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Jun 30, 2022
Deckers Q1 2023 Earnings Report
Deckers reported a strong first quarter in fiscal year 2023, marked by significant growth in HOKA brand sales and overall financial performance.
Key Takeaways
Deckers Brands reported a 21.8% increase in net sales to $614.5 million for the first quarter of fiscal year 2023. HOKA brand's net sales increased by 54.9%, driving the brand to surpass $1 billion in trailing twelve-month revenue. The company reaffirmed its full fiscal year 2023 revenue growth and operating margin guidance and raised its EPS guidance.
Net sales increased by 21.8% to $614.5 million.
HOKA brand net sales increased by 54.9% to $330.0 million, achieving a one-billion dollar revenue milestone on a trailing twelve-month basis.
UGG brand net sales decreased by 2.4% to $207.9 million.
The Board of Directors approved an additional share repurchase authorization of $1.2 billion.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The Company's full fiscal year 2023 outlook includes net sales expected to be in the range of $3.45 billion to $3.50 billion and diluted earnings per share is now expected to be in the range of $17.50 to $18.35.
Positive Outlook
- Net sales are still expected to be in the range of $3.45 billion to $3.50 billion.
- Gross margin is still expected to be approximately 51.5%.
- SG&A expenses as a percentage of sales are still projected to be approximately 34%.
- Operating margin is still expected to be in the range of 17.5% to 18.0%.
- Diluted earnings per share is now expected to be in the range of $17.50 to $18.35.
Challenges Ahead
- The impact of the COVID-19 pandemic on our business and operations, including supply chain disruptions, constraints and related expenses.
- Labor shortages.
- Changes in economic conditions, inflationary pressures, consumer confidence and discretionary spending.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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