Footwear company Deckers Outdoor Corp. (DECK) Thursday reported a rise in profit for the third quarter, benefiting from a improved sales of UGG brand. The company's per share earnings came in well ahead of Street view. Further, the company raised its fiscal 2009 earnings and revenue guidance.
Net income attributable to the company for the third quarter rose to $33.82 million or $2.59 per share from $26.01 million or $1.97 per share in the previous year. On average, nine analysts polled by Thomson Reuters expected the company to report earnings of $2.25 per share for the quarter. Analysts estimates typically exclude special items.
The Goleta, California-based company's net sales for the quarter improved 15.8% to $228.41 million from $197.29 million a year ago. Nine analysts had a consensus revenue estimate of $227.65 million for the quarter.
Domestic sales increased 10.3% to $179.0 million, compared to $162.3 million for the same period last year. International sales increased 41.1% to $49.4 million from $35.0 million last year.
UGG brand sales increased 19.1% to $212.8 million from $178.7 million a year ago due to an increase in domestic and international shipments of fall product versus the same period a year ago. Teva brand net sales decreased 19.5% to $9.0 million for the third quarter from $11.2 million for the same period last year.
Simple brand net sales for the third quarter decreased 31.4% to $3.5 million from $5.2 million for the same period last year. Combined net sales of the company's other brands increased 38.9% to $3.1 million from $2.2 million for the same period last year.
Sales for the eCommerce business decreased 21.2% to $8.4 million from $10.6 million last year. Sales for the retail store business increased to $12.3 million for the third quarter from $5.4 million a year ago primarily as a result of more store locations in 2009. For those stores that were open during the full three months ended September 30, 2008 and 2009, same store sales grew by 31.1%.
Year-to-date, net income increased to $49.04 million or $3.73 per share from $33.49 million or $2.54 per share in the previous year. Net sales for the period rose to $465.19 million from $385.94 million last year.
Looking forward to the fourth quarter, the company expects revenue to increase about 4% and non-GAAP earnings per share to increase about 5% from 2008 levels. Analysts expect earnings of $3.90 per share on revenues of $303.85 million for the next quarter.
For the full year, the company now expects revenue to increase about 13% over 2008, compared to previous guidance of about 9% to 10%. Earnings per share is expected to increase about 9% over the $7.27 per share in 2008. This compares to its previous expectation for full year non-GAAP EPS to be flat to up slightly.
Analysts expect the company to report earnings of $7.34 per share on revenues of $768.31 million for the fiscal year.
DECK closed Thursday's regular trading at $91.74 million, up 2.25 or 2.51%, on a volume of 1.24 million shares on the Nasdaq. In after hours, the stock declined 1.84 or 2.01%, trading at $89.00.
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