Deckers Brands reported Thursday that it would be lowering its guidance for the remainder of its fiscal year following an underwhelming Q2.
The parent company of Ugg, Teva and Sanuk reported sales of its footwear fell 0.2% from a year ago to $485.9 million, falling below the $495.8 million Wall Street had anticipated.
Sales at Deckers’ biggest brand Ugg were largely responsible for the decline in overall sales, down 2.1% to $412.2 million for the quarter. Sales at Teva were also down, slipping $4.2 percent to $17.1 million. Sanuk was a bright spot in the company’s portfolio, with sales up 9.2 percent to $18.9 million.
Deckers downgraded its guidance for the remainder of its fiscal year, and says it now expects a net sales decrease in the range of 1.5-3 percent, with diluted earnings per share of $4.05-$4.25.
In the company’s report, Deckers President and CEO Dave Powers expressed his hope that the upcoming holiday season would help turn things around.
“Looking ahead, our teams are prepared for the upcoming selling season, and we are excited about our fall and holiday product and marketing plans,” he said.