Deckers Outdoor Beats On Earnings As Hoka Shoe Sales Rise 34%
(MENAFN- Baystreet) Deckers Outdoor's stock is up 8% after the company reported first-quarter financial results that crushed Wall Street forecasts.
The maker of Hoka running shoes, Teva sandals and Ugg boots reported earnings per share of $4.95 U.S., surpassing the consensus analyst estimate of $2.90 U.S.
Revenue in the January through March quarter totaled $959.8 million U.S., beating estimates of $885.04 million U.S.
The company has achieved consistent double-digit revenue growth over the last four years and a more than threefold increase in its earnings per share.
The strong results were driven by a 34% sales surge in Hoka running shoes. The UGG brand of shoes saw its sales increase 14.9%.
However, the sales gains in the Hoka and Ugg brands were partly offset by a 15.6% year-over-year decline in sales of Teva sandals.
In terms of guidance, Deckers Outdoor forecast revenue growth of 10% to $4.7 billion U.S. for the full fiscal year, which is slightly above analysts' consensus view of $4.69 billion U.S.
Deckers also forecast full-year EPS of $29.50 U.S. to $30 U.S., which was inline with Wall Street's outlook.
At the end of the first quarter, Deckers had $1.50 billion U.S. of cash on hand and no debt.
Prior to today (May 24), the stock of Deckers Outdoor had risen 105% over the last 12 months and was trading at $904.65 U.S. per share.
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