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Dec 31, 2022
Deckers Q3 2023 Earnings Report
Deckers reported strong Q3 2023 results, with revenue up 13.3% and diluted EPS up to $10.48.
Key Takeaways
Deckers Brands reported a strong third quarter in fiscal year 2023, with revenue reaching $1.346 billion, a 13.3% increase compared to the same period last year. The company's performance was driven by record results from the HOKA brand and the direct-to-consumer business. Deckers has increased its fiscal year 2023 revenue growth and diluted EPS guidance.
Revenue increased by 13.3% to $1.346 billion, or 17.5% on a constant currency basis.
HOKA brand net sales increased by 90.8% to $352.1 million.
Direct-to-Consumer net sales increased by 18.7% to $699.3 million, with comparable DTC net sales up 22.1%.
Diluted earnings per share increased to $10.48, compared to $8.42 in the same period last year.
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 is subject to significant risks and uncertainties.
Positive Outlook
- Net sales are now expected to be in the range of $3.50 billion to $3.53 billion.
- Gross margin is still expected to be approximately 50.5%.
- SG&A expenses as a percentage of sales are still projected to be approximately 33%.
- 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 $18.00 to $18.50.
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 including foreign currency fluctuation, inflationary pressures, consumer confidence and discretionary spending.
- Geopolitical tensions.
- Effective tax rate is still expected to be approximately 22%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income