Deckers Brand, the parent company of Ugg, Teva, Sanuk and Hoka One One, came out on top for Q1. The company reported that first quarter revenues increased 20.3% to $209.7 million compared to $174.4 million for the same period last year, beating analysts’ estimates of $178.5 million.
“Our first quarter results reflect solid consumer demand for our spring product offering across our brands combined with earlier than planned shipments of certain fall orders,” stated Dave Powers, Deckers Brands president and CEO.
Wholesale net sales for Q1 increased 24.5% to 144.6 million, while direct-to-consumer net sales rose 11.8% to $65.1 million. Domestically, sales increased more than 10 percent to $120.7 million. International sales increased 37.2% to $89 million.
Deckers expects second quarter net sales to be down approximately 10 percent versus the same period last year due to store closures and earlier than planned shipments in the first quarter.
Here’s a breakdown of each brands’ performance:
- Ugg’s net sales for the first quarter increased 24.9% to $114.7 million compared to $91.9 million for the same period last year. On a constant currency basis, sales increased 26.6%. The increase in sales was driven by earlier than expected global wholesale shipments originally planned for the second quarter, and an increase in direct-to-consumer comparable sales fueled by strong sell through of new spring product.
- Performance footwear brand Hoka One One saw net sales for the first quarter increased 74.2% to $30.7 million compared to $17.6 million for the same period last year. On a constant currency basis, sales increased 75.3%. The increase in sales was primarily driven by better than expected direct-to-consumer and wholesale sales.
- Teva’s net sales for the Q1 increased 8.6% to $37.7 million compared to $34.7 million for the same period last year. On a constant currency basis, sales increased 9.8%. The increase in sales was primarily driven by better global wholesale and direct-to-consumer sales, as well as strong global reorder business.
- Sanuk brand net sales for the first quarter were $26.2 million compared to $26.7 million for the same period last year, a 2 percent decrease on both a reported and constant currency basis. The dip in sales was primarily driven by the transfer of a retail store to a partner at the end of the last fiscal year.