Q1 fiscal overview 2022
Net sales increased 78.2% to US$504.7 million compared to US$283.2 million in fiscal 2021. On a constant currency basis, net sales increased 76.1%. Gross margin was 51.6% compared to 50.3% year-on-year. Operating income was US$61.8 million compared to a loss of US$7.7 million for the same period of fiscal 2021.
Domestic net sales for the first quarter increased 82.3% to US$336.1 million compared to US$184.3 million for the same period in fiscal 2021. International net sales for the first quarter increased 70.5% to US$168.6 million compared to US$98.9 million year-on-year.
Brands summary
The Ugg brand net sales for the first quarter increased 70.8% to US$213 million compared to US$124.7 million for the same period in fiscal 2021. Hoka One One net sales for the first quarter increased 95.5% to US$213.1 million compared to US$109 million year-on-year. The Teva brand net sales for the first quarter increased 65.9% to US$58.5 million compared to US$35.2 million for the same period last year. Sanuk brand net sales for the first quarter increased 13.7% to US$15 million compared to US$13.2 million year-on-year. For other brands, primarily composed of Koolaburra, net sales for the first quarter increased 435.9% to US$5 million compared to US$0.9 million for the same period last year.
Full year outlook
Net sales are now expected to be in the range of US$3.01 billion to US$3.06 billion.
Gross margin is now expected to be slightly below 53%. Operating margin is still expected to be in the range of 17.5% to 18%.
