Deckers Outdoor beats by $3.63, beats on revs; guides FY24 EPS above consensus, revs in-line
- Reports Q3 (Dec) earnings of $15.11 per share, $3.63 better than the FactSet Consensus of $11.48; revenues rose 16.0% year/year to $1.56 bln vs the $1.45 bln FactSet Consensus.
- GG brand net sales increased 15.2% to $1.072 billion compared to $930.4 million.
- HOKA brand net sales increased 21.9% to $429.3 million compared to $352.1 million.
- Teva brand net sales decreased 16.2% to $25.6 million compared to $30.5 million.
- Sanuk brand net sales decreased 28.9% to $4.0 million compared to $5.6 million.
- Other brands, primarily composed of Koolaburra, net sales increased 10.0% to $29.6 million compared to $26.9 million.
- Co issues guidance for FY24, sees EPS of $26.25-26.50 vs. $24.18 FactSet Consensus; sees FY24 revs of ~$4.15 bln vs. $4.1 bln FactSet Consensus.
- Gross margin is now expected to be approximately 54.5%.
- Operating margin is now expected to be approximately 20%.
- The knock on DECK over the years has been that it has been a one trick pony, with just the Ugg brand. However, Hoka (running shoes) has been emerging as that long-awaited second star in DECK's arsenal and helps smooth out DECK's seasonality. It is now DECK's second largest brand and its fastest grower. Its other brands are smaller: Teva (sandals, boots), Sanuk (sandals) and Koolaburra (sheepskin footwear).
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