Deckers Outdoor Stock Jumps. Thank Strong UGG Sales for That.

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Global UGG revenue increased 15% from last year to $1.9 billion.

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Jamie McCarthy/Getty Images for UGG

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Shares of Deckers Outdoor jumped nearly 15% in premarket trading, after posting both revenue and net income that surpassed Wall Street’s expectations for its fiscal fourth-quarter and full-year 2022 results, thanks to strong consumer demand.

The company (ticker: DECK), which is the parent of shoe brands including UGGs, Teva, and HOKA ONE ONE, reported revenue Thursday after the closing bell of $736 million from $561.2 million for the same period last year. Analysts surveyed by FactSet were expecting $639.5 million.

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Global UGG revenue increased 15% from last year to $1.9 billion.

“This also speaks to the consumer demand for UGG overall, which remains quite high as evidenced in the fourth quarter just completed,” CEO Dave Powers said. “UGG performed well beyond our expectations in the fourth quarter as wholesalers accepted alter-than-normal deliveries and DTC [direct-to-consumer] shoppers waited beyond the peak holiday season for availability of key items that have been out of stock.”

Net income was $68.8 million, or $2.51 per share, up from $33.5 million or $1.18 per share last year. Analysts were looking for per-share earnings of $1.30.

For all of 2023, the company said it expects revenue to be between $3.45 billion and $3.5 billion. Per-share earnings were guided between $17.40 and $18.25.

Write to Logan Moore at [email protected]

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Credit: www.marketwatch.com /

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