NYSE listed and apparel marketer Deckers Brands reported a 15.6 per cent year over year hike in net sales for the fourth fiscal quarter ended March 31, 2015.
“Net sales increased 15.6 per cent to a record $340.6 million in the fourth quarter of fiscal 2015 as compared to $294.7 million for the same period last fiscal,” Deckers Brands said in a press release.
Of this, domestic sales for the fourth quarter of fiscal 2015 increased 9.8 per cent to $217.7 million compared to $198.3 million for the same quarter of previous fiscal.
International sales for the quarter under review surged 27.5 per cent year on year to $122.9 million and in constant currency, sales drove up 38.3 per cent to $133.3 million.
Gross margin for the reporting quarter was down at 44.7 per cent as against 48.9 per cent for the fourth quarter of fiscal 2014.
SG&A expenses as a percentage of sales were 44.5 per cent compared to 49.1 per cent from the fiscal earlier quarter.
Diluted earnings per share moved in to positive territory at $0.04 compared to a diluted loss per share of $0.08 for the same period last year.
During the fourth quarter of fiscal 2015, the company repurchased approximately 1.3 million shares of its common stock at an average purchase price of $73.45, for a total of $93.9 million.
As of March 31, 2015, Deckers Brands had used all of the authorised repurchase funds under its $200.0 million stock repurchase program announced in July 2012.
It had $172.1 million authorised repurchase funds remaining under its $200.0 million stock repurchase program announced in January 2015.
At March 31, 2015, cash and cash equivalents were $225.1 million compared to $245.0 million at March 31, 2014.
The Company had $5.4 million in outstanding borrowings under its credit facility at March 31, 2015 compared to $6.7 million at March 31, 2014.
“The decreases in cash and cash equivalents and outstanding borrowings are primarily attributable to cash used for share repurchases and for purchases of capital expenditures and intangibles,” it noted.
The Company expects first quarter of fiscal 2016 constant currency revenues to be up slightly over the same period last year and flat on a reported basis.
The apparel marketer expects a diluted loss per share of approximately $1.52 on both a constant currency and reported basis compared to a diluted loss per share of $1.07 for the same period last year.
“As a reminder, a significant amount of our operating expenses are fixed and spread evenly on an absolute dollar basis throughout each quarter,” the apparel marketer added.
“We expect the majority of our earnings increase in fiscal 2016 to come in the third and fourth quarters,” Deckers Brands informed.
