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Sep 30, 2022
Deckers Q2 2023 Earnings Report
Deckers' Q2 2023 financial results were reported, with revenue increasing by 21% compared to the same period last year.
Key Takeaways
Deckers Brands reported a strong second quarter in fiscal year 2023, with revenue increasing by 21% to $875.6 million. The company's performance was driven by growth in the HOKA brand and overall direct-to-consumer sales. Deckers reiterated its full fiscal year 2023 revenue and diluted EPS guidance.
Second Quarter Fiscal 2023 Reported Revenue was $876 million, Increasing 21% Compared to the Same Period Last Year and 25% in Constant Currency
Wholesale net sales increased 16.7% to $636.5 million
Direct-to-Consumer (DTC) net sales increased 35.3% to $239.1 million
Fiscal Year 2023 Revenue Growth Guide of 10-11% Reiterated on a Reported Basis
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 is forward-looking in nature and net sales are still expected to be in the range of $3.45 billion to $3.50 billion.
Positive Outlook
- Net sales are still expected to be in the range of $3.45 billion to $3.50 billion.
- Gross margin is now expected to be approximately 50.5%.
- SG&A expenses as a percentage of sales are now projected to be approximately 33%.
- Operating margin is still expected to be in the range of 17.5% to 18.0%.
- Effective tax rate is now expected to be approximately 22%.
Challenges Ahead
- 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 including foreign currency fluctuation, inflationary pressures, consumer confidence and discretionary spending
- geopolitical tensions
- The earnings per share guidance does not assume any impact from additional share repurchases.
Revenue & Expenses
Visualization of income flow from segment revenue to net income