Deckers Brands Reports Second Quarter Fiscal Year 2025 Financial Results
Deckers Brands (NYSE: DECK) reported strong Q2 FY2025 results with net sales increasing 20.1% to $1.311 billion. The company's diluted EPS rose 39% to $1.59. HOKA brand sales grew 34.7% to $570.9 million, while UGG brand sales increased 13% to $689.9 million. Direct-to-Consumer net sales rose 19.9% to $397.7 million, and wholesale net sales grew 20.2% to $913.7 million. The company's gross margin improved to 55.9% from 53.4%. Based on strong performance, Deckers raised its FY2025 revenue guidance to approximately $4.8 billion and diluted EPS guidance to $5.15-$5.25.
Deckers Brands (NYSE: DECK) ha riportato risultati molto positivi per il secondo trimestre dell'anno fiscale 2025, con vendite nette aumentate del 20,1% a 1,311 miliardi di dollari. L'EPS diluito dell'azienda è aumentato del 39% a 1,59 dollari. Le vendite del marchio HOKA sono cresciute del 34,7% a 570,9 milioni di dollari, mentre le vendite del marchio UGG sono aumentate del 13% a 689,9 milioni di dollari. Le vendite nette dirette al consumatore sono aumentate del 19,9% a 397,7 milioni di dollari, e le vendite nette all'ingrosso sono cresciute del 20,2% a 913,7 milioni di dollari. Il margine lordo dell'azienda è migliorato al 55,9% rispetto al 53,4%. Basandosi su una performance forte, Deckers ha elevato le sue previsioni di fatturato per l'anno fiscale 2025 a circa 4,8 miliardi di dollari e le previsioni di EPS diluito a 5,15-5,25 dollari.
Deckers Brands (NYSE: DECK) reportó resultados sólidos en el segundo trimestre del año fiscal 2025, con ventas netas aumentando un 20,1% a 1.311 millones de dólares. El EPS diluido de la compañía creció un 39% a 1,59 dólares. Las ventas de la marca HOKA crecieron un 34,7% a 570,9 millones de dólares, mientras que las ventas de la marca UGG aumentaron un 13% a 689,9 millones de dólares. Las ventas netas directas al consumidor aumentaron un 19,9% a 397,7 millones de dólares, y las ventas netas al por mayor crecieron un 20,2% a 913,7 millones de dólares. El margen bruto de la compañía mejoró al 55,9% desde el 53,4%. Basado en un rendimiento fuerte, Deckers elevó su orientación de ingresos para el año fiscal 2025 a aproximadamente 4,8 mil millones de dólares y su orientación de EPS diluido a 5,15-5,25 dólares.
Deckers Brands (NYSE: DECK)는 2025 회계연도 2분기 실적을 발표하며 순매출이 20.1% 증가한 13.11억 달러에 달했다고 보고했습니다. 회사의 희석 주당순이익(EPS)은 39% 증가하여 1.59달러에 이르렀습니다. HOKA 브랜드 판매는 34.7% 증가하여 5.709억 달러에 달했고, UGG 브랜드 판매는 13% 증가하여 6.899억 달러에 도달했습니다. 소비자 직접 판매 순매출은 19.9% 증가하여 3.977억 달러에 이르고, 도매 순매출은 20.2% 증가하여 9.137억 달러에 도달했습니다. 회사의 총 매출 총이익률은 53.4%에서 55.9%로 개선되었습니다. 강력한 실적을 바탕으로 Deckers는 2025 회계연도 수익 예상을 약 48억 달러로 상향 조정하고 희석 EPS 예상치를 5.15-5.25달러로 제시했습니다.
Deckers Brands (NYSE: DECK) a annoncé de solides résultats pour le deuxième trimestre de l'exercice 2025, avec un chiffre d'affaires net en hausse de 20,1% à 1,311 milliard de dollars. Le BPA dilué de l'entreprise a augmenté de 39% pour atteindre 1,59 dollar. Les ventes de la marque HOKA ont connu une croissance de 34,7% pour atteindre 570,9 millions de dollars, tandis que les ventes de la marque UGG ont augmenté de 13% à 689,9 millions de dollars. Les ventes nettes aux consommateurs directes ont augmenté de 19,9% pour atteindre 397,7 millions de dollars, et les ventes nettes en gros ont progressé de 20,2% pour atteindre 913,7 millions de dollars. La marge brute de l'entreprise s'est améliorée, passant de 53,4% à 55,9%. En raison de cette performance solide, Deckers a relevé ses prévisions de revenus pour l'exercice 2025 à environ 4,8 milliards de dollars et ses prévisions de BPA dilué à 5,15-5,25 dollars.
Deckers Brands (NYSE: DECK) hat für das zweite Quartal des Geschäftsjahres 2025 starke Ergebnisse gemeldet, mit einem Anstieg des Nettoumsatzes um 20,1% auf 1,311 Milliarden Dollar. Der verwässerte Gewinn pro Aktie (EPS) des Unternehmens stieg um 39% auf 1,59 Dollar. Die Verkaufszahlen der Marke HOKA wuchsen um 34,7% auf 570,9 Millionen Dollar, während die Verkaufszahlen der Marke UGG um 13% auf 689,9 Millionen Dollar zulegten. Die Nettoumsätze im Direktvertrieb stiegen um 19,9% auf 397,7 Millionen Dollar, und die Nettoumsätze im Großhandel wuchsen um 20,2% auf 913,7 Millionen Dollar. Die Bruttogewinnmarge des Unternehmens verbesserte sich von 53,4% auf 55,9%. Aufgrund der starken Leistungen hob Deckers die Umsatzerwartungen für das Geschäftsjahr 2025 auf etwa 4,8 Milliarden Dollar an und gab die EPS-Prognose auf 5,15-5,25 Dollar an.
- Net sales increased 20.1% to $1.311 billion
- Diluted EPS grew 39% to $1.59
- Gross margin improved to 55.9% from 53.4%
- HOKA brand sales increased 34.7% to $570.9 million
- UGG brand sales grew 13% to $689.9 million
- International sales rose 33% to $457.4 million
- Raised FY2025 guidance for revenue and EPS
- Sanuk brand sales decreased 47.6% to $2.8 million
- Other brands sales (primarily Koolaburra) declined 15.8% to $25.8 million
- SG&A expenses increased to $428.2 million from $358.4 million
Insights
The Q2 results showcase exceptional performance with
Profitability metrics are impressive with gross margin expanding
The raised guidance to
HOKA's transformation into a
The strategic divestiture of Sanuk allows management to focus on core growth drivers. The inventory level increase of
-
SECOND QUARTER FY 2025 REVENUE INCREASED
20% TO$1.31 BILLION -
SECOND QUARTER FY 2025 DILUTED EPS INCREASED
39% TO$1.59 -
FY 2025 REVENUE GUIDANCE RAISED TO APPROXIMATELY
$4.8 BILLION -
FY 2025 DILUTED EPS GUIDANCE RAISED TO RANGE OF
$5.15 -$5.25
“HOKA and UGG produced outstanding second quarter results driven by strong consumer demand for our innovative and unique products,” said Stefano Caroti, President and Chief Executive Officer. “As I step into the CEO role, I'm committed to building on our proven foundation to support growth, guided by our consumer-first mindset, brand-led philosophy, innovation-forward products, and globally driven focus. Our dedicated teams' continued execution of Deckers long-term strategy has our company well-positioned to achieve an increased outlook for fiscal year 2025.”
Second Quarter Fiscal 2025 Financial Review (Compared to the Same Period Last Year)
-
Net sales increased
20.1% to compared to$1.31 1 billion . On a constant currency basis, net sales increased$1.09 2 billion20.4% .-
Channel
-
Direct-to-Consumer (DTC) net sales increased
19.9% to compared to$397.7 million . DTC comparable net sales increased$331.7 million 17.0% . -
Wholesale net sales increased
20.2% to compared to$913.7 million .$760.2 million
-
Direct-to-Consumer (DTC) net sales increased
-
Geography
-
Domestic net sales increased
14.2% to compared to$853.9 million .$748.0 million -
International net sales increased
33.0% to compared to$457.4 million .$343.9 million
-
Domestic net sales increased
-
Channel
-
Gross margin was
55.9% compared to53.4% . -
Selling, general, and administrative (SG&A) expenses were
compared to$428.2 million .$358.4 million -
Operating income was
compared to$305.1 million .$224.6 million -
Diluted earnings per share was
compared to$1.59 . During the quarter, the Company effected a six-for-one forward stock split of its common stock (the stock split), while maintaining the par value of$1.14 per share, per the Company's release on September 13, 2024. The share, per share, and resulting financial amounts in this press release, including prior period metrics, have been adjusted to reflect the effectiveness of the stock split.$0.01
Second Quarter Fiscal 2025 Brand Summary (Compared to the Same Period Last Year)
-
HOKA® brand net sales increased
34.7% to compared to$570.9 million .$424.0 million -
UGG® brand net sales increased
13.0% to compared to$689.9 million .$610.5 million -
Teva® brand net sales increased
2.3% to compared to$22.0 million .$21.5 million -
Sanuk® brand* net sales decreased
47.6% to compared to$2.8 million .$5.4 million -
Other brands, primarily composed of Koolaburra®, net sales decreased
15.8% to compared to$25.8 million .$30.6 million
Balance Sheet (September 30, 2024 as compared to September 30, 2023)
-
Cash and cash equivalents were
compared to$1.22 6 billion .$823.1 million -
Inventories were
compared to$777.9 million .$726.3 million - The Company had no outstanding borrowings.
Capital Allocation
During the second fiscal quarter, the Company repurchased approximately 686 thousand shares of its common stock for a total of
*The Company completed the sale of the Sanuk brand on August 15, 2024. The financial results presented above for the Sanuk brand are through this sale completion date.
Full Fiscal Year 2025 Outlook for the Twelve Month Period Ending March 31, 2025
The Company’s full fiscal year 2025 outlook is forward-looking in nature, reflecting our expectations as of October 24, 2024, and is subject to significant risks and uncertainties that limit our ability to accurately forecast results. This outlook assumes no meaningful changes to the Company’s business prospects or risks and uncertainties identified by management that could impact future results, which include but are not limited to: changes in economic conditions, including consumer confidence, discretionary spending, inflationary pressures, and foreign currency fluctuations; supply chain disruptions; and geopolitical tensions.
-
Net sales are now expected to increase approximately
12% to .$4.8 billion -
Gross margin is now expected to be in the range of
55% to55.5% . -
SG&A expenses as a percentage of net sales are now expected to be approximately
35% . -
Operating margin is now expected to be in the range of
20% to20.5% . -
Effective tax rate is expected to be in the range of
23% to23.5% . -
Diluted earnings per share is now expected to be in the range of
to$5.15 .$5.25 - The earnings per share guidance takes into account the effectiveness of the stock split, but does not take into account the impact from any potential future share repurchases.
Non-GAAP Financial Measures
In certain instances the Company may present financial measures that were not prepared in accordance with generally accepted accounting principles in
The non-GAAP financial measures presented by the Company may not necessarily be comparable to similarly titled measures of other companies and may not be appropriate measures for comparing the performance of other companies relative to Deckers. For example, in order to calculate constant currency information, the Company calculates the current period financial information using the foreign currency exchange rates that were in effect during the previous comparable period, excluding the effects of foreign currency exchange rate hedges and remeasurements in the condensed consolidated financial statements. Further, the Company reports DTC comparable net sales on a constant currency basis for DTC operations that were open throughout the current and prior reporting periods, and may adjust prior reporting periods to conform to current year accounting policies. These non-GAAP financial measures are not intended to represent, and should not be considered to be more meaningful measures than, or alternatives to, measures of operating performance as determined in accordance with GAAP. To the extent the Company utilizes such non-GAAP financial measures in the future, it expects to calculate them using a consistent method from period-to-period.
Conference Call Information
The Company’s conference call to review the results for the second quarter fiscal year 2025 will be broadcast live today, Thursday, October 24, 2024, at 4:30 pm Eastern Time and hosted at ir.deckers.com. You can access the broadcast by clicking on the link within the “Webcast” box at the top of the page. A replay of the broadcast will be available for at least 30 days following the conference call and can be accessed under the “Quarterly Earnings” section of the “Financials” tab at the aforementioned website.
About Deckers Brands
Deckers Brands is a global leader in designing, marketing, and distributing innovative footwear, apparel, and accessories developed for both everyday casual lifestyle use and high-performance activities. The Company’s portfolio of brands includes UGG®, HOKA®, Teva®, Koolaburra®, and AHNU®. Deckers Brands products are sold in more than 50 countries and territories through select department and specialty stores, Company-owned and operated retail stores, and select online stores, including Company-owned websites. Deckers Brands has over 50 years of history building niche footwear brands into lifestyle market leaders attracting millions of loyal consumers globally. For more information, please visit www.deckers.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the
Forward-looking statements represent our management’s current expectations and predictions about trends affecting our business and industry and are based on information available as of the time such statements are made. Although we do not make forward-looking statements unless we believe we have a reasonable basis for doing so, we cannot guarantee their accuracy or completeness. Forward-looking statements involve numerous known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements predicted, assumed or implied by the forward-looking statements. Some of the risks and uncertainties that may cause our actual results to materially differ from those expressed or implied by these forward-looking statements are described in the section entitled “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended March 31, 2024, as well as in our Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission.
Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. Except as required by applicable law or the listing rules of the New York Stock Exchange, we expressly disclaim any intent or obligation to update any forward-looking statements, or to update the reasons actual results could differ materially from those expressed or implied by these forward-looking statements, whether to conform such statements to actual results or changes in our expectations, or as a result of the availability of new information.
DECKERS OUTDOOR CORPORATION AND SUBSIDIARIES
|
|||||||||||||||
|
Three Months Ended September 30, |
|
Six Months Ended September 30, |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Net sales |
$ |
1,311,320 |
|
|
$ |
1,091,907 |
|
|
$ |
2,136,667 |
|
|
$ |
1,767,698 |
|
Cost of sales |
|
578,048 |
|
|
|
508,888 |
|
|
|
933,395 |
|
|
|
838,255 |
|
Gross profit |
|
733,272 |
|
|
|
583,019 |
|
|
|
1,203,272 |
|
|
|
929,443 |
|
Selling, general, and administrative expenses |
|
428,186 |
|
|
|
358,402 |
|
|
|
765,379 |
|
|
|
634,090 |
|
Income from operations |
|
305,086 |
|
|
|
224,617 |
|
|
|
437,893 |
|
|
|
295,353 |
|
Total other income, net |
|
(13,826 |
) |
|
|
(9,700 |
) |
|
|
(30,172 |
) |
|
|
(20,328 |
) |
Income before income taxes |
|
318,912 |
|
|
|
234,317 |
|
|
|
468,065 |
|
|
|
315,681 |
|
Income tax expense |
|
76,591 |
|
|
|
55,770 |
|
|
|
110,119 |
|
|
|
73,582 |
|
Net income |
|
242,321 |
|
|
|
178,547 |
|
|
|
357,946 |
|
|
|
242,099 |
|
Total other comprehensive income (loss), net of tax |
|
10,775 |
|
|
|
(2,117 |
) |
|
|
6,975 |
|
|
|
(10,416 |
) |
Comprehensive income |
$ |
253,096 |
|
|
$ |
176,430 |
|
|
$ |
364,921 |
|
|
$ |
231,683 |
|
|
|
|
|
|
|
|
|
||||||||
Net income per share |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
1.59 |
|
|
$ |
1.14 |
|
|
$ |
2.35 |
|
|
$ |
1.55 |
|
Diluted |
$ |
1.59 |
|
|
$ |
1.14 |
|
|
$ |
2.34 |
|
|
$ |
1.54 |
|
Weighted-average common shares outstanding |
|
|
|
|
|
|
|
||||||||
Basic |
|
152,240 |
|
|
|
156,188 |
|
|
|
152,552 |
|
|
|
156,586 |
|
Diluted |
|
152,778 |
|
|
|
157,070 |
|
|
|
153,127 |
|
|
|
157,503 |
|
DECKERS OUTDOOR CORPORATION AND SUBSIDIARIES
|
|||||
|
September 30, 2024 |
|
March 31, 2024 |
||
ASSETS |
|
|
(AUDITED) |
||
Current assets |
|
|
|
||
Cash and cash equivalents |
$ |
1,225,681 |
|
$ |
1,502,051 |
Trade accounts receivable, net |
|
537,137 |
|
|
296,565 |
Inventories |
|
777,891 |
|
|
474,311 |
Other current assets |
|
160,585 |
|
|
170,556 |
Total current assets |
|
2,701,294 |
|
|
2,443,483 |
Property and equipment, net |
|
319,580 |
|
|
302,122 |
Operating lease assets |
|
217,401 |
|
|
225,669 |
Other noncurrent assets |
|
159,861 |
|
|
164,305 |
Total assets |
$ |
3,398,136 |
|
$ |
3,135,579 |
|
|
|
|
||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
||
Current liabilities |
|
|
|
||
Trade accounts payable |
$ |
536,581 |
|
$ |
378,503 |
Operating lease liabilities |
|
48,662 |
|
|
53,581 |
Other current liabilities |
|
290,397 |
|
|
287,909 |
Total current liabilities |
|
875,640 |
|
|
719,993 |
Long-term operating lease liabilities |
|
209,961 |
|
|
213,298 |
Other long-term liabilities |
|
89,296 |
|
|
94,820 |
Total long-term liabilities |
|
299,257 |
|
|
308,118 |
Total stockholders’ equity |
|
2,223,239 |
|
|
2,107,468 |
Total liabilities and stockholders’ equity |
$ |
3,398,136 |
|
$ |
3,135,579 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241024241758/en/
Investor Contact:
Erinn Kohler | VP, Investor Relations, Corporate Planning & Business Analytics | Deckers Brands | 805.967.7611
Source: Deckers Brands
FAQ
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