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Deckers reports record quarterly revenue and earnings

Feb 6, 2024 United States
Deckers reports record quarterly revenue and earnings
The US-based footwear company has reported “record” third quarter revenue and earnings, driven by an “exceptional performance” from both the Hoka and Ugg brands
“Our brands delivered Deckers' largest quarter in history, with record revenue and earnings as both HOKA and UGG drove exceptional performance in the quarter, led by our DTC channel and high levels of full price selling. Global gains in awareness, combined with elevated consumer connections and innovative product offerings, continued to drive unparalleled demand for our brands. This, coupled with our disciplined operating approach, dedicated focus on marketplace management and fortified balance sheet, puts Deckers in a position of strength as we enter our last fiscal quarter of 2024”, commented Dave Powers, President and Chief Executive Officer of Deckers.


Third Quarter Results

In the third quarter of its fiscal 2024, which ended on the 31st of December, the company’s net sales reached 1.56 billion US dollars, up by 16.0% on a comparable basis to the same period of the prior year; on a constant currency basis, net sales increased by 15.1% year-over-year.

Deckers’ direct-to-consumer (DTC) net sales in the third quarter of the current fiscal year increased by 22.7% to 858.1 million euros of total net sales, and wholesale net sales increased by 8.6% to 702.2 million euros, as compared to the third quarter of the prior fiscal year.

These figures were driven by strong performances from both the Ugg and Hoka brands. In the third quarter of fiscal 2024, Ugg’s net sales amounted to 1.07 billion euros, up by 15.2% year-over-year, and Hoka’s net sales totalled 429.3 million euros, up by 21.0% year-over-year. The other brands, primarily composed of Koolaburra, also grew net sales by 10.0% year-over-year, but Teva and Sanuk reported declines in net sales of 21.9% and 16.2%, respectively, year-over-year.

The company’s gross margin improved to 58.7% in the third quarter of fiscal 2024 from 53.0% in a similar period of last fiscal year.

In the three months to the end of December, Deckers’ diluted earnings per share were 15.11 US dollars, on a comparable basis to diluted earnings per share of 10.48 US dollars in the same period last year.

Full year outlook

For fiscal 2024, the Californian-based company now expects net sales to reach 4.15 billion euros (previously: 4.03 billion US dollars) and diluted earnings per share to be in the range of 25.25 to 26.50 US dollars (previously: in the range of 22.90 to 23.25 US dollars).


Image Credits: harpersbazaar.de

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