Deckers posts stellar full year on strong Q4, head of performance lifestyle departs

By

Benjamin Fitzgerald

Published
May 20, 2022

Deckers Brands announced on Thursday revenues for the fiscal year 2022 increased 28%, on the back a strong fourth quarter which saw sales at the U.S. footwear group surge by more than 30%.

The Goleta, California-based company said revenues for the fiscal year ending March 31 totalled $3.15 billion, compared to $2.55 billion in fiscal 2021, pushed on the wholesale revenues, up 31% to $1.94 billion and direct-to-consumer sales, up 14% to $1.21 billion for the twelve month period.

By market, domestic sales increased 23% to $2.17 billion, compared to $1.761 billion, while international sales increased 25% to $982.5 million.

By brand, Ugg sales increased 15.4% to $1.982 billion; Hoka brand sales surged 56.1% to $891.6 million; Teva sales increased 17.3% to $162.7 million; and Sanuk brand sales inched forward 3% to $43.1 million. The company's other brands sales decreased 7.5% to $70.9 million.

The stellar finish to the year was upheld by the company's fourth quarter revenues, lifting 31% to $736 million. 

Net income totalled $451.9 million for the full year, compared to $382.6 million in fiscal 2021. Likewise, profits more than doubled in the fourth quarter, with net income totalling $68.8 million, compared to $33.5 million in the prior-year quarter.

"Fiscal year 2022 was another record year for Deckers, as we delivered both revenue and earnings per share growth above twenty percent," said Dave Powers, president and chief executive officer.

"Over the last two years, our portfolio of brands has added more than one billion dollars of revenue, while making progress towards key long-term strategies, and maintaining top-tier levels of profitability, despite navigating unprecedented disruption across the global supply chain.

"I am incredibly proud of our performance over the last couple of years, but with the power of our brands and our people, I am even more excited about the opportunities ahead."

Coinciding with its earnings update, Deckers announced the departure Wendy Yang from her role as president of performance lifestyle, effective as of the end of the month. Yang, who oversaw the Hoka and Teva brands, will be replaced temporarily by Stefano Caroti, president of omni-channel, while the company undergoes a search to replace the executive.