Dave Powers, President and CEO, commented: "Over the course of the last year, the organization has been hard at work identifying margin enhancing initiatives and detailing plans that significantly improve the profitability of the company. We now anticipate that the 150 million US dollars cumulative savings plan announced in February 2017 will drive 100 million US dollars operating profit improvement by fiscal year 2020."

Fourth quarter net sales decreased by 2.4% totaling 369.5 million US dollars compared to 378.6 million US dollars in similar period last year.

In the same period, domestic net sales decreased by 4.3% reaching 230.0 million US dollars while international net sales increased by 0.9% reaching 139.5 million US dollars.

Wholesale net sales for the fourth quarter decreased by 5.8% totaling 219.1 million US dollars compared to 232.7 million US dollars for the same period last year. Direct-to-Consumer net sales for the fourth quarter increased by 3.0% to 150.4 million US dollars compared to 145.9 million US dollars for similar period last year.

Net sales for the entire year decreased by 4.5% reaching 1.790 billion compared to 1.875 billion US dollars last year.

UGG brand net sales for the fourth quarter decreased by 1.1% to 243.0 million US dollars compared to 245.6 million US dollars for the same period last year. Teva brand net sales for the fourth quarter decreased by 13.3% totaling 51.3 million compared to 59.1 million US dollars for the same period last year. Sanuk brand net sales for the fourth quarter decreased by 16.1% reaching 32.3 million US dollars compared to 38.5 million US dollars for the same period last year.

According to the company’s fiscal year 2018 outlook net sales are expected to be in the range of down 2% to flat.