Deckers Outdoor Corp. Q1 Sales Surge to $480M

TL;DR

Deckers crushed Q1, sales doubled to $480M!

AI Summary

Deckers Outdoor Corp. reported its first quarter results for the period ending June 30, 2024. The company's net sales for the quarter were $480 million, a significant increase from $241 million in the same period last year. This growth was driven by strong performance across its brands, contributing to a substantial rise in overall revenue.

Why It Matters

This strong quarterly performance indicates robust consumer demand for Deckers' brands, potentially signaling continued growth and market share gains in the competitive footwear industry.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report with no immediate red flags or significant negative developments.

Key Numbers

• $480M — Q1 Net Sales (Represents a significant year-over-year increase, indicating strong demand.)
• $241M — Prior Year Q1 Net Sales (Provides a baseline for the substantial growth observed in the current quarter.)
• 2024-06-30 — Reporting Period End Date (Defines the timeframe for the reported financial results.)

Key Players & Entities

• DECKERS OUTDOOR CORP (company) — Filer
• $480 million (dollar_amount) — Net sales for the first quarter ending June 30, 2024
• $241 million (dollar_amount) — Net sales for the first quarter ending June 30, 2023
• 2024-06-30 (date) — End of reporting period
• 2023-06-30 (date) — Prior year comparative period

FAQ

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share DECK New York Stock Exchange

Filing Documents

• deck-20240630.htm (10-Q) — 983KB
• deck6302024exhibit101.htm (EX-10.1) — 148KB
• deck6302024exhibit311.htm (EX-31.1) — 10KB
• deck6302024exhibit312.htm (EX-31.2) — 10KB
• deck6302024exhibit321.htm (EX-32.1) — 8KB
• 0000910521-24-000042.txt ( ) — 5269KB
• deck-20240630.xsd (EX-101.SCH) — 33KB
• deck-20240630_cal.xml (EX-101.CAL) — 55KB
• deck-20240630_def.xml (EX-101.DEF) — 91KB
• deck-20240630_lab.xml (EX-101.LAB) — 459KB
• deck-20240630_pre.xml (EX-101.PRE) — 287KB
• deck-20240630_htm.xml (XML) — 722KB

- Financial Information

PART I - Financial Information Item 1.

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets (Unaudited) 4 Condensed Consolidated Statements of Comprehensive Income (Unaudited) 5 Condensed Consolidated Statements of Stockholders' Equity (Unaudited) 6 Condensed Consolidated Statements of Cash Flows (Unaudited) 7 Notes to Condensed Consolidated Financial Statements (Unaudited) 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 20 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 29 Item 4.

Controls and Procedures

Controls and Procedures 29

- Other Information

PART II - Other Information Item 1.

Legal Proceedings

Legal Proceedings 30 Item 1A.

Risk Factors

Risk Factors 30 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 31

Defaults Upon Senior Securities *

Item 3. Defaults Upon Senior Securities *

Mine Safety Disclosures *

Item 4. Mine Safety Disclosures * Item 5. Other Information 32 Item 6. Exhibits 32

Signatures

Signatures 34 *Not applicable. 1 Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q for our first fiscal quarter ended June 30, 2024 (Quarterly Report), and the information and documents incorporated by reference within this Quarterly Report, contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act), which statements are subject to considerable risks and uncertainties. These forward-looking statements are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements other than statements of historical fact contained in, or incorporated by reference within, this Quarterly Report. We have attempted to identify forward-looking statements by using words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "should," "will," or "would," and similar expressions or the negative of these expressions. Specifically, this Quarterly Report, and the information and documents incorporated by reference within this Quarterly Report, contain forward-looking statements relating to, among other things: changes in consumer preferences impacting our brands and products, and the footwear and fashion industries; global economic trends, including foreign currency exchange rate fluctuations, changes in interest rates, inflationary pressures, changes in commodity pricing, and recessionary concerns; the ability to effectively compete in a highly competitive footwear, apparel, and accessories industry; our business, operating, investing, capital allocation, marketing, and financing plans and strategies; the operational challenges faced by our warehouses and distribution centers (DCs), wholesale partners, g

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION References within this Quarterly Report to "Deckers," "we," "our," "us," "management," or the "Company" refer to Deckers Outdoor Corporation, together with its consolidated subsidiaries. UGG (UGG), HOKA (HOKA), Teva (Teva), Sanuk (Sanuk), Koolaburra by UGG (Koolaburra), and AHNU (AHNU) are some of our trademarks. Other trademarks or trade names appearing elsewhere within this Quarterly Report are the property of their respective owners. The trademarks and trade names within this Quarterly Report are referred to without the and symbols, but such references should not be construed as any indication that their respective owners will not assert their rights to the fullest extent under applicable law. Unless otherwise indicated, all figures herein are expressed in thousands, except for per share and share data. 3 Table of Contents

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS DECKERS OUTDOOR CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (dollar and share data amounts in thousands, except par value) June 30, 2024 March 31, 2024 ASSETS (AUDITED) Cash and cash equivalents $ 1,438,397 $ 1,502,051 Trade accounts receivable, net of allowances ($ 22,621 and $ 27,331 as of June 30, 2024, and March 31, 2024, respectively) 303,128 296,565 Inventories 753,282 474,311 Prepaid expenses 45,221 34,284 Other current assets 43,323 92,713 Income tax receivable 29,479 43,559 Total current assets 2,612,830 2,443,483 Property and equipment, net of accumulated depreciation ($ 362,180 and $ 349,138 as of June 30, 2024, and March 31, 2024, respectively) ( Note 10) 305,585 302,122 Operating lease assets 221,207 225,669 Goodwill 13,990 13,990 Other intangible assets, net of accumulated amortization ($ 91,609 and $ 91,314 as of June 30, 2024, and March 31, 2024, respectively) 26,701 27,083 Deferred tax assets, net 71,613 72,584 Other assets 54,293 50,648 Total assets $ 3,306,219 $ 3,135,579 LIABILITIES AND STOCKHOLDERS' EQUITY Trade accounts payable $ 642,595 $ 378,503 Accrued payroll 61,531 123,653 Operating lease liabilities 46,362 53,581 Other accrued expenses 104,640 106,785 Income tax payable 56,678 52,338 Value added tax payable 664 5,133 Total current liabilities 912,470 719,993 Long-term operating lease liabilities 216,006 213,298 Income tax liability 52,961 52,470 Other long-term liabilities 50,300 42,350 Total long-term liabilities 319,267 308,118 Commitments and contingencies ( Note 5) Stockholders' equity Common stock (par value $ 0.01 per share; 125,000 shares authorized; shares issued and outstanding of 25,426 and 25,593 as of June 30, 2024, and March 31, 2024, respectively) 254 255 Additional paid-in capital 253,486 245,149 Retained earnings 1,875,275 1,912,797 Accumulated other comprehensive loss ( Note 7) ( 54,533 ) ( 50,733 ) Total stoc

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