Deckers Outdoor, the Goleta-based maker of Hoka and Ugg shoes, saw a significant rise in its stock on Thursday after announcing an increase in its fiscal 2024 guidance and posting second-quarter results that exceeded expectations.
Revenue Outlook and Profit Expectations
Deckers Outdoor has raised its fiscal 2024 revenue outlook to $4.025 billion from its previous guidance of $3.98 billion. This positive adjustment is in line with the consensus estimate of analysts, who expect full-year sales to reach $4.014 billion.
Moreover, the company now anticipates a higher profit for fiscal 2024, projecting earnings per share between $22.90 and $23.25. This range surpasses the previous guidance of $21.75 to $22.25 per share.
Strong Second-Quarter Performance
Deckers' second-quarter sales demonstrated robust growth, reaching nearly $1.1 billion, an increase of 25% compared to the anticipated figure of $960.5 million as predicted by analysts.
In terms of profitability, the company reported a profit of $178.5 million, or $6.82 per share, compared to $101.5 million, or $3.80 per share, in the same period last year.
Deckers Outdoor's positive performance in the market is reflected in its stock, which rose by 11% to $537 in after-hours trading following a minor decline of 1.6% at Thursday's close. Overall, the shares have enjoyed a 21% increase this year.