2024-02-02 11:14:42 ET
Shares of footwear and apparel company Deckers Outdoor (NYSE: DECK) soared on Friday following the release of financial results for its fiscal third quarter of 2024. The company achieved record financial results during the quarter, which has sent the stock to a new all-time high this morning. As of 10 a.m. ET, Deckers stock was up 14%.
Deckers owns multiple well-known brands, including Hoka and UGG. Its Q3 ended in December. And during the quarter, the company generated record revenue of $1.56 billion, which was up 16% year over year. Its outperformance in Q3 motivated management to raise its full-year net-sales guidance from $4.025 billion to $4.15 billion.
Equally impressive were Deckers' profitability metrics. The company's Q3 gross profit margin jumped from 53% in the prior-year period to almost 59% in Q3. Likewise, its operating margin improved, sending its operating income up by almost 35% to $488 million.
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Here's Why Deckers Stock Soared to a Record High Today