GOLETA, Calif., May 23,
2019 /PRNewswire/ -- Deckers Brands (NYSE: DECK), a global
leader in designing, marketing and distributing innovative
footwear, apparel and accessories, today announced financial
results for the fourth fiscal quarter and fiscal year ended
March 31, 2019. The Company also provided its financial
outlook for the first fiscal quarter ending June 30, 2019 and full fiscal year 2020 ending
March 31, 2020.
Throughout this release, references to Non-GAAP financial
measures exclude the impact of certain charges relating to retail
store closures, tax reform, organizational changes and other
one-time or non-recurring amounts. Additional information
regarding these Non-GAAP financial measures is set forth under the
heading "Non-GAAP Financial Measures" below.
"Fiscal 2019 represented another successful year for the Deckers
organization, surpassing the milestone of $2.0 billion in revenue and doing so with
exceptional levels of profitability, while achieving our long-range
targets a year ahead of schedule," said Dave Powers, President and Chief Executive
Officer. "As we move forward in our strategic plan, we will
maintain focus on positioning our brands for the future by
enhancing our relationship with consumers, continuing to deliver
innovative product solutions, and building brand awareness and
strength across global markets."
Fourth Quarter Fiscal 2019 Financial Review
- Net sales decreased 1.6% to $394.1 million compared to $400.7 million for the same period last year. On
a constant currency basis, net sales decreased 1.3%.
- Gross margin was 51.6% compared to 48.0% for the same
period last year.
- SG&A expenses were $171.7
million compared to $174.1
million for the same period last year.
Non-GAAP SG&A expenses were $170.4
million this year compared to $172.5
million last year.
- Operating income was $31.6
million compared to $18.3
million for the same period last year.
Non-GAAP operating income was $32.9
million this year compared to $19.9
million last year.
- Diluted earnings per share was $0.82 compared to $0.66 for the same period last year.
Non-GAAP diluted earnings per share was $0.85 this year compared to $0.50 last year.
Full Year Fiscal 2019 Financial Review
- Net sales increased 6.2% to $2.020 billion compared to $1.903 billion for the same period last year. On
a constant currency basis, net sales increased 5.8%.
- Gross margin was 51.5% compared to 48.9% for the same
period last year.
- SG&A expenses were $712.9
million compared to $709.1
million for the same period last year.
Non-GAAP SG&A expenses were $713.3
million this year compared to $695.2
million last year.
- Operating income was $327.3
million compared to $222.6
million for the same period last year.
Non-GAAP operating income was $327.0
million this year compared to $236.5
million last year.
- Diluted earnings per share was $8.84 compared to $3.58 for the same period last year.
Non-GAAP diluted earnings per share was $8.84 this year compared to $5.74 last year.
Brand Summary
- UGG® brand net sales for the fourth quarter decreased 7.2% to
$239.0 million compared to
$257.5 million for the same period
last year. For fiscal year 2019, net sales increased 1.7% to
$1.533 billion.
- HOKA ONE ONE® brand net sales for the fourth quarter increased
33.2% to $67.1 million compared to
$50.4 million for the same period
last year. For fiscal year 2019, net sales increased 45.4% to
$223.1 million.
- Teva® brand net sales for the fourth quarter decreased 3.8% to
$52.9 million compared to
$55.0 million for the same period
last year. For fiscal year 2019, net sales increased 2.9% to
$137.4 million.
- Sanuk® brand net sales for the fourth quarter decreased 11.7%
to $31.5 million compared to
$35.6 million for the same period
last year. For fiscal year 2019, net sales decreased 9.1% to
$82.6 million.
Channel Summary (included in the brand sales numbers
above)
- Wholesale net sales for the fourth quarter increased 6.4% to
$237.5 million compared to
$223.1 million for the same period
last year. For fiscal year 2019, wholesale net sales increased 9.9%
to $1.305 billion.
- DTC net sales for the fourth quarter decreased 11.8% to
$156.6 million compared to
$177.6 million for the same period
last year. DTC comparable sales for the fourth quarter decreased
0.5% over the same period last year. For fiscal year 2019, DTC net
sales decreased 0.1% to $715.0
million and DTC comparable sales increased 1.9%.
Geographic Summary (included in the brand and channel sales
numbers above)
- Domestic net sales for the fourth quarter increased 1.2% to
$252.0 million compared to
$249.0 million for the same period
last year. For fiscal year 2019, domestic net sales increased 8.9%
to $1.278 billion.
- International net sales for the fourth quarter decreased 6.3%
to $142.1 million compared to
$151.7 million for the same period
last year. For fiscal year 2019, international net sales increased
1.8% to $742.1 million.
Balance Sheet (March 31, 2019 as compared to
March 31, 2018)
- Cash and cash equivalents were $589.7
million compared to $430.0
million.
- Inventories were $278.8 million
compared to $299.6 million.
- Outstanding borrowings were $31.5
million compared to $32.1
million.
Stock Repurchase Program
During the fourth quarter, the Company did not repurchase
any shares of its common stock. As of March 31,
2019, the Company had $350 million
remaining under its stock
repurchase authorizations.
Full Year Fiscal 2020 Outlook for the Twelve Month Period
Ending March 31, 2020
- Net sales are expected to be in the range of $2.095 billion to $2.120
billion.
- Gross margin is expected to be in the range of 50.0% to
50.5%.
- SG&A expenses as a percentage of sales are projected to be
at or slightly better than 36.0%.
- Operating margin is expected to be in the range of 14.2% to
14.5%.
- Effective tax rate is expected to be approximately 21%.
- Non-GAAP diluted earnings per share expected to be in the range
of $8.20 to $8.40.
- The earnings per share guidance excludes any charges that may
occur from additional store closures, tax reform, organizational
changes and other one-time or non-recurring amounts. It also does
not assume any impact from additional share repurchases.
First Quarter Fiscal 2020 Outlook for the Three Month Period
Ending June 30, 2019
- Net sales are expected to be in the range of $250.0 million to $260.0
million.
- Non-GAAP diluted loss per share expected to be in the range of
a ($1.25) to ($1.15).
- The earnings per share guidance excludes any charges that may
occur from additional store closures, tax reform, organizational
changes and other one-time or non-recurring amounts. It also does
not assume any impact from additional share repurchases.
Non-GAAP Financial Measures
We present certain Non-GAAP financial measures in this press
release, including constant currency, Non-GAAP SG&A expenses,
Non-GAAP operating income and Non-GAAP diluted earnings (loss) per
share, to provide information that may assist investors in
understanding our financial results and assessing our prospects for
future performance.
Consistent with SEC regulations, we have not provided a
reconciliation of forward-looking Non-GAAP financial measures to
the most directly comparable GAAP financial measures in reliance on
the "unreasonable efforts" exception set forth in the applicable
regulations, because there is substantial uncertainty associated
with predicting any future adjustments that we may make to our GAAP
financial measures in calculating our non-GAAP financial
measures.
We believe these Non-GAAP financial measures are important
indicators of our operating performance because they exclude items
that are unrelated to, and may not be indicative of, our core
operating results, such as charges relating to retail store
closures, tax reform, organizational changes and other one-time or
non-recurring amounts. In particular, we believe the exclusion of
certain costs and one-time amounts allows for a more meaningful
comparison of our results from period to period. Further, we report
comparable DTC sales on a constant currency basis for DTC
operations that were open throughout the current and prior
reporting periods, and we adjust prior reporting periods to conform
to current year accounting policies.
These Non-GAAP financial measures, as we calculate them, may not
necessarily be comparable to similarly titled measures of other
companies and may not be appropriate measures for comparing the
performance of other companies relative to Deckers. For example, in
order to calculate our constant currency information, we calculate
the current period financial information using the foreign currency
exchange rates that were in effect during the previous comparable
period, excluding the effects of foreign currency exchange rate
hedges and re-measurements in the condensed consolidated balance
sheets. These Non-GAAP financial results are not intended to
represent, and should not be considered to be more meaningful
measures than, or alternatives to, measures of operating
performance as determined in accordance with GAAP. To the extent we
utilize such Non-GAAP financial measures in the future, we expect
to calculate them using a consistent method from period to period.
A reconciliation of each of the Non-GAAP financial measures to the
most directly comparable GAAP measures has been provided under the
heading "Reconciliation of GAAP Financial Measures to Non-GAAP
Financial Measures" in the financial statement tables attached to
this press release.
Conference Call Information
The Company's conference call to review the results for the
fourth quarter and fiscal 2019 will be broadcast live today,
Thursday, May 23, 2019 at 4:30 pm
Eastern Time and hosted at www.deckers.com. You can
access the broadcast by clicking on the "Investor" tab and then
clicking on the webcast link at the top of the page. A replay of
the call will be available until May 23,
2020 at Midnight, and can be accessed under the "Quarterly
Earnings" section of the "Investor" tab at the aforementioned
website.
About Deckers Brands
Deckers Brands is a global leader in designing, marketing and
distributing innovative footwear, apparel and accessories developed
for both everyday casual lifestyle use and high performance
activities. The Company's portfolio of brands includes UGG®,
Koolaburra®, HOKA ONE ONE®, Teva® and Sanuk®. Deckers Brands
products are sold in more than 50 countries and territories through
select department and specialty stores, Company-owned and operated
retail stores, and select online stores, including Company-owned
websites. Deckers Brands has over 40 years of history building
niche footwear brands into lifestyle market leaders attracting
millions of loyal consumers globally. For more information, please
visit www.deckers.com.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995, which statements are
subject to considerable risks and uncertainties.
Forward-looking statements include all statements other than
statements of historical fact contained in this press release,
including statements regarding our anticipated financial
performance, including our projected net sales, margins, expenses,
effective tax rate and earnings (loss) per share, as well as
statements regarding our progress towards the achievement of our
long term strategic objectives, our ability to compete in our
industry, our product and brand positioning and strategies, and our
potential repurchase of shares. We have attempted to identify
forward-looking statements by using words such as "anticipate,"
"believe," "could," "estimate," "expected," "intend," "may,"
"plan," "predict," "project," "should," "will," or "would," and
similar expressions or the negative of these expressions.
Forward-looking statements represent our management's current
expectations and predictions about trends affecting our business
and industry and are based on information available as of the time
such statements are made. Although we do not make forward-looking
statements unless we believe we have a reasonable basis for doing
so, we cannot guarantee their accuracy or completeness.
Forward-looking statements involve numerous known and unknown
risks, uncertainties and other factors that may cause our actual
results, performance or achievements to be materially different
from any future results, performance or achievements predicted,
assumed or implied by the forward-looking statements. Some of the
risks and uncertainties that may cause our actual results to
materially differ from those expressed or implied by these
forward-looking statements are described in the section entitled
"Risk Factors" in our Annual Report on Form 10-K for the fiscal
year ended March 31, 2018, as well as
in our Quarterly Reports on Form 10-Q and other filings with the
Securities and Exchange Commission.
Any forward-looking statement made by us in this press release
is based only on information currently available to us and speaks
only as of the date on which it is made. Except as required by
applicable law or the listing rules of the New York Stock Exchange,
we expressly disclaim any intent or obligation to update any
forward-looking statements, or to update the reasons actual results
could differ materially from those expressed or implied by these
forward-looking statements, whether to conform such statements to
actual results or changes in our expectations, or as a result of
the availability of new information.
DECKERS OUTDOOR
CORPORATION AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(dollar and share
data amounts in thousands, except per share data)
|
|
|
|
|
|
Three Months
Ended
March
31,
|
|
Twelve Months
Ended
March
31,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Net sales
|
$
|
394,130
|
|
|
$
|
400,684
|
|
|
$
|
2,020,437
|
|
|
$
|
1,903,339
|
|
Cost of
sales
|
190,825
|
|
|
208,255
|
|
|
980,187
|
|
|
971,697
|
|
Gross
profit
|
203,305
|
|
|
192,429
|
|
|
1,040,250
|
|
|
931,642
|
|
Selling, general and
administrative expenses
|
171,701
|
|
|
174,135
|
|
|
712,930
|
|
|
709,058
|
|
Income from
operations
|
31,604
|
|
|
18,294
|
|
|
327,320
|
|
|
222,584
|
|
|
|
|
|
|
|
|
|
Other (income)
expense, net
|
(1,939)
|
|
|
385
|
|
|
(1,614)
|
|
|
1,888
|
|
Income before
income taxes
|
33,543
|
|
|
17,909
|
|
|
328,934
|
|
|
220,696
|
|
Income tax expense
(benefit)
|
9,574
|
|
|
(2,706)
|
|
|
64,626
|
|
|
106,302
|
|
Net
income
|
23,969
|
|
|
20,615
|
|
|
264,308
|
|
|
114,394
|
|
Other
comprehensive (loss) income, net of tax
|
|
|
|
|
|
|
|
Unrealized (loss)
gain on cash flow hedges
|
(1,241)
|
|
|
1,561
|
|
|
(243)
|
|
|
(613)
|
|
Foreign currency
translation gain (loss)
|
1,115
|
|
|
7,526
|
|
|
(9,428)
|
|
|
14,081
|
|
Total other
comprehensive (loss) income
|
(126)
|
|
|
9,087
|
|
|
(9,671)
|
|
|
13,468
|
|
Comprehensive
income
|
$
|
23,843
|
|
|
$
|
29,702
|
|
|
$
|
254,637
|
|
|
$
|
127,862
|
|
|
|
|
|
|
|
|
|
Net income per
share
|
|
|
|
|
|
|
|
Basic
|
$
|
0.82
|
|
|
$
|
0.66
|
|
|
$
|
8.92
|
|
|
$
|
3.60
|
|
Diluted
|
$
|
0.82
|
|
|
$
|
0.66
|
|
|
$
|
8.84
|
|
|
$
|
3.58
|
|
Weighted-average
common shares outstanding
|
|
|
|
|
|
|
|
Basic
|
29,134
|
|
|
31,155
|
|
|
29,641
|
|
|
31,758
|
|
Diluted
|
29,407
|
|
|
31,360
|
|
|
29,903
|
|
|
31,996
|
|
DECKERS OUTDOOR
CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE
SHEETS (UNAUDITED)
(dollar amounts in
thousands)
|
|
|
As of March
31,
|
|
2019
|
|
2018
|
ASSETS
|
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
$
|
589,692
|
|
|
$
|
429,970
|
|
Trade accounts
receivable, net
|
178,602
|
|
|
143,704
|
|
Inventories,
net
|
278,842
|
|
|
299,602
|
|
Other current
assets
|
48,269
|
|
|
37,414
|
|
Total current
assets
|
1,095,405
|
|
|
910,690
|
|
|
|
|
|
Property and
equipment, net
|
213,796
|
|
|
220,162
|
|
Other noncurrent
assets
|
118,005
|
|
|
133,527
|
|
Total
assets
|
$
|
1,427,206
|
|
|
$
|
1,264,379
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
liabilities
|
|
|
|
Short-term
borrowings
|
$
|
603
|
|
|
$
|
578
|
|
Trade accounts
payable
|
124,974
|
|
|
93,939
|
|
Other current
liabilities
|
124,947
|
|
|
94,649
|
|
Total current
liabilities
|
250,524
|
|
|
189,166
|
|
|
|
|
|
Mortgage
payable
|
30,901
|
|
|
31,504
|
|
Other long-term
liabilities
|
100,651
|
|
|
102,930
|
|
Total long-term
liabilities
|
131,552
|
|
|
134,434
|
|
|
|
|
|
Total stockholders'
equity
|
1,045,130
|
|
|
940,779
|
|
Total liabilities
and stockholders' equity
|
$
|
1,427,206
|
|
|
$
|
1,264,379
|
|
DECKERS OUTDOOR
CORPORATION AND SUBSIDIARIES
RECONCILIATION OF
GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES
(UNAUDITED)
(dollar and share
data amounts in thousands, except per share data)
|
|
|
Three Months Ended
March 31, 2019
|
|
GAAP
Measures (As
Reported)
|
|
Other Charges
(1)
|
|
Non-GAAP
Measures (Excluding
Items) (2)
|
Net sales
|
$
|
394,130
|
|
|
|
|
$
|
394,130
|
|
Cost of
sales
|
190,825
|
|
|
|
|
190,825
|
|
Gross
profit
|
203,305
|
|
|
|
|
203,305
|
|
Selling, general and
administrative expenses
|
171,701
|
|
|
(1,280)
|
|
|
170,421
|
|
Income from
operations
|
31,604
|
|
|
1,280
|
|
|
32,884
|
|
|
|
|
|
|
|
Other income,
net
|
(1,939)
|
|
|
|
|
(1,939)
|
|
Income before
income taxes
|
33,543
|
|
|
1,280
|
|
|
34,823
|
|
Income tax
expense
|
9,574
|
|
|
|
|
9,939
|
|
Net
income
|
$
|
23,969
|
|
|
|
|
$
|
24,884
|
|
|
|
|
|
|
|
Net income per
share
|
|
|
|
|
|
Basic
|
$
|
0.82
|
|
|
|
|
$
|
0.85
|
|
Diluted
|
$
|
0.82
|
|
|
|
|
$
|
0.85
|
|
Weighted-average
common shares outstanding
|
|
|
|
|
|
Basic
|
29,134
|
|
|
|
|
29,134
|
|
Diluted
|
29,407
|
|
|
|
|
29,407
|
|
|
(1) Adjustments as of
March 31, 2019 reflect amounts related to organizational changes
and other one-time or non-recurring amounts.
|
(2) The tax rate
applied to the Non-GAAP measures is 28.5%, which is equal to the
GAAP effective income tax rate for the three months ended March 31,
2019.
|
DECKERS OUTDOOR
CORPORATION AND SUBSIDIARIES
RECONCILIATION OF
GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES
(UNAUDITED)
(dollar and share
data amounts in thousands, except per share data)
|
|
|
Three Months Ended
March 31, 2018
|
|
GAAP
Measures
(As
Reported)
|
|
Restructuring
and
Other Charges
(1)
|
|
Non-GAAP
Measures
(Excluding Items)
(2)
|
Net sales
|
$
|
400,684
|
|
|
|
|
$
|
400,684
|
|
Cost of
sales
|
208,255
|
|
|
|
|
208,255
|
|
Gross
profit
|
192,429
|
|
|
|
|
192,429
|
|
Selling, general and
administrative expenses
|
174,135
|
|
|
(1,594)
|
|
|
172,541
|
|
Income from
operations
|
18,294
|
|
|
1,594
|
|
|
19,888
|
|
|
|
|
|
|
|
Other expense,
net
|
385
|
|
|
|
|
385
|
|
Income before
income taxes
|
17,909
|
|
|
1,594
|
|
|
19,503
|
|
Income tax (benefit)
expense
|
(2,706)
|
|
|
|
|
3,803
|
|
Net
income
|
$
|
20,615
|
|
|
|
|
$
|
15,700
|
|
|
|
|
|
|
|
Net income per
share
|
|
|
|
|
|
Basic
|
$
|
0.66
|
|
|
|
|
$
|
0.50
|
|
Diluted
|
$
|
0.66
|
|
|
|
|
$
|
0.50
|
|
Weighted-average
common shares outstanding
|
|
|
|
|
|
Basic
|
31,155
|
|
|
|
|
31,155
|
|
Diluted
|
31,360
|
|
|
|
|
31,360
|
|
|
(1) Amounts as of
March 31, 2018 reflect other charges related to organizational
changes.
|
(2) The difference in
GAAP and Non-GAAP tax expense is primarily due to revisions made
during the quarter from one-time deemed repatriation tax as a
result of recently enacted U.S. tax reform. The tax rate applied to
the non-GAAP measures is 19.5% which represents the effective tax
rate for the fiscal quarter ended March 31, 2018.
|
DECKERS OUTDOOR
CORPORATION AND SUBSIDIARIES
RECONCILIATION OF
GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES
(UNAUDITED)
(dollar and share
data amounts in thousands, except per share data)
|
|
|
Twelve Months
Ended March 31, 2019
|
|
GAAP
Measures
(As
Reported)
|
|
Restructuring
and
Other Charges
(1)
|
|
Non-GAAP
Measures
(Excluding
Items)
(2)
|
Net sales
|
$
|
2,020,437
|
|
|
|
|
$
|
2,020,437
|
|
Cost of
sales
|
980,187
|
|
|
|
|
980,187
|
|
Gross
profit
|
1,040,250
|
|
|
|
|
1,040,250
|
|
Selling, general and
administrative expenses
|
712,930
|
|
|
327
|
|
|
713,257
|
|
Income from
operations
|
327,320
|
|
|
(327)
|
|
|
326,993
|
|
|
|
|
|
|
|
Other income,
net
|
(1,614)
|
|
|
(445)
|
|
|
(2,059)
|
|
Income before
income taxes
|
328,934
|
|
|
118
|
|
|
329,052
|
|
Income tax
expense
|
64,626
|
|
|
|
|
64,649
|
|
Net
income
|
$
|
264,308
|
|
|
|
|
$
|
264,403
|
|
|
|
|
|
|
|
Net income per
share
|
|
|
|
|
|
Basic
|
$
|
8.92
|
|
|
|
|
$
|
8.92
|
|
Diluted
|
$
|
8.84
|
|
|
|
|
$
|
8.84
|
|
Weighted-average
common shares outstanding
|
|
|
|
|
|
Basic
|
29,641
|
|
|
|
|
29,641
|
|
Diluted
|
29,903
|
|
|
|
|
29,903
|
|
|
(1) Adjustments as of
March 31, 2019 reflect amounts related to restructuring costs,
organizational changes, legal matters, charges in connection with
the Company's refinancing of its prior credit facility, and other
one-time or non-recurring amounts.
|
(2) The tax rate
applied to the Non-GAAP measures is 19.6%, which is equal to the
GAAP effective income tax rate for the twelve months ended March
31, 2019.
|
DECKERS OUTDOOR
CORPORATION AND SUBSIDIARIES
RECONCILIATION OF
GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES
(UNAUDITED)
(dollar and share
data amounts in thousands, except per share data)
|
|
|
Twelve Months
Ended March 31, 2018
|
|
GAAP
Measures
(As
Reported)
|
|
Restructuring
and
Other Charges
(1)
|
|
Non-GAAP
Measures
(Excluding Items)
(2)
|
Net sales
|
$
|
1,903,339
|
|
|
|
|
$
|
1,903,339
|
|
Cost of
sales
|
971,697
|
|
|
|
|
971,697
|
|
Gross
profit
|
931,642
|
|
|
|
|
931,642
|
|
Selling, general and
administrative expenses
|
709,058
|
|
|
(13,872)
|
|
|
695,186
|
|
Income from
operations
|
222,584
|
|
|
13,872
|
|
|
236,456
|
|
|
|
|
|
|
|
Other expense,
net
|
1,888
|
|
|
|
|
1,888
|
|
Income before
income taxes
|
220,696
|
|
|
13,872
|
|
|
234,568
|
|
Income tax
expense
|
106,302
|
|
|
|
|
50,888
|
|
Net
income
|
$
|
114,394
|
|
|
|
|
$
|
183,680
|
|
|
|
|
|
|
|
Net income per
share
|
|
|
|
|
|
Basic
|
$
|
3.60
|
|
|
|
|
$
|
5.78
|
|
Diluted
|
$
|
3.58
|
|
|
|
|
$
|
5.74
|
|
Weighted-average
common shares outstanding
|
|
|
|
|
|
Basic
|
31,758
|
|
|
|
|
31,758
|
|
Diluted
|
31,996
|
|
|
|
|
31,996
|
|
|
(1) Amounts as of
March 31, 2018 reflect charges related to restructuring costs, our
contested proxy and related litigation, tax reform, other charges
related to organizational changes and the strategic review
process.
|
(2) The difference in
GAAP and Non-GAAP tax expense is primarily due to the one-time
deemed repatriation tax and deferred tax asset re-measurement to
the new lower domestic federal tax rate as a result of recently
enacted U.S. tax reform. The tax rate applied to the Non-GAAP
measures is 21.7% for the twelve months ended March 31,
2018.
|
View original content to download
multimedia:http://www.prnewswire.com/news-releases/deckers-brands-reports-fourth-quarter-and-fiscal-2019-financial-results-300856258.html
SOURCE Deckers Brands