海外观察系列73丨Deckers FY2025Q2经营跟踪：Q2营收超预期，全年营收指引上调

Investment Rating - The investment rating for the industry is "Positive" and maintained [9]. Core Insights - The report highlights that Deckers' FY2025 Q2 revenue exceeded expectations, increasing by 20% year-on-year to $1.31 billion, driven primarily by strong demand for full-price sales and the HOKA brand [6][8]. - Gross margin improved by 2.5 percentage points year-on-year to 55.9%, benefiting from a higher proportion of high-margin brands like HOKA and reduced clearance activities by wholesalers [6][8]. - Net profit rose by 36% year-on-year to $240 million, with a net profit margin increase of 2.1 percentage points to 18% [6][8]. Revenue Breakdown - By brand: - UGG revenue increased by 13% year-on-year to $690 million, attributed to higher full-price sales and strong international performance [6][7]. - HOKA revenue surged by 35% year-on-year to $570 million, driven by new product launches and early shipments to wholesale channels [6][7]. - Teva revenue grew by 2% year-on-year, while Sanuk revenue declined by 48% [6][7]. - By channel: - Direct-to-Consumer (DTC) channel revenue rose by 20% year-on-year to $400 million, while wholesale channel revenue also increased by 20% year-on-year to $910 million, indicating balanced growth across channels [7]. - By region: - Revenue from the U.S. market grew by 14% year-on-year to $850 million, accounting for 65% of total revenue, while revenue from outside the U.S. increased by 33% year-on-year to $460 million [7]. Inventory and Guidance - The company's inventory increased by 3% quarter-on-quarter and 7% year-on-year to $780 million, maintaining a healthy inventory status [8]. - The FY2025 revenue guidance was raised from approximately $4.7 billion (10% growth) to approximately $4.8 billion (12% growth), with HOKA expected to grow by around 24% and UGG anticipated to see mid-single-digit growth [8]. - Gross margin guidance was also increased from approximately 54% to a range of 55% to 55.5%, and operating margin guidance was raised from 19.5%-20% to 20%-20.5% [8].