UPDATE 1-Deckers Outdoor Q3 results beat Street

* Q3 EPS $2.59 vs est $2.25

* Now sees Q4 rev up 4 pct

* UGG sales up 19 pct

* Says inventories rose 18.9 pct Oct 22 (Reuters) - Footwear maker Deckers Outdoor Corp (DECK.O) reported a 30 percent jump in third-quarter profit that beat market expectations, helped by strong sales of its premier UGG brand, and forecast higher fourth-quarter earnings.

The company, which sells its products under the UGG, Teva, Tsubo and Simple brands, reported net income attributable to shareholders of $33.8 million, or $2.59 a share, up from $26 million, or $1.97 a share, a year earlier.

Net sales at the Goleta, California-based company rose 16 percent to $228.4 million.Sales of UGG, the company's premier sheepskin footwear brand jumped 19 percent to $212.8 million.

Analysts on average, were looking for earnings of $2.25 a share, on revenue for $227.9 million, according to Thomson Reuters I/B/E/S.

Deckers, whose rivals include Skechers USA Inc (SKX.N), Wolverine Worldwide Inc (WWW.N) and Timberland (TMB.N), said as of Sept. 30 inventories had risen 19 percent to $187.8 million. The company now expects fourth-quarter revenue to increase about 4 percent and profit, before items, to rise about 5 percent from 2008 levels, which excluded certain charges.

This is up from its previous revenue expectations of a slight decrease and earnings, before items, forecast of a fall of about 4 percent.

Shares of the shoe company, which have risen 48 percent in the last six months, closed at $91.74 Thursday on Nasdaq.

For the alerts, double-click [ID:nWNAB2989] (Reporting by Shradhha Sharma in Bangalore; Editing by Aradhana Aravindan)