Deckers Brands revenue increases 2 percent for Q1
31 Jul 2020
Deckers Brands has reported a 2.3 percent net increase in sales for the first quarter to 283.2 million dollars.
The group, which owns brands Ugg, Hoka One One, Teva and Sanuk, said its net loss narrowed to 8 million dollars from 19 million dollars a year earlier. Its gross margin was 50.3 percent compared to 47 percent last year.
“First quarter performance was a testament to the resilience of our brands, the strength of our ecommerce platform, and the hard work of our employees," Dave Powers, president and CEO said in a statement.
’More challenges ahead’
“While we are encouraged by the positive start to fiscal year 2021, we expect further challenges related to the Covid-19 pandemic, depending on the duration and severity of economic effects. We continue to believe our powerful brands, advanced omni-channel capabilities, and healthy balance sheet provide the foundation for our organization to weather this challenging environment and succeed over the long-term.”
The company also announced that John M. Gibbons is stepping down from its board of directors on 11 September 11 after joining the board in 2000. “I want to thank John for his many years of service, partnership, and contributions to the Deckers organization,” Powers said. "We will all miss John's leadership, and wish him well in his retirement.”
During the quarter, approximately 20 percent of the company's stores were open for the entire 90-day period, while the average store was open for roughly half of the quarter. As of this week, approximately 95 percent of its global stores are open.
As of 2020, Deckers Brands has more than 3,600 employees and operates over 100 stores.
Photo credit: Teva website