望远镜系列10之DeckersFY2025Q4经营跟踪：Q1预期谨慎，关税抬高销售成本

Investment Rating - The industry investment rating is "Positive" and maintained [6] Core Insights - For FY2025 (April 1, 2024 - March 31, 2025), Deckers achieved revenue of $4.99 billion, a year-on-year increase of 16.3%, aligning with expectations [2][4] - Gross margin increased by 2.3 percentage points to 57.9%, primarily driven by a shift in product mix towards higher-margin products [2][4] - Q4 revenue was $1.02 billion, showing a year-on-year growth of 6.5%, with a gross margin increase of 0.5 percentage points to 56.7% [2][4] Revenue Breakdown - Annual performance was strong, but Q4 growth showed a significant slowdown [5] - By brand, UGG, HOKA, and other brands had annual revenues increasing by 13.1%, 23.6%, and 8.6% respectively, reaching $2.53 billion, $2.23 billion, and $220 million [5] - HOKA's revenue growth was robust across channels and regions, with DTC (Direct-to-Consumer) and wholesale channels growing by 23% and 24% respectively [5] - UGG's wholesale channel grew by 15% due to enhanced brand exposure through influential retailers, while DTC grew by 11% driven by global customer acquisition [5] Channel and Regional Performance - For the year, DTC and wholesale revenues were $2.13 billion and $2.86 billion, reflecting growth rates of 14.8% and 17.4% respectively [5] - Revenue from the U.S. and other regions was $3.19 billion and $1.80 billion, with growth rates of 11.3% and 26.3% respectively [5] - In Q4, HOKA and UGG revenues grew by 10% and 4% year-on-year, with HOKA facing challenges from weak market demand and UGG impacted by insufficient inventory of key styles [5] Inventory and Cost Implications - At the end of FY2025, the company's inventory increased by 4.4% to $500 million, indicating a relatively healthy inventory level [5] - Tariff uncertainties are expected to increase sales costs by up to $150 million in FY2026, with strategies in place to mitigate some of the impacts [5] Performance Guidance - The company expects Q1 FY2026 revenue to be between $890 million and $910 million, representing a year-on-year growth of 7.8% to 10.3%, with HOKA anticipated to grow at least in the double digits and UGG in the mid-single digits [5]