World Footwear

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Deckers with most profitable first quarter ever

Jul 29, 2021 United States
Deckers with most profitable first quarter ever
The global group of footwear, apparel, and accessories announced financial results for the first fiscal quarter ended on the 30th of June 2021, with revenue increasing by 78.2%
"Our portfolio of brands delivered a strong start to fiscal 2022, which propelled Deckers to its most profitable first quarter ever", stated Dave Powers, President and Chief Executive Officer, adding: "The growing influence of HOKA, increasing year-round appeal of UGG, and continuing strength of Teva are driving progress across strategic priorities and delivering a more balanced business. While macro-economic headwinds persist throughout the supply chain, we are confident in the consumer demand for our brands and the resilience of our global omni-channel organization, and we remain dedicated to the foundational, long-term strategies driving Deckers' success".

First Quarter Review

Net sales in the period increased by 78.2% to 504.7 million US dollars compared to 283.2 million US dollars in similar period last year. On a constant currency basis, net sales increased by 76.1%. Gross margin in the period was 51.6% compared to 50.3% for the same period last year and operating income reached 61.8 million US dollars compared to a loss of 7.7 million US dollars in the first quarter of the previous year. Diluted earnings per share was 1.71 US dollars compared to basic loss per share of 0.28 US dollars for the same period last year.

Brand Summary

UGG brand net sales for the first quarter increased by 70.8% to 213.0 million US dollars compared to 124.7 million US dollars for the same period last year.

HOKA ONE ONE brand net sales for the period grew by 95.5% to 213.1 million US dollars (109.0 million US dollars in similar period last year) and Teva brand net sales raised by 65.9% to 58.5 million US dollars (35.2 million US dollars, last year). Sanuk brand net sales for the first three months expanded by 13.7% to 15.0 million US dollars compared to 13.2 million US dollars for similar period last year.

Other brands, primarily composed of Koolaburra, presented net sales for the first quarter growing by 435.9% to 5.0 million US dollars compared to 0.9 million US dollars for the same period last year.

Channel Summary  

Wholesale net sales for the first quarter increased 140.2% to 344.3 million US dollars compared to 143.3 million US dollars for the same period last year. Direct-to-Consumer (DTC) net sales for the first quarter increased 14.7% to 160.4 million US dollars compared to 139.8 million US dollars for the same period last year.

Geographic Summary

Domestic net sales for the first quarter rose by 82.3% to 336.1 million compared to 184.3 million for similar period in 2020. International net sales for the period increased by 70.5% to 168.6 million compared to 98.9 million last year.

Fiscal 2022 Outlook

Net sales are expected to be in the range of 3.010 billion US dollars to 3.060 billion US dollars. Deckers Brands is also estimating gross margin to be slightly below 53.0% and diluted earnings per share to be in the range of 14.45 US dollars to 15.10 US dollars.

Image credits: www.3blmedia.com

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