In its financial results for the fourth quarter and fiscal year 2024, Deckers Brands announced record net sales and notable growth across major brands, including HOKA and UGG.
This website, The Tokenist, and its creator, Tim Fries, do not provide financial advice. Before making any financial choices, please review our website policy.
For the fiscal year ending March 31, 2024, Deckers Brands (NYSE: DECK) released its financial results for the fourth quarter. Net sales hit a new high, and the company’s most important brands—HOKA and UGG—saw substantial increase.
Total sales for the whole fiscal year 2024 were $4.288 trillion, a rise of 18.2% from the previous year. International net sales were $1.424 billion, a rise of 21.1%, while domestic net sales reached $2.864 billion, an increase of 16.8%. Sales to wholesalers increased 12.6% to $2.432 billion, while sales to consumers increased 26.5% to $1.855 billion.
Net sales for the HOKA brand increased 27.9% to $1.807 billion, continuing the company’s impressive development trajectory. With a net sales increase of 16.1% to $2.239 billion, UGG also saw substantial growth. Net sales for Sanuk fell 33% and 18.9%, respectively, while Teva had difficulties. Net sales for other brands, mostly Koolaburra, increased by a small margin of 5.9%.
Among the most important financial indicators, gross margin increased to 55.6% from 50.3% the year before. While operational revenue grew to $927.5 million, SG&A costs climbed to $1.458 billion. After coming in at $19.37 in the prior fiscal year, diluted earnings per share surged to $29.16 this year.
Cash and equivalents increased to $1.502 billion from $981.8 million the prior year, indicating that Deckers Brands’ financial sheet remained healthy. The company’s inventory hit $474.3 million, and as of March 31, 2024, there were no outstanding borrowings.
Deckers repurchased about 119,000 shares in the fourth quarter for $104.3 million, or $875.01 per share on average. At an average price of $580.44 per share, the corporation repurchased about 715 thousand shares for $414.9 million for the whole fiscal year. About $941.7 million remained in the authorization to buy shares as of March 31, 2024.
As of 12:19 PM EDT on the day of the results announcement, Deckers Brands’ stock was trading at $1,029.08, demonstrating the firm’s excellent performance. With an average trading volume of 260,000 shares, the company’s market value is $26.415 billion.
The impressive returns shown by the stock’s comparative performance are as follows: 53.95% year-to-date, 129.30% 1-year, 206.49% 3-year, and 598.11% 5-year. In comparison to the S&P 500 index, these returns are much better throughout all time intervals.
Also Read: United States courts will resolve disputes regarding the Coinbase Dogecoin sweepstakes
