Deckers Outdoor Corp (NYSE:DECK) stock rose 4.79% (As on May 26, 11:45:57 AM UTC-4, Source: Google Finance) after the company posted higher than expected results for the fourth quarter of FY 23. Wholesale net sales were $448.4 million compared to $448.8 million. Direct-to-Consumer (DTC) net sales increased 19.5% to $343.1 million compared to $287.2 million. DTC comparable net sales increased 18.4%. Domestic net sales increased 4.1% to $542.4 million compared to $521.0 million. International net sales increased 15.8% to $249.1 million compared to $215.1 million. Cash and cash equivalents were $981.8 million compared to $843.5 million. Inventories were $532.9 million compared to $506.8 million.

Moreover, HOKA brand net sales increased 40.3% to $397.7 million compared to $283.5 million. UGG brand net sales decreased 16.1% to $314.3 million compared to $374.6 million. Teva brand net sales increased 14.6% to $62.8 million compared to $54.8 million. Sanuk brand net sales decreased 10.5% to $10.7 million compared to $11.9 million. Other brands, primarily composed of Koolaburra, net sales decreased 46.2% to $6.0 million compared to $11.2 million.

DECK in the fourth quarter of FY 23 has reported the adjusted earnings per share of $3.46, beating the analysts’ estimates for the adjusted earnings per share of $2.61, according to Zacks Investment Research. The company had reported 7.5 percent rise in the adjusted revenue to $791.6 million in the fourth quarter of FY 23, missing the analysts’ estimates for revenue of $703.6 million. For the fourth quarter, Gross margin was 50.0% compared to 48.7%, Selling, general, and administrative (SG&A) expenses were $290.2 million compared to $277.4 million and operating income was $105.9 million compared to $81.3 million.

Additionally, during the fourth quarter, the Company repurchased approximately 243 thousand shares of its common stock for a total of $102.5 million at a weighted average price paid per share of $421.53. As of March 31, 2023, the Company had approximately $1.357 billion remaining under its stock repurchase authorization. The Company had no outstanding borrowings.

Deckers expects full-year earnings to be $21.10 to $21.60 per share, with revenue expected to be $3.95 billion. For full fiscal year 2024, gross margin is expected to be approximately 52%, SG&A expenses as a percentage of sales are projected to be approximately 34% and Operating margin is expected to be approximately 18%.