Deckers’ first quarter results led by Hoka

Worldwide
Published:  09 August, 2022
Credit: Hoka

Deckers Brands has released its financial results for the first quarter of fiscal 2023, with the Hoka brand reporting leading growth of 54.9%.

Net sales for the company in the first quarter increased by 21.8% to US$614.5 million year-on-year, with a gross margin of 48%.

Wholesale net sales increased by 24.7% in the period to US$429.4 million, while direct-to-consumer (DTC) net sales grew by 15.4% to US$185.1 million.

Domestic net sales for Deckers, in the U.S., increased 14.4% to US$384.5 million, while international net sales increased by 36.4% to US$229.9 million.

In the first quarter of 2023, Hoka brand net sales increased by 54.9% to US$330 million. Ugg saw net sales fall by 2.4% to US$207.9 million, while Teva brand net sales increased by 2% to US$59.6 million and Sanuk net sales fell by 5.9% to US$14.2 million.

For other brands, primarily composed of Koolaburra, net sales decreased by 45.3% to US$2.7 million.

Looking forward to the full 2023 fiscal year, ending March 31, 2023, Deckers Brands is expecting net sales in the range of US$3.45-3.5 billion, with a gross margin around 51.5%.

"Fiscal year 2023 is off to a solid start, with Hoka driving strong growth, propelling the brand to eclipse the billion-dollar milestone over the trailing 12-month period," said Dave Powers, President and CEO.

"The Hoka brand's speed to achieve this feat is exciting, especially as the brand's increasing penetration to our portfolio benefits Deckers' overall quarterly financial and operational performance."