World Footwear

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Deckers ends fiscal 2024 strong

May 29, 2024 United States
Deckers ends fiscal 2024 strong
The US-based company has ended its fiscal year 2024 on a positive note. Strong performances from Hoka and Ugg led to an 18% year-on-year increase in full year net sales to 4.29 USD
“Deckers achieved record results during fiscal year 2024, as we delivered revenue growth of 18% and increased earnings per share by 51%, reflecting a continued dedication to maintain exceptional levels of profitability as our brands scale. Hoka and Ugg remain two of the most admired and well-positioned brands in the marketplace, each with a robust innovation product pipeline designed to win with global consumers. Looking forward, our talented teams are highly motivated to continue driving towards the long-term opportunities of these iconic brands”, commented Dave Powers, President and Chief Executive Officer.

Fourth Quarter Results

In the fourth quarter of fiscal 2024, which ended on the 31st of March, Deckers’ total net sales amounted to 959.8 million US dollars, an increase of 21.2% (or 21.1% on a constant currency basis), as compared to the same period of last year.

In the last quarter of the past fiscal year, Hoka’s net sales surged by 34.0% year-over-year to 533.0 million US dollars and Ugg’s net sales increased by 14.9% year-over-year to 361.3 million US dollars, on a comparable basis to the same quarter of fiscal 2023.

On the other hand, Teva’s net sales in this period decreased by 15.6% year-over-year to 53.0 million US dollars, Sanuk’s net sales decreased by 39.1% year-over-year to 6.5 million US dollars and the other brands segment, primarily composed of Koolaburra, net sales were flat at approximately 6.0 million US dollars.

In the three months to the end of March, the company’s gross margin improved to 56.2% from 50.0% in a similar period of the previous year.

Deckers reported diluted earnings per share of 4.95 US dollars in the fourth quarter of fiscal 2024. This represents a growth of 43.1% from diluted earnings per share of 3.46 US dollars in the last quarter of the prior fiscal year.

Full Year Results

In the twelve months that ended in March, Deckers’ net sales reached 4.29 billion US dollars, an increase of 18.2% (or 17.9% on a constant currency basis), as compared to the same months of fiscal 2023. Key brands Hoka and Ugg performed strongly in the period, with net sales rising by 27.9% to 1.81 billion US dollars and 16.2% to 2.24 billion US dollars, respectively.

The California-based company reported a full year diluted earnings per share growth of 50.5% to 29.16 US dollars per diluted share from 19.37 US dollars per diluted share in the previous fiscal year.

Fiscal 2025 Outlook

For fiscal year 2025, Deckers expects net sales to increase by approximately 10% to 4.7 billion US dollars over the prior year and diluted earnings per share to be in the range of 29.50 to 30.00 US dollars.

 
Image Credits: cosmopolitan.com



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