Deckers Brands saw its share price go down by more...

Deckers Brands saw its share price go down by more than 8 percent after releasing lower than expected figures for its third quarter, ended Dec. 31. Sales rose by only 1.4 percent during the quarter to $795.9 million, with increases of 1.0 percent at Ugg and 3.2 percent for Teva, and a drop of 17.0 percent for Sanuk. A $6.7 million increase in sales of Hoka One One shoes contributed to a jump of 48.4 percent for other brands. In constant currencies, group sales were up by 3.6 percent. Net earnings inched up to $154.8 million from $149.4 million. The management said it will streamline its organization, targeting annual savings of about $35 million and dedicating more resources to its largest market opportunities. It is creating two new business units: the Fashion Lifestyle Group with Ugg and Koolaburra, and the Performance Lifestyle group with Teva, Sanuk and Hoka One One. Deckers will also close down the Ahnu and Sanuk offices as well as about 20 stores. More in The Outdoor Industry Compass and Shoe Intelligence.