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Deckers Brands Reports Record FY 2024 Financial Results, Provides FY 2025 Guidance
GOLETA, Calif.--(PRNewswire)-- Deckers Brands (NYSE: DECK), a global leader in innovative footwear, apparel, and accessories, announced exceptional financial results for the fourth fiscal quarter and full fiscal year ended March 31, 2024. The company also provided its financial outlook for the upcoming fiscal year ending March 31, 2025. Following the announcement, Deckers Brands' stock price surged by 8.11% in after-market trading.
FY 2024 Financial Highlights
- Revenue: Increased 18% to a record $4.29 billion.
- Diluted Earnings Per Share (EPS): Increased 51% to a record $29.16.
- Gross Margin: Improved to 55.6% from 50.3%.
- Operating Income: Rose to $927.5 million from $652.8 million.
- Cash and Cash Equivalents: $1.502 billion, up from $981.8 million.
- Inventories: Decreased to $474.3 million from $532.9 million.
- Stock Repurchase: Repurchased approximately 715 thousand shares for $414.9 million at an average price of $580.44 per share.
Q4 FY 2024 Financial Highlights
- Net Sales: Increased 21.2% to $959.8 million.
- Domestic Sales: Increased 19.4% to $647.7 million.
- International Sales: Increased 25.2% to $312.0 million.
- Direct-to-Consumer (DTC) Net Sales: Increased 21% to $415.2 million.
- Wholesale Net Sales: Increased 21.4% to $544.6 million.
- Operating Income: $144.3 million, up from $105.9 million.
- Diluted EPS: $4.95, up from $3.46.
- Gross Margin: Improved to 56.2% from 50%.
Brand Performance
- HOKA®: Net sales increased 34% to $533.0 million.
- UGG®: Net sales increased 14.9% to $361.3 million.
- Teva®: Net sales decreased 15.6% to $53.0 million.
- Sanuk®: Net sales decreased 39.1% to $6.5 million.
- Other Brands: Flat at approximately $6.0 million.
Full Fiscal Year 2024 Brand Summary
- HOKA®: Net sales increased 27.9% to $1.807 billion.
- UGG®: Net sales increased 16.1% to $2.239 billion.
- Teva®: Net sales decreased 18.9% to $148.5 million.
- Sanuk®: Net sales decreased 33% to $25.4 million.
- Other Brands: Net sales increased 5.9% to $67.9 million.
FY 2025 Guidance
Deckers Brands provided an optimistic outlook for fiscal year 2025:
- Net Sales: Expected to increase approximately 10% to $4.7 billion.
- Gross Margin: Expected to be approximately 53.5%.
- SG&A Expenses: Approximately 34% of net sales.
- Operating Margin: Expected to be approximately 19.5%.
- Effective Tax Rate: Expected to be between 22% and 23%.
- Diluted EPS: Projected to be in the range of $29.50 to $30.00.
CEO and CFO Commentary
"Deckers achieved record results during fiscal year 2024, as we delivered revenue growth of 18% and increased earnings per share by 51%," said Dave Powers, President and CEO of Deckers Brands. "HOKA and UGG remain two of the most admired and well-positioned brands in the marketplace."
Steve Fasching, CFO of Deckers Brands, added, "Our record results demonstrate the exceptional demand for our brands and the strength of Deckers' nimble operating model, delivering industry-leading financial performance."
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