Shares of Deckers Outdoor (DECK) are up 10% after the company announced record financial results for the third quarter of the calendar year.
The maker of Ugg boots and Hoka running shoes reported earnings per shares of $6.82 U.S., which was well ahead of the $4.40 U.S. forecast on Wall Street.
Revenue in the quarter increased 24.7% year-over-year to $1.09 billion U.S., which topped the consensus estimate of $960.62 million U.S. among analysts.
Both the earnings and revenue in what was the second quarter of the company’s fiscal 2024 financial year were records.
The company attributed the strong results to continued demand for its Ugg boots and Hoka sneakers.
Deckers also reported that its direct-to-consumer (DTC) sales grew 38.8% to $331.7 million U.S., while its wholesale sales rose 19.4% to $760.2 million U.S. during the quarter.
In terms of forward guidance, the company said that it now expects EPS of $22.90 U.S. to $23.25 U.S., and revenue of $4.025 billion U.S. for its entire fiscal year. Both estimates are ahead of Wall Street forecasts.
Prior to today (Oct. 27), the stock of Deckers Outdoor had gained 35% over the last 12 months to trade at $484.58 U.S. per share.
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