纺织服装行业全球观察之德克斯户外FY2026Q3：HOKA营收持续高增，公司上调业绩指引

Investment Rating - The report assigns a "Buy" rating for the textile and apparel industry, indicating an expected performance that will exceed the market by more than 10% over the next 12 months [33]. Core Insights - The report highlights that Deckers Outdoor Corporation achieved a revenue of $1.958 billion in FY26Q3, representing a year-on-year increase of 7.1%, and a 6.8% increase after currency adjustments, surpassing Bloomberg's expectation of $1.866 billion [4]. - The net profit for FY26Q3 was $481 million, a 5.3% year-on-year increase, also exceeding Bloomberg's forecast of $403 million [4]. - The gross margin for FY26Q3 was reported at 59.8%, a decrease of 0.5 percentage points year-on-year, while the operating profit margin increased by 0.3 percentage points to 31.4% [4]. - The company expects FY2026 revenue to be approximately $5.4 to $5.425 billion, an increase from the previous guidance of $5.35 billion, with HOKA projected to grow in the mid-teens percentage range [4]. Summary by Sections Revenue Analysis - In FY26Q3, revenue from UGG, HOKA, and other brands was $1.31 billion, $629 million, and $23 million respectively, with year-on-year changes of +4.9%, +18.5%, and -55.5% [4]. - Revenue from the U.S. was $1.201 billion, a 2.7% increase year-on-year, accounting for 61.3% of total revenue, while international revenue was $757 million, a 15.0% increase, making up 38.7% of total revenue [4]. Channel Performance - Direct sales channels generated $1.093 billion in revenue, an 8.1% increase year-on-year, attributed to enhanced marketing strategies that improved customer loyalty. Wholesale channels saw revenue of $865 million, a 6.0% year-on-year increase [4]. Financial Outlook - The company anticipates maintaining high levels of full-price sales and leveraging brand synergies to achieve sustained revenue growth and higher profit margins. The expected gross margin for FY2026 is approximately 57%, with an operating profit margin of around 22.5% [4].