Deckers Outdoor Corp. mentioned success of its Ugg boots and Hoka trainers drove it to its strongest revenue and income quarter in its historical past, as long-time Chief Executive Dave Powers introduced his retirement throughout a time of energy for the retailer.
Deckers Outdoor additionally boosted its 2024 outlook after its third-quarter adjusted earnings of $15.11 a share soundly beat the FactSet consensus estimate of $11.49 a share.
Third-quarter income rose 16% to a income of $1.56 billion, properly above the analyst estimate of $1.45 billion. Its Ugg model booked a 15% gross sales soar to $1.07 billion, Hoka jumped 21.9% to $429.3 million, whereas Teva fell 16.2% to $25.6 million.
Deckers Outdoor’s inventory
DECK,
rose by 7.8% in premarket buying and selling on Friday.
The firm additionally named insider Stefano Caroti, who’s at present chief industrial officer, its chief govt officer, efficient Aug. 1. Caroti counts 32 years within the business and has labored at Decker Outdoor for greater than eight years, together with interim president of Hoka.
“We have experienced explosive growth driven by incredible — and still increasing — brand heat across Ugg and Hoka,” mentioned Powers, who joined the corporate 12 years in the past.
Chairman Mike Devine mentioned Powers “has fostered each of our brands so that they have become consumer favorites, capitalizing on market trends and dramatically increasing shareholder value throughout his tenure.”
Powers will stay on the corporate’s board till its 2025 annual assembly.
Digging into its third-quarter outcomes and outlook, Deckers Outdoor mentioned it now expects 2024 earnings of $26.25 a share to $26.50 a share, forward of the analyst estimate of $26.21 a share.
Deckers Outdoor additionally projected 2024 income of $4.15 billion, in comparison with the analyst estimate of $4.17 billion.
Third-quarter internet earnings rose to $389.92 million, or $15.11 a share, from $290.75 million, or $10.48 a share, within the year-ago quarter.
The firm reported outcomes after the closing bell on Thursday.
Prior to Friday’s inventory strikes, Deckers Outdoor’s inventory has risen by 86.5% up to now yr, in comparison with an 18.6% soar by the S&P 500
SPX.
Source web site: www.marketwatch.com
