Deckers Brands announced financial results for the fourth fiscal quarter and fiscal year ended March 31, 2015. Q4 net sales increased 15.6% to a record $340.6 million compared to $294.7 million for the same period last year.
Article continues below
On a constant currency basis, net sales increased 19.1%. Gross margin was 44.7% compared to 48.9% for the same period last year. SG&A expenses as a percentage of sales were 44.5% compared to 49.1% for the same period last year.
Diluted earnings per share was $0.04 compared to a diluted loss per share of $(0.08) for the same period last year.
Fiscal 2015 financial review
Net sales increased 14.5% to a record $1.817 billion compared to $1.588 billion last year. On a constant currency basis, net sales increased 15.6%. Gross margin improved 60 basis points to 48.3% compared to 47.7% last year.
SG&A expenses as a percentage of sales were 36.0% compared to 34.8% last year. Diluted earnings per share increased 14.5% to $4.66 compared to $4.07 last year.
Gross margin was 44.7% in the fourth quarter compared to 48.9% for the same period last year. The 420 basis point decline was driven by a 160 basis point impact from changes in foreign currency exchange rates, namely the strengthening of the U.S. dollar versus the British Pound, Euro and Yen compared to the same period last year.
The remaining 260 basis point change is attributable to a higher proportion of closeout sales including inventory associated with the Tsubo brand for which the Company is currently seeking strategic alternatives, as well as higher air freight charges in order to avoid the West Coast port delays and deliver scheduled fourth quarter shipments on-time. ■
Governor Glenn Youngkin announced that Kongsberg Defence & Aerospace Inc. will invest $71 million to establish a 150,000-square-foot facility in James City County.