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DECKERS BRANDS REPORTS THIRD QUARTER FISCAL 2024 FINANCIAL RESULTS
- THIRD QUARTER FY 2024 REVENUE INCREASED 16% TO A RECORD $1.56 BILLION
- THIRD QUARTER FY 2024 DILUTED EPS INCREASED 44% TO A RECORD $15.11
- FY 2024 REVENUE GUIDANCE RAISED TO APPROXIMATELY $4.15 BILLION, 14% ABOVE PRIOR YEAR
- FY 2024 DILUTED EPS GUIDANCE RAISED TO RANGE OF $26.25-$26.50, APPROXIMATELY 36% ABOVE PRIOR YEAR
GOLETA, Calif., Feb. 1, 2024 /PRNewswire/ — Deckers Brands (NYSE: DECK), a global leader in designing, marketing, and distributing innovative footwear, apparel, and accessories, today announced financial results for the third fiscal quarter ended December 31, 2023. The Company also provided an update to its financial outlook for the full fiscal year ending March 31, 2024.
“Our brands delivered Deckers’ largest quarter in history, with record revenue and earnings as both HOKA and UGG drove exceptional performance in the quarter, led by our DTC channel and high levels of full price selling,” said Dave Powers, President and Chief Executive Officer. “Global gains in awareness, combined with elevated consumer connections and innovative product offerings, continued to drive unparalleled demand for our brands. This, coupled with our disciplined operating approach, dedicated focus on marketplace management and fortified balance sheet, puts Deckers in a position of strength as we enter our last fiscal quarter of 2024. We believe HOKA and UGG are two of the healthiest brands in the industry and we remain focused on executing against our strategic initiatives to drive long-term future success.”
Third Quarter Fiscal 2024 Financial Review (Compared to the Same Period Last Year)
- Net sales increased 16.0% to $1.560 billion compared to $1.346 billion. On a constant currency basis, net sales increased 15.1%.
- Channel
- Direct-to-Consumer (DTC) net sales increased 22.7% to $858.1 million compared to $699.3 million. DTC comparable net sales increased 21.8%.
- Wholesale net sales increased 8.6% to $702.2 million compared to $646.3 million.
- Geography
- Domestic net sales increased 15.6% to $1.048 billion compared to $906.8 million.
- International net sales increased 16.7% to $511.9 million compared to $438.8 million.
- Channel
- Gross margin was 58.7% compared to 53.0%.
- Selling, general, and administrative (SG&A) expenses were $428.7 million compared to $349.9 million.
- Operating income was $487.9 million compared to $362.7 million.
- Diluted earnings per share was $15.11 compared to $10.48.
Third Quarter Fiscal 2024 Brand Summary (Compared to the Same Period Last Year)
- UGG® 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.
Balance Sheet (December 31, 2023 as compared to December 31, 2022)
- Cash and cash equivalents were $1.651 billion compared to $1.058 billion.
- Inventories were $539.0 million compared to $723.4 million.
- The Company had no outstanding borrowings.
Stock Repurchase Program
During the third fiscal quarter, the Company repurchased approximately 196 thousand shares of its common stock for a total of $99.7 million at a weighted average price paid per share of $507.95. As of December 31, 2023, the Company had approximately $1.046 billion remaining under its stock repurchase authorization.
Full Fiscal Year 2024 Outlook for the Twelve Month Period Ending March 31, 2024
The Company’s full fiscal year 2024 outlook is forward-looking in nature, reflecting our expectations as of February 1, 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 and discretionary spending, inflationary pressures, and foreign currency fluctuation; geopolitical tensions; and supply chain disruptions, constraints and related expenses.
- Net sales are now expected to be approximately $4.15 billion.
- Gross margin is now expected to be approximately 54.5%.
- SG&A expenses as a percentage of net sales are now expected to be approximately 34.5%.
- Operating margin is now expected to be approximately 20%.
- Effective tax rate is now expected to be approximately 22%.
- Diluted earnings per share is now expected to be in the range of $26.25 to $26.50.
- The earnings per share guidance does not assume any impact from 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 United States (non-GAAP financial measures), including constant currency, to provide information that may assist investors in understanding its financial results and assessing its prospects for future performance. The Company believes these non-GAAP financial measures are important indicators of its operating performance because they exclude items that are unrelated to, and may not be indicative of, its core operating results.
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 third quarter fiscal year 2024 will be broadcast live today, Thursday, February 1, 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®, Sanuk®, and Koolaburra®. 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 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 U.S. Private Securities Litigation Reform Act of 1995, which statements are subject to considerable risks and uncertainties. Forward-looking statements include all statements other than statements of historical fact contained in this press release, including statements regarding our projected financial results, including net sales, gross margin, SG&A expenses, operating margin, inventories, effective tax rate, and diluted earnings per share; consumer confidence and discretionary spending; the strength of our brands and demand for our products; our ability to drive future growth and profitability; our ability to execute on our long-term strategies and objectives; and our potential repurchase of shares. We have attempted to identify forward-looking statements by using words such as “anticipate,” “believe,” “estimate,” “intend,” “may,” “plan,” “predict,” “project,” “should,” “will,” or “would,” and similar expressions or the negative of these expressions.Â
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, 2023, as well as in our Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission.Â
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.
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DECKERS OUTDOOR CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (dollar and share data amounts in thousands, except per share data) |
|||||||
|
Three Months Ended December 31, |
Nine Months Ended December 31, |
||||||
|
2023 |
2022 |
2023 |
2022 |
||||
|
Net sales |
$Â Â Â Â Â Â Â Â Â Â 1,560,307 |
$Â Â Â Â Â Â Â Â Â Â 1,345,640 |
$Â Â Â Â 3,328,005 |
$Â Â Â Â 2,835,715 |
|||
|
Cost of sales |
643,738 |
633,111 |
1,481,993 |
1,406,513 |
|||
|
Gross profit |
916,569 |
712,529 |
1,846,012 |
1,429,202 |
|||
|
Selling, general, and administrative expenses |
428,670 |
349,869 |
1,062,760 |
882,370 |
|||
|
Income from operations |
487,899 |
362,660 |
783,252 |
546,832 |
|||
|
Total other income, net |
(11,154) |
(2,644) |
(31,482) |
(4,392) |
|||
|
Income before income taxes |
499,053 |
365,304 |
814,734 |
551,224 |
|||
|
Income tax expense |
109,134 |
86,642 |
182,716 |
126,189 |
|||
|
Net income |
389,919 |
278,662 |
632,018 |
425,035 |
|||
|
Total other comprehensive income (loss), net of tax |
7,077 |
12,086 |
(3,339) |
(15,321) |
|||
|
Comprehensive income |
$Â Â Â Â Â Â Â Â Â Â Â Â Â 396,996 |
$Â Â Â Â Â Â Â Â Â Â Â Â Â 290,748 |
$Â Â Â Â Â Â 628,679 |
$Â Â Â Â Â Â 409,714 |
|||
|
Net income per share |
|||||||
|
Basic |
$Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 15.19 |
$Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 10.55 |
$Â Â Â Â Â Â Â Â Â Â 24.35 |
$Â Â Â Â Â Â Â Â Â Â 16.00 |
|||
|
Diluted |
$Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 15.11 |
$Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 10.48 |
$Â Â Â Â Â Â Â Â Â Â 24.20 |
$Â Â Â Â Â Â Â Â Â Â 15.90 |
|||
|
Weighted-average common shares outstanding |
|||||||
|
Basic |
25,664 |
26,418 |
25,953 |
26,570 |
|||
|
Diluted |
25,811 |
26,586 |
26,114 |
26,740 |
|||
|
DECKERS OUTDOOR CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (dollar amounts in thousands) |
|||
|
December 31, 2023 |
March 31, 2023 |
||
|
ASSETS |
(AUDITED) |
||
|
Current assets |
|||
|
Cash and cash equivalents |
$Â Â Â Â Â Â Â Â Â Â 1,650,802 |
$Â Â Â Â Â Â Â Â Â Â Â Â Â 981,795 |
|
|
Trade accounts receivable, net |
331,677 |
301,511 |
|
|
Inventories |
538,963 |
532,852 |
|
|
Other current assets |
127,412 |
94,095 |
|
|
Total current assets |
2,648,854 |
1,910,253 |
|
|
Property and equipment, net |
300,815 |
266,679 |
|
|
Operating lease assets |
232,179 |
213,302 |
|
|
Other noncurrent assets |
165,611 |
165,969 |
|
|
Total assets |
$Â Â Â Â Â Â Â Â Â Â 3,347,459 |
$Â Â Â Â Â Â Â Â Â Â 2,556,203 |
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|||
|
Current liabilities |
|||
|
Trade accounts payable |
$Â Â Â Â Â Â Â Â Â Â Â Â Â 507,161 |
$Â Â Â Â Â Â Â Â Â Â Â Â Â 265,605 |
|
|
Operating lease liabilities |
51,124 |
50,765 |
|
|
Other current liabilities |
369,157 |
181,010 |
|
|
Total current liabilities |
927,442 |
497,380 |
|
|
Long-term operating lease liabilities |
222,867 |
195,723 |
|
|
Other long-term liabilities |
92,960 |
97,367 |
|
|
Total long-term liabilities |
315,827 |
293,090 |
|
|
Total stockholders’ equity |
2,104,190 |
1,765,733 |
|
|
Total liabilities and stockholders’ equity |
$Â Â Â Â Â Â Â Â Â Â 3,347,459 |
$Â Â Â Â Â Â Â Â Â Â 2,556,203 |
|
SOURCE Deckers Brands
The spotlight next week will shift somewhat to the Federal Reserve’s second-quarter earnings season and monetary policy. Market watchers will be treated to results from several major names, including Dow 30 components Goldman Sachs (GS), UnitedHealth (UNH), Johnson & Johnson (JNJ) and American Express (AXP), along with streaming giant Netflix (NFLX).
The Fed will still attract some attention as investors will be eager to hear from a packed lineup of central bank speakers just before the policy meeting lockout period.
In terms of the economic calendar, after fifteen days of labor market and inflation indicators, activity data will gain momentum in the form of the latest retail sales and industrial production reports.
Earnings Highlight: Monday, July 15 – Goldman Sachs (GS) and BlackRock (Black). See the full earnings calendar.
Earnings Highlight: Tuesday, July 16 – UnitedHealth (UNH), Bank of America (BAC), Progressive (PGR), Morgan Stanley (IN), PNC Financial (PNC) and JB Hunt Transport (JBHT). See the full earnings calendar.
Earnings Highlight: Wednesday, July 17 – Johnson & Johnson (JNJ), US Bancorp (USB), Morgan Children (KMI), United Airlines (UAL) and Ally Financial (ALLY). See the full earnings calendar.
Earnings Highlight: Thursday, July 18 – Netflix (NFLX), Abbott Laboratories (ABT), Black stone (BX), Domino’s pizza (ZDP) and Taiwan Semiconductor Manufacturing (TSM). See the full earnings calendar.
Earnings Highlight: Friday, July 19 – American Express (AXP), Halliburton (THANKS) and Travelers (VRT (return to recoverable value)) See the full earnings calendar.
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Police cars outside the residence of Thomas Matthew Crooks, the suspected shooter at a Trump rally on Saturday, investigate the area in Pennsylvania. Following the incident, one rally attendee was killed, two rally attendees are in critical condition and Donald Trump suffered a non-fatal gunshot wound. The shooter is dead after being shot dead by the United States Secret Service. (Photo by Kyle Mazza/Anadolu via Getty Images)
Investors will initially favor traditional safe-haven assets and may lean toward trades more closely tied to former President Donald Trump’s chances of winning the White House after he survived an assassination attempt, according to market watchers.
“There will undoubtedly be some protectionist or safe-haven flows into Asia early this morning,” said Nick Twidale, chief market analyst at ATFX Global Markets. “I suspect gold could test all-time highs, we’ll see the yen being bought and the dollar, and flows into Treasuries as well.”
Early market commentary suggested Trump’s shooting at a rally in Pennsylvania on Saturday could also prompt traders to increase his likelihood of success in the November election. His support for looser fiscal policy and higher tariffs is generally seen as likely to benefit the dollar and weaken Treasuries.
An indicator of market sentiment heading into the weekend: Bitcoin surged above $60,000, likely reflecting Trump’s pro-crypto stance.
Other assets positively linked to the so-called Trump trade include stocks of energy companies, private prisons, credit card companies and health insurers.
Traders will also be closely watching market measures of expected volatility on Monday, such as those in the tariff-sensitive Chinese yuan and Mexican peso, which have begun to price in the U.S. vote.
Trump said he was shot in the right ear after a shooting at his rally. His campaign said in a statement that he was “fine” after the incident, which prompted him to rush off the stage.
“Currencies will be the first major market on Monday in Asia to react to the weekend’s shots. There’s potential for extra volatility, and getting a clear reading could be especially difficult because liquidity will be hurt by Japan’s national holiday,” said Garfield Reynolds, Asia team leader for Bloomberg Markets Live.
Strategists had already expected a volatile run-up to the election, particularly as Democrats are still agonizing over President Joe Biden’s candidacy after his poor performance in last month’s debate raised questions about his age. Investors were also grappling with the possibility that the election could end in a drawn-out dispute or political violence.
But there is little precedent for events like those in Pennsylvania. When President Ronald Reagan was shot four decades ago, the stock market plunged before closing early. The next day, March 31, 1981, the S&P 500 rose more than 1% and benchmark 10-year Treasury yields fell 9 basis points to 13.13%, according to data compiled by Bloomberg.
Bond investors should pay particular attention as the attack is likely to boost Trump’s election chances and ultimately lead to concerns about the fiscal outlook, according to Marko Papic, chief strategist at California-based BCA Research Inc.
“The bond market must at some point become aware of President Trump’s greater chances of winning the White House than any of his rivals,” Papic wrote. “And I continue to believe that as his chances increase, so too must the likelihood of a bond market revolt.”
Kyle Rodda, senior financial markets analyst at Capital.com, said he was seeing client flows into Bitcoin and gold following the shooting.
“This news marks a turning point in American policy norms,” he said. “For markets, it means safe-haven trades, but more tilted toward non-traditional safe-havens.”
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Jio Financial share price: Should you buy this Reliance group stock on Monday ahead of Q1 FY2024 results?
Q1 2024 Results: Jio Financial Share Price will be in focus on Monday as the Reliance Group company has a fixed board meeting on July 15, 2024 to consider and approve the company’s unaudited standalone and consolidated financial results. Trust Group company informed about the Q1 2024 Results date on Wednesday last week via an exchange filing. According to stock market experts, Jio Financial Services Limited is poised to deliver impressive Q1 results for FY25 on solid operating income. They have forecast a healthy QoQ PAT for the company in Q1 FY25.
Jio Financial Services News
Speaking on the Jio Financial Services Q1 2024 results, Manish Chowdhury, Head of Research, StoxBox, said, “We believe Jio Financial Services is poised to deliver impressive results in Q1FY25 aided by its operating income, which is likely to show robust growth driven by strong investment income, which in turn should lead to healthy PAT growth on a sequential basis. Jio Financial Services continues to make strategic moves such as launching digital products and expanding its ecosystem, with a clear focus on future growth. The company has announced plans to introduce products for lending against stocks and mutual funds, leveraging Jio’s large user base, which could be a significant growth driver in the coming quarters.”
“Furthermore, with the NBFC receiving RBI approval to become a primary investment company, Jio Financial Services is well-positioned to unlock value from its investments. Overall, we expect the company to report robust numbers in the upcoming quarter,” the StoxBox expert added.
Jio Financial Stock Target Price
Speaking about the technical outlook of Jio Financial share price, Ganesh Dongre, Senior Manager, Technical Research at Anand Rathi, said, “Jio Financial Services share price is poised to make a fresh high at the ₹260 apiece level. If the stock breaks above this mark, the Reliance Group stock could make a fresh high by touching the ₹290-₹295 zone. Hence, those with Jio Finance stock in their portfolio are advised to stick to the script by keeping a stop loss at ₹205. If the stock breaks above ₹260 decisively, then one can upgrade the stop loss at ₹240 for the near-term target of ₹295.”
On the advice to new buyers regarding Jio Financial stock, Ganesh Dongre said, “New buyers are advised to wait for the breakout. Once the stock breaks above â‚ą260, one can buy this Reliance Group stock at the short term target of â‚ą295, keeping a stop loss of â‚ą240 apiece.”
Disclaimer: The views and recommendations made above are those of individual analysts or brokerage firms, and not of Mint. Investors are advised to consult with certified experts before making any investment decisions.
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DeFi6 months agoIs Zypto Wallet a Reliable Choice for DeFi Users?
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Fintech6 months agoFinTech LIVE New York: Mastercard and the Power of Partnership
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News8 months agoSalesforce Q1 2025 Earnings Report (CRM)
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DeFi6 months agoEthena downplays danger of letting traders use USDe to back risky bets – DL News
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News8 months agoThink Finance Loan Repayment Scam Victims to Get $384 Million
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ETFs9 months agoGold ETFs see first outing after March 2023 at â‚ą396 cr on profit booking
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Videos8 months ago“We will enter the ‘banana zone’ in 2 WEEKS! Cryptocurrency prices will quadruple!” – Raoul Pal
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Videos9 months agoPREPARE! Millions of People Will Buy Bitcoin When the “ULTIMATE COLLAPSE” Begins in 2024 – Larry Lepard