1、?13MAR200814173367Dear Shareholders,Becoming a global footwear leader is about more than developing great products.Its about creatinggreat brands.With the successful execution of several strategic initiatives in 2011,our brand portfolio hasnever been stronger than it is today.The combination of comp
2、elling product launches,innovativemarketing,channel growth,and international expansion drove UGG?brand annual sales over$1 billionfor the first time ever and helped push Teva?brand sales to new highs.Our acquisition of the Sanuk?brand contributed to our record results and provides us with another ex
3、citing growth vehicle for the future.We are extremely pleased with our recent performance,and I am confident that the investments we aremaking to support our teams and brands will continue to yield positive returns for the Company and itsshareholders in the years to come.Our BrandsAfter posting its
4、14th consecutive year of double digit growth and surpassing$1.2 billion in annualrevenue,the UGG brand is showing no signs of slowing.With a foundation based on comfort firmlyestablished through our sheepskin boots and slippers,the brand continues to extend successfully into manynew categories such
5、as expanded kids lines,handbags,cold weather accessories,and apparel.Much of ourrecent success has been driven by the performance of new products that are attracting new consumers tothe brand.This includes a greater percentage of men who have responded positively to the more rugged,masculine product
6、 offering and the brands association with NFL quarterback,Tom Brady.The Teva brand also enjoyed significant growth in 2011.With a much larger selection of closed-toefootwear and an enhanced line of technical sandals,the Teva brand has transformed into a legitimatefour-season action outdoor brand.Led