The company reported that for the quarter ended Dec. 31, net earnings increased more than 14 percent to $40.5 million, or $3.07 per diluted share, compared with $35.4 million, or $2.69, for the same year-ago period. For the full year, the company reported net income of $73.9 million, or $5.60 a share, up from $66.4 million, or $5.06, in 2007.
Sales during the quarter grew by 56 percent to $303.5 million, compared with $194.2 million during the fourth quarter of 2007. Net sales during the year increased 54 percent to $689.4 million, from $448.9 million in 2007.
“Our Ugg business, both in the U.S. and internationally, performed very well during the fourth quarter,” Angel Martinez, president, CEO and chairman, said in a statement released Thursday. “We experienced robust consumer demand for our expanded product assortment across all geographic regions and throughout our wholesale accounts, company-owned stores and on our e-commerce Web site. … While the macroeconomic conditions did impact Teva and Simple’s fourth-quarter performances, we are pleased with the progress both brands made during the past 12 months.”
Looking ahead, the company expects 2009 earnings of $7.27 a share on a non-GAAP basis. Analysts had expected $8.05 a share.