Deckers Brands shares drop 3% despite Q1 beat

Deckers Brands (NYSE:) shares fell more than 3% after-hours despite the company reporting better-than-expected .

EPS came in at $2.41, compared to the consensus estimate of $2.13. Revenue grew 10% (up 11.1% on a constant currency basis) to $676 million, compared to the consensus estimate of $661.28M.

Wholesale net sales for Q1 came in at $425.4M, compared to $429.4M for the same period last year. Direct-to-Consumer (DTC) net sales grew 35.3% year-over-year to $250.4M.

“Deckers begins fiscal year 2024 in a position of strength, accelerating towards our outlook for the full year, which has been raised to reflect HOKA brand momentum,” said CEO Dave Powers.

Full 2024-year EPS is expected in the range of $21.75-$22.25, compared to the consensus of $22.21. Net sales are now expected to be approximately $3.980 billion.