Deckers Reports Strong Q1 Beat, Provides Guidance, Shares Up 5%

Deckers Brands (NYSE: DECK) shares rose around 5% after-hours Thursday following the company’s reported Q1 results, with EPS of $1.66 coming in better than the consensus estimate of $1.25. Revenue grew 21.8% year-over-year (up 23.5% on a constant currency basis) to $614.5 million, compared to the consensus estimate of $567.34 million.

Wholesale net sales grew 24.7% year-over-year to $429.4 million, and Direct-to-Consumer (DTC) net sales grew 15.4% year-over-year to $185.1 million. Comparable DTC net sales grew 14.9% year-over-year.

According to Dave Powers, President and CEO of the company, the fiscal year 2023 is off to a solid start, with HOKA driving strong growth, achieving a one-billion-dollar revenue milestone on trailing twelve months.

The company expects the full 2023-year EPS in the range of $17.50-$18.35, compared to the consensus of $17.98, and revenue in the range of $3.45-3.5 million, compared to the consensus of $3.49 million.

The company’s Board of Directors has approved an increase of $1.2 billion to its stock repurchase authorization, which brings the company's total outstanding authorization to approximately $1.5 billion.

By Davit Kirakosyan

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