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.
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.
