德克斯户外：显著的财务增长与战略进展

Investment Rating - The report assigns a positive investment rating to Deckers Outdoor (DECK) based on its significant financial growth and strategic progress [1]. Core Insights - The company achieved substantial financial growth in Q2 of FY2025, with revenue increasing by 20% to $1.3 billion and diluted earnings per share rising by 39$1.59, exceeding consensus expectations of $1.23 [1]. - The strong performance is attributed to the robust market presence of its two major brands, HOKA and UGG, which saw revenue growth of 35$4.8 billion, driven by a projected 24% increase in HOKA sales [1][2]. Financial Overview - For FY2025, the company reported a revenue of $4.891 billion, reflecting a 14$838 million [4]. - The diluted earnings per share are projected to rise to between $5.15 and$5.25, indicating strong confidence in the product mix and market strategy [2][4]. - The gross margin is anticipated to improve to between 55% and 55.5%, with an operating profit margin expected around 20% to 20.5% [1]. Brand Performance - HOKA brand revenue surged by 35% to $1.807 billion, while UGG brand revenue increased by 13$2.239 billion, both surpassing consensus expectations [1]. - The company’s direct-to-consumer (DTC) channel revenue grew by 22% year-over-year, with HOKA contributing significantly to this growth [1]. - The wholesale channel also saw a 20% global revenue increase, with HOKA and UGG brands driving notable growth in this segment [1]. Strategic Execution - The company continues to invest in product innovation and global market expansion, enhancing brand awareness and market share [3]. - HOKA's new product launches and UGG's seasonal offerings are expected to attract global consumers, supporting ongoing growth [1][3].