Deckers Outdoor Q1: The Thesis Is Still Intact
Deckers Outdoor reported a 5.7% year‑over‑year revenue increase in the first quarter, driven by growth in its Hoka and UGG brands. Gross margin rose to 56.4% while selling, general and administrative expenses climbed 12.7%, putting pressure on operating income. The company trades at a 13‑times price‑to‑earnings multiple and the analyst maintains a buy rating based on its growth prospects and balance‑sheet strength.
- ▪Revenue grew 5.7% YoY, with Hoka up 7.7% and UGG up 4.9%.
- ▪Gross margin improved to 56.4% despite a 12.7% increase in SG&A expenses.
- ▪International sales increased 8.4% in the quarter.
- ▪The stock trades at a 13x P/E ratio, which the analyst views as attractive value.
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