Deckers Brands reports first quarter fiscal 2022 financial results

United States
Published:  03 August, 2021
Credit: Hoka One One

The California headquartered footwear and apparel manufacturer has announced financial results for the first fiscal quarter ended June 30, 2021. The company also provided an update to its financial outlook for the full fiscal year ending March 31, 2022.

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%.

Credit: Sanuk