Deckers Beats Q3 Estimates, Releases FY24 Guidance, Announces CEO Succession Plan, Shares Gain After-Hours – Deckers Outdoor (NYSE:DECK)

Deckers Outdoor Corp BRIDGE Shares traded higher in the after-hours session on Thursday after the company reported better-than-expected third-quarter financial results and issued guidance. Here’s what you need to know

The details: Deckers reported third-quarter earnings of $15.11 per share, beating the Street estimate of $11.48, a 44% increase from earnings of $10.48 per share in the same period last year.

Revenues of $1.560 billion beat analysts’ estimates of $1.448 billion, marking growth of 16.0% from $1.346 billion in the same period last year.

Among the company’s brands, HOKA brand net sales shone the brightest, rising 21.9% to $429.3 million, up from $352.1 million year-over-year.

Additionally, gross margin was 58.7% for the quarter, compared to 53.0% year over year.

Deckers reported full-year 2024 adjusted earnings of $26.25 to $26.50 per share and revenue of approximately $4.15 billion. Additionally, gross margin is now estimated at approximately 54.5%.

“Our brands delivered the largest quarter in Deckers history, with record revenues and earnings, as both HOKA and UGG achieved exceptional performance in the quarter, driven by our DTC channel and high levels of full-price sales” , he has declared Dave PowersPresident and CEO.

“Global increases in awareness, combined with elevated consumer connections and innovative product offerings, have continued to drive unprecedented demand for our brands. This, combined with our disciplined operational approach, dedicated focus on managing market and strengthened balance sheet, puts Deckers in a strong position as we enter our final fiscal quarter of 2024.”

It’s also worth noting that the company has announced that the CEO will be retiring, effective August 1st Stefano Caroti will become president and CEO.

DECK Price Action: According to Benzinga Pro, Deckers shares rose 4.87% to $810.50 in the after-hours session at the time of publication on Thursday.

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