Shares for Deckers Brands were up over 8 percent in after-hours trading on Thursday as the footwear company wrapped up fiscal 2024 on a high note.
The Goleta, Calif.-based footwear company reported net sales in the fourth quarter of 2024 increased 21.2 percent to $959.8 million compared to $791.6 million the same time last year. Net income in the period was $127.5 million, up from $91.8 million in the same quarter last year.
Deckers also saw a bump in its direct-to-consumer channel, reporting an increase of 21 percent to $415.2 million compared to $343.1 million in Q4 of fiscal 2023. Wholesale net sales for Q4 were up 21.4 percent to $544.6 million compared to $448.4 million the same time last year.
By brand, Hoka saw the largest increase in sales in the fourth quarter, reporting a 34 percent rise to $533.0 million compared to $397.7 million in Q4 2023. Ugg also continued its winning streak in the period, posting net sales of $361.3 million, a 14.9 percent increase from $314.3 million last year.
Watch on FN
Teva and Sanuk, the latter of which the company announced plans to divest late last year, did not fare as well this quarter. In Q4, Teva saw a 15.6 percent decline in net sales to $53.0 million compared to $62.8 million the same time last year. Sanuk reported a 39.1 percent drop in net sales to $6.5 million in the period compared to $10.7 million last year. Other brands division, primarily composed of Koolaburra, reported net sales were approximately flat at $6.0 million in Q4.
As far as the full fiscal year 2024, Deckers reported net sales increased 18.2 percent to $4.288 billion compared to $3.627 billion in fiscal 2023. Net income for the year was $759.6 million, up from $516.8 million last year.
By channel, Deckers’ direct-to-consumer saw net sales increase 26.5 percent in fiscal 2024 to $1.855 billion compared to $1.467 billion the prior year. Wholesale net sales for the year were up 12.6 percent to $2.432 billion compared to $2.161 billion in 2023.
Hoka came out on top again for the year, with net sales in fiscal 2024 of $1.807 billion, a 27.9 percent increase from $1.413 billion in 2023. Ugg also saw its net sales for the year increase by 16.1 percent to $2.239 billion compared to $1.929 billion the prior year. Also on the positive side for the year, Deckers’ other brands division, primarily composed of Koolaburra, saw net sales up 5.9 percent to $67.9 million compared to $64.1 million.
Teva wrapped up the year down 18.9 percent to $148.5 million compared to $183.1 million, while Sanuk reported a 33.0 drop in net sales in 2024 to $25.4 million compared to $38.0 million last year.
Deckers president and chief executive officer Dave Powers said in a statement on Thursday that this year’s performance reflects a “continued dedication” to maintain “exceptional levels” of profitability as the company’s brands scale. “Hoka and Ugg remain two of the most admired and well-positioned brands in the marketplace, each with a robust innovation product pipeline designed to win with global consumers,” Powers noted. “Looking forward, our talented teams are highly motivated to continue driving towards the long-term opportunities of these iconic brands.”
As far as fiscal 2025, Deckers is expecting net sales for the year to increase approximately 10 percent to $4.7 billion, with diluted earnings per share expected to be in the range of $29.50 to $30.00.
