Deckers confident it can weather the storm
Deckers Brands has reported record sales for fiscal 2020, which ended on March 31, with Hoka One One showing rapid growth over the year.
Group sales increased 5.6% to $2.1 billion.
Ugg sales decreased 0.8% to $1.521 billion while Hoka sales grew 51.8% to $101.9 million.
Teva sales were flat at $138.0 million while Sanuk’s fell 38.1% to $51.2 million.
All brands reported sales declines in the fourth quarter, as shops closed due to the pandemic.
"Fiscal year 2020 performance was driven by the strength of our brand portfolio, fuelled by targeted investments in our key initiatives, coupled with disciplined financial management," said CEO Dave Powers.
"We expect fiscal year 2021 results to be impacted depending on the duration and severity of the pandemic, but our in-demand brands, omni-channel capabilities, and healthy balance sheet position us well to weather this challenging environment."
The company has implemented temporary measures to reduce operating expense, including restricting employee travel, suspending hiring of non-essential employees, suspending annual salary increases and seeking payment deferrals.
