收入表现强劲，全年指引上调：望远镜系列34之Deckers FY2026Q3经营跟踪

Investment Rating - The industry investment rating is "Positive" and maintained [8] Core Insights - In FY2026Q3 (October 1, 2025 - December 31, 2025), Deckers achieved revenue of $1.96 billion, a year-on-year increase of 7%, exceeding Bloomberg consensus expectations of $1.87 billion. Gross margin decreased by 0.5 percentage points to 59.8%, outperforming expectations due to product mix adjustments and reduced tariff impacts on full-price sales. Net profit increased by 5% to $481 million, while net profit margin decreased by 0.4 percentage points to 24.6% due to gross margin pressure [2][6]. Revenue Breakdown - Brand performance is strong with balanced channel performance. UGG continued its steady performance, while HOKA experienced strong global growth. For FY2026Q3, revenues for HOKA, UGG, and other brands were $629 million (+18.5%), $1.31 billion (+4.9%), and $23 million (-55.5%) respectively. Both HOKA and UGG achieved balanced growth in DTC and wholesale channels, with UGG's quarterly performance boosted by adjustments in wholesale product structure and continuous innovation [7]. - Channel performance was balanced, with DTC recovering well. DTC and wholesale channel revenues for FY2026Q3 were $1.09 billion (+8.1%) and $860 million (+6.0%) respectively. The recovery in the U.S. DTC business contributed to this growth, and it is expected that the DTC channel will continue to improve [7]. - Regionally, the U.S. market showed recovery while international markets remained the main growth driver. Revenues for the U.S. and other regions in FY2026Q3 were $1.20 billion (+2.7%) and $760 million (+15.0%) respectively, indicating a recovery in the U.S. market and continued growth in international markets [7]. Inventory Situation - In FY2026Q3, the company's inventory amount increased by 10% year-on-year to $630 million, with the growth partly influenced by tariffs. The company has strengthened inventory management of existing styles and utilized the DTC channel to control excess inventory, leading to a relatively healthy inventory structure [12]. Performance Guidance - The company raised its full-year guidance, expecting FY2026 revenue to be between $5.4 billion and $5.425 billion (previous guidance was $5.35 billion), representing a year-on-year increase of 8.3% to 8.8%. HOKA is expected to grow in the mid-teens year-on-year, while UGG is expected to grow in the low single digits. Gross margin is projected to be around 57%, operating profit margin around 22.5%, and EPS between $6.80 and $6.85. For FY2026Q4, HOKA revenue is expected to grow by 13% to 14%, while UGG revenue is expected to remain flat year-on-year [12].