CEO, said in a news release. “We are thrilled by the resilience of our organization to deliver strong results in the first half of fiscal year 2021.”

Income from operations was at $128.6 million compared to $97.1 million for the same period last year while income tax expense was $26.4 million compared to $19.4 million for the same period last year.

Overall, Deckers has a liquidity position of just over $1 billion, including $626.4 million in cash and cash equivalents. The company had $177.7 million in cash and cash equivalents in the same quarter last year.

Deckers owns Ugg, Teva, Hoka One One, Sanuk. The Hoka One One brand saw the biggest increase in net sales, rising 83.2% over the course of a year to $143.1 million in the quarter.

Ugg, Deckers biggest brand, reported net sales up 2.5% from the same quarter a year ago, at $415.1 million.

Teva was up 20.5% year-to-year, and Sanuk saw an 11.4% decrease in sales.

Despite the COVID-19 pandemic, approximately 95% of the company’s retail locations across the world were open for the entire second quarter. However, Deckers said it expects some closures in Europe, Middle East and Africa regions due to ongoing changes in local pandemic conditions.

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