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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.
Deckers
Deckers
Deckers Revenue by Segment
Deckers Revenue by Geographic Location
Revenue by Segment
HOKA Brand Revenue
CapyFin.comUGG Brand Revenue
CapyFin.comRevenue by Geographic Location
Domestic Sales Revenue
CapyFin.comInternational Sales Revenue
CapyFin.com 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.
- Geopolitical tensions.
- Effective tax rate is still expected to be approximately 22% to 23%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income