Deckers (DECK) Shares Surge 12% on Q4 Earnings Beat, President of Performance Lifestyle Steps Down

May 19, 2022 5:10 PM EDT

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Deckers Brands (NYSE: DECK) shares were trading more than 12% higher after-hours following the company's Q4 results, with EPS of $2.51 coming in significantly better than the consensus estimate of $1.31. Revenue rose 31.2% year-over-year to $736 million, beating the consensus estimate of $639.2 million.

Wholesale revenue grew 37.6% year-over-year to $448.8 million, and Direct-to-Consumer (DTC) revenue grew 22.2% year-over-year to $287.2 million.

"Fiscal year 2022 was another record year for Deckers, as we delivered both revenue and earnings per share growth above twenty percent," said Dave Powers, President and Chief Executive Officer. "Over the last two years, our portfolio of brands has added more than one billion dollars of revenue, while making progress towards key long-term strategies, and maintaining top-tier levels of profitability, despite navigating unprecedented disruption across the global supply chain. I am incredibly proud of our performance over the last couple of years, but with the power of our brands and our people, I am even more excited about the opportunities ahead."

The company provided its full 2023-year outlook, expecting EPS in the range of $17.40-$18.25, compared to the consensus of $18.34, and revenue in the range of $3.45-3.5 billion, compared to the consensus of $3.45 billion.

The company also made an announcement today, according to which Wendy Yang is stepping down from her role as President of Performance Lifestyle after seven years of leading the HOKA and Teva brands to new heights. Stefano Caroti, President of Omni-Channel, assumes Yang's responsibilities (who will remain with the company in a consulting role through August 15, 2022) on an interim basis while the company conducts a leadership search.

Shares of Deckers were down 38% year-to-date into the earnings results.

By Davit Kirakosyan

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