For the quarter ended March 31, the company reported a 47 percent increase in earnings to $18.1 million, or $1.37 per diluted share, compared with $12.4 million, or 93 cents, for the same quarter of last year. Sales revenues increased 16 percent to $155.9 million, versus $134.2 million in the year-ago quarter. Ugg sales grew by 14 percent to $104.4 million, while Teva sales jumped 21 percent to $43.2 million.
“Our first-quarter earnings performance was much stronger than expected, driven by higher sales of the Ugg brand combined with double-digit growth of the Teva brand,” Chairman, President and CEO Angel Martinez said in a press release.
“Teva delivered its strongest quarter in several years, fueled by sales of our expanded spring line of open and closed toe styles,” he said. “These results are a validation of Teva’s resurgence as an outdoor market leader and underscore our efforts to lessen the brand’s dependence on weather.”
Due to the strong quarterly results, the company revised its full-year guidance. It now expects earnings to increase by approximately 11 percent to $9.92 a share on sales of about $918.9 million.