World Footwear

Companies

Deckers off to a good start

Aug 3, 2023 United States
Deckers off to a good start
The US-based company announced that it has raised its outlook for the 2024 fiscal year after posting a solid first quarter, driven by strong momentum from the Hoka brand
“Deckers begins fiscal year 2024 in a position of strength, accelerating towards our outlook for the full year, which has been raised to reflect Hoka brand momentum. We remain dedicated to delivering results in alignment with our strategic focus to grow DTC and build our presence within international markets. Combined with our disciplined brand marketplace management and nimble operating model, this approach underscores our confidence to achieve our increased full-year outlook and drive long-term success for our brands”, commented Dave Powers, President and Chief Executive Officer of Deckers.


First Quarter Results

In the first quarter of fiscal 2024, which ended on the 30th of June, Deckers recorded a net sales increase of 10.0% over the same period of the previous fiscal year, reaching 614.5 million US dollars; on a constant currency basis, the company's net sales grew by 11.1%. The company highlighted the strong momentum of Hoka, whose net sales amounted to 420.5 million US dollars in the first quarter of the current fiscal year, up by 27.4%, as compared to the same quarter of fiscal 2023.

Meanwhile, in the same period, Ugg's net sales declined by 6.0% year-over-year to 195.5 million US dollars, Teva's net sales were down by 18.8% year-over-year, totalling 48.4 million US dollars, Sanuk's net sales decreased by 32.3% year-over-year to 9.6 million US dollars, and other brands' net sales (primarily composed of Koolaburra) added 2.7 million US dollars to the total, down by 33.9%, on a comparable basis to a similar period of the prior fiscal year.

By channel, in the first three months of the current fiscal year, Deckers' wholesale net sales reached 425.4 million US dollars, as compared to 429.4 million US dollars in the same period of last year, while direct-to-consumer net sales rose by 35.3% year-over-year to 250.4 million US dollars.

In addition, the company's domestic net sales increased by 9.1%, reaching 419.5 million US dollars, and by 11.4% internationally, amounting to 256.3 million US dollars, in the first quarter of fiscal 2024, on a comparable basis to last year’s same quarter.

Furthermore, in the three months to the 30th of June, Deckers' diluted earnings per share were 2.41 US dollars, up from 1.66 US dollars from a similar period of fiscal 2023.


Fiscal 2024 Outlook

The company is expecting its full year net sales to reach approximately 3.98 billion US dollars, and diluted earnings per share in the range of 21.75 US dollars to 22.25 US dollars, as compared to the previous fiscal year.


Image Credits: barrons.com

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