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Hoka drives growth for Deckers Brands

Aug 8, 2022 United States
Hoka drives growth for Deckers Brands
The Californian-based group reported that Hoka's net sales rose by 54.9% in the first quarter of fiscal 2023, as compared to the same quarter of last year, reaching 330.0 million US dollars
"Fiscal year 2023 is off to a solid start, with Hoka driving strong growth, propelling the brand to eclipse the billion-dollar milestone over the trailing twelve-month period. The Hoka brand's speed to achieve this feat is exciting, especially as the brand's increasing penetration to our portfolio benefits Deckers' overall quarterly financial and operational performance. In addition, our Board's recent approval of a significantly increased share repurchase authorization shows a great deal of confidence in our long-term strategic plan and the opportunities that lie ahead", commented Dave Powers, President and Chief Executive Officer.

First Quarter Results

In the first quarter of fiscal 2023, Deckers Brands' net sales grew by 21.8%, reaching 614.5 million US dollars, as compared to 504.7 million US dollars in the same period of last year. On a constant currency basis, net sales increased by 23.5%.

In the three months period ended on the 30th of June, the company's wholesale net sales totalled 429.4 million US dollars, reflecting an increase of 24.7%, and Direct-to-Consumer (DTC) net sales rose by 15.4%, reaching 185.1 million US dollars, as compared to the first quarter of the prior year.

By geography, Deckers' domestic net sales grew by 14.4% to 384.5 million US dollars and international net sales were up by 36.4%, amounting to 229.9 million US dollars, on a comparable basis to the first quarter of fiscal 2022.

The company reported diluted earnings per share of 1.66 US dollars in the first quarter of the current fiscal year, as compared to 1.71 US dollars in the same period of the previous fiscal year.


Brand Summary

(on a comparable basis to the first quarter of fiscal 2022)

In this period, Hoka brand net sales were up by 54.9%, totalling 330.0 million US dollars, and Teva brand net sales rose by 2.0%, adding up to 59.6 million US dollars.

Ugg, Sanuk and Other brands did not fare so well. Ugg brand net sales declined by 2.4%, amounting to 207.9 million US dollars, and Sanuk brand net sales were down by 5.9%, amounting to 14.2 million US dollars. Other brands, primarily composed of Koolaburra, net sales experienced a sharp decrease of 45.3% to 2.7 million US dollars.

Fiscal 2023 Outlook

For full fiscal 2023, Deckers Brands is expecting net sales in the range of 3.44 billion US dollars and 3.50 billion US dollars, and diluted earnings per share of between 17.50 US dollars and 18.35 US dollars.


Image Credits: yahoo.com


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