Hoka continues its winning streak at Deckers Brands, helping its parent company post record revenue for the year.
The Goleta, Calif.-based footwear company reported that net sales in the fiscal fourth quarter of 2023 increased 7.5 percent to $791.6 million, compared with $736 million in the same time last year. For the full year, net sales increased 15.1 percent to $3.63 billion up from $3.15 billion in fiscal 2022.
Deckers’ star running brand Hoka drove the most gains in the quarter and the year. In fact, Hoka saw a 40.3 percent increase to $397.7 million in Q4, compared with last years’ $283.5 million. For the full year, net sales at Hoka jumped 58.5 percent to $1.41 billion, compared with $891.6 million the prior year.
Dave Powers, president and CEO of Deckers Brands, said in a statement on Thursday that the company had an “exceptional year” in fiscal 2023. “We continue to deliver record results, including the Hoka brand adding more than half a billion dollars of top-line revenue,” Powers said. “We are energized for the path ahead as we continue investing behind our long-term strategic priorities, while maintaining a disciplined approach to managing our operating model to drive sustainable future success.”
Teva stood out as another bright spot for the company. The sandal brand saw net sales in the fourth quarter increase 14.6 percent to $62.8 million, up from $54.8 million in the prior year. Teva’s net sales for the full year rose 12.5 percent to $183.1 million, from $162.7 million the previous year.
Ugg continued its sales slide in the fourth quarter. Deckers reported net sales at Ugg declined 16.1 percent to $314.3 million, compared with $374.6 million the same time last year. For the year, Ugg revenue totaled $1.93 billion, down 2.7 percent from $1.98 billion the prior year.
Sanuk also reported declines, with net sales in Q4 down 10.5 percent to $10.7 million, compared with $11.9 million the same quarter last year. Its full-year sales were $38 million, down 11.9 percent from $43.1 million in 2022. Other brands, primarily composed of Koolaburra, reported a 46.2 percent net sales decline to $6 million in the quarter, with a 9.6 percent drop to $64.1 million for the full year.
Looking ahead, Deckers Brands is expecting net sales for fiscal 2024 to be approximately $3.95 billion, with diluted earnings per share in the range of $21.10 to $21.60.