Shares of Deckers Outdoor Corp . (NYSE:DECK) popped more than 6.6% in after-hours trading Thursday after the company reported better-than-expected earnings and revenue for the fiscal third quarter, and raised guidance for the full fiscal year.
Concretely, the footwear designer posted Q3 earnings per share (EPS) of $15.11, topping the consensus estimates of $11.40. Revenue came in at $1.56 billion, while analysts were looking for $1.44 billion.
Deckers generated $858.1 million in direct-to-consumer (DTC) net sales in the quarter, up 22.7% year-over-year, and above the estimated $699.3 million. Comparable DTC sales surged 21.8%.
Wholesale net sales rose 8.6% from a year earlier to $702.2 million. Gross margin increased to 58.7% from 53.0% in the same quarter last year.
Looking ahead, Deckers expects full-year EPS to be in the range of $26.25 to $26.50, beating the consensus projection of $24.24. FY24 revenue is anticipated to be around $4.15 billion, compared to the $4.10 billion expected by Wall Street.
"Our brands delivered Deckers' largest quarter in history, with record revenue and earnings as both HOKA and UGG drove exceptional performance in the quarter, led by our DTC channel and high levels of full price selling," said Dave Powers, President and CEO.
The company has announced the retirement of its President and CEO, Powers. Succeeding him in these roles will be Stefano Caroti, currently serving as the Chief Commercial Officer.