Outdoor financials: Deckers says preliminary Q3 sales up 51 percent, plus West Marine, Liberty Media/Backcountry.com
Deckers said its preliminary Q3 sales were up 51 percent, West Marine's Q3 same-store sales dropped, and Liberty Media raised nearly $765 million with a cash tender offer.
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Deckers says preliminary Q3 sales up 51 percent
Deckers Outdoor (Nasdaq: DECK) released preliminary third-quarter sales, saying they were up 51 percent over the same period last year to $195 million. That’s up from its previous guidance of an increase of approximately 34 percent.
For the three-months ending Sept. 30, the company said it expects to post better-than-expected earnings per share, a figure it previously estimated would be a 12-percent increase over last year’s $1.47 per share profit.
“Despite the challenging macro environment, we remain confident about our prospects for the remainder of the year,” Deckers’ President and CEO Angel Martinez said in a statement, adding that the strong results were boosted by sales of the Ugg’s line of leather and wool boots.
The company added that it still expects fourth quarter 2008 revenue and diluted earnings per share to increase approximately 45 percent and 42 percent, respectively, over 2007 levels.
Deckers Outdoor’s brand portfolio includes Teva, Simple, Ugg, Tsubo and Deckers. The company will release third-quarter results on Oct. 23.
West Marine Q3 same-store sales drop
West Marine’s (Nasdaq: WMAR) same-store sales fell by 4.7 percent in the third quarter as consumers held off on big-ticket purchases in a weak economy.
It said same-store sales at locations open at least a year that were not remodeled or expanded decreased by $7.5 million year-over-year.
Total sales in the quarter fell by 4.4 percent to $180.2 million in the 13 weeks ended Sept. 27.
The company said the southeastern part of the country had particularly soft sales, adding that a weakening economy and high fuel prices hurt boat use, which in turn affected company sales and traffic.
“Spending on big ticket items continued to be slow,” Geoff Eisenberg, CEO of West Marine, said in a statement, adding, “More recently, we also have seen sales softness spread to international business.”
The company’s wholesale business through distribution centers fell by 2.3 percent to $9.9 million. Direct sales were down as well, by 4 percent to $10.5 million.
Liberty Media raises nearly $765 million with cash tender offer
Liberty Media (Nasdaq: LINTA and LCAPA), parent of Backcountry.com, said its cash tender offers for all of its outstanding 7-7/8 percent Senior Notes and 7-3/4 percent Senior Notes, both due in 2009, raised nearly $765 million.
Approximately $554.5 million aggregate principal amount of 7-7/8 percent notes and about $210.2 million aggregate principal amount of 7-3/4 percent notes were validly tendered. This represents approximately 82.8 percent and 90 percent of the outstanding principal amount of the 7-7/8 percent Notes and the 7-3/4 percent Notes, respectively.
Liberty has accepted for payment all 7-7/8 percent notes that were tendered, paying $1,007.50 for each $1,000 principal amount tendered, which includes an early tender premium of $10 per $1,000 principal amount of notes. The 7-3/4 percent notes will pay $1,006.50 for each $1,000 principal amount tendered, including an early tender premium of $10 per $1,000 principal amount of notes. The early settlement date for the notes will occur Oct. 15.
The tender offers are scheduled to expire on Oct. 27 unless extended or earlier terminated. All notes purchased in the tender offers will be retired upon consummation of the tender offers.
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