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The footwear, clothing and accessories Group says its financial results for the fourth quarter and fiscal year ending March 31, 2018, have exceeded expectations.
Net sales for U.S. headquartered Deckers, whose footwear brands include UGG boots, Hoka One One, Teva and Sanuk, increased +8.4% to US$400.7 million in the fourth quarter of fiscal 2018, compared with US$369.5 million for the same period last year. On a constant currency basis, net sales increased +6.6%. Gross margin was 48.9% in the quarter (Q4 2017: 46.7%), while operating income stood at US$222.6 million compared with an operating loss of US$1.9 million a year ago. Non-GAAP operating income was US$236.5 million, up from US$165.6 million in the same quarter of 2017.
Net sales for the UGG brand increased +6% in the fourth quarter to US$257.5 million against US$243 million a year ago while, for fiscal 2018, UGG sales increased +3.9% to US$1.5 billion. Outdoors footwear brand Teva also saw its sales increase in the fourth quarter, up +7.3% to US$55 million against US$51.3 million in the same period in 2017. For fiscal 2018, Teva’s sales increased +13.5% to US$133.6 million.
Overall, Deckers Brands’ U.S. domestic net sales for the fourth quarter increased +8.3% to US$249 million and, for fiscal 2018, sales increased +2.9% to US$1.2 billion. International net sales for the fourth quarter also increased +8.7% to US$151.7 million against US$139.5 million recorded in the same quarter of 2017. In full fiscal 2018, international sales increased +12.4% to US$729.3 million.
“We closed fiscal 2018 on a high note as we exceeded expectations for the fifth consecutive quarter," said Dave Powers, President and CEO, Deckers Brands. “The entire Deckers team stepped up to the plate and performed exceptionally well despite the numerous challenges the organisation faced over the last twelve months.”
Deckers says it expects net sales to be in the range of US$1.925-1.950 billion in fiscal 2019, with gross margin slightly better than 49%.
John Graebin, Senior Director of Materials, Deckers Brands, will present a short and topical presentation titled “Building Consumer Trust through Supply Chain Transparency” during the upcoming ILM Traceability in the leather supply chain - part 2 webinar, taking place on June 4, 2018 at 4pm (Central European time). Please click here to find out more and register (participation is subject to approval).