DECKERS BRANDS REPORTS FOURTH QUARTER AND FULL FISCAL YEAR 2023 FINANCIAL RESULTS.

GOLETA, Calif: Deckers Brands (NYSE: DECK), a global leader in designing, marketing, and distributing innovative footwear, apparel, and accessories, today announced financial results for the fourth quarter and full fiscal year ended March 31, 2023. The Company also provided its financial outlook for the full fiscal year ending March 31, 2024.

"Fiscal year 2023 was an exceptional year for the Deckers organization, delivering 15% revenue growth and increasing earnings per share nearly 20%," said Dave Powers, President and Chief Executive Officer. "We continue to deliver record results, including the HOKA brand adding more than half a billion dollars of top-line revenue. We are energized for the path ahead as we continue investing behind our long-term strategic priorities, while maintaining a disciplined approach to managing our operating model to drive sustainable future success."

Fourth Quarter Fiscal 2023 Financial Review (Compared to the Same Period Last Year)

Net sales increased 7.5% to $791.6 million compared to $736.0 million. On a constant currency basis, net sales increased 10.2%.

Channel

Wholesale net sales were $448.4 million compared to $448.8 million.

Direct-to-Consumer (DTC) net sales increased 19.5% to $343.1 million compared to $287.2 million. DTC comparable net sales increased 18.4%.

Geography

Domestic net sales increased 4.1% to $542.4 million compared to $521.0 million.

International net sales increased 15.8% to $249.1 million compared to $215.1 million.

Gross margin was 50.0% compared to 48.7%.

Selling, general, and administrative (SG&A) expenses were $290.2 million compared to $277.4 million.

Operating income was $105.9 million compared to $81.3 million.

Diluted earnings per share was $3.46 compared to $2.51.

Fourth Quarter Fiscal 2023 Brand Summary (Compared to the Same Period Last Year)

HOKA(r) brand net sales increased 40.3% to $397.7 million compared to $283.5 million.

UGG(r) brand net sales decreased 16.1% to $314.3 million compared to $374.6 million.

Teva(r) brand net sales increased 14.6% to $62.8 million compared to $54.8 million.

Sanuk(r) brand net sales decreased 10.5% to $10.7 million compared to $11.9 million.

Other brands, primarily composed of Koolaburra(r), net sales decreased 46.2% to $6.0 million compared to $11.2 million.

Full Fiscal Year 2023 Financial Review (Compared to the Same Period Last Year)

Net sales increased 15.1% to $3.627 billion compared to $3.150 billion. On a constant currency basis, net...