The company said net sales on a constant currency basis increased by 23.0% for the 3 months ended June 30, 2024, compared to the prior comparable period. The company cited higher global wholesale and DTC sales for the HOKA brand, and higher domestic wholesale and global DTC sales for the UGG brand, as factors.

10-QQuarterly reportFiled Aug 1, 2024Period of report Jun 30, 2024Summary published (UTC) Oct 23, 2026

Key points

AI summary

The company said net sales on a constant currency basis increased by 23.0% for the 3 months ended June 30, 2024, compared to the prior comparable period. The company cited higher global wholesale and DTC sales for the HOKA brand, and higher domestic wholesale and global DTC sales for the UGG brand, as factors.
The company said gross margin increased to 56.9% from 51.3% for the 3 months ended June 30, 2024, compared to the prior comparable period. The company cited HOKA brand mix and higher full-price selling as factors, and it cited an increase of approximately $24,900 in payroll costs as an SG&A increase.
The company said net cash provided by operating activities decreased for the 3 months ended June 30, 2024, compared to the prior period. It said unfavorable changes in operating assets and liabilities of $70,111 were partially offset by favorable net income after non-cash adjustments of $57,499. As of June 30, 2024, cash and cash equivalents were $1,438,397, of which $343,082 was held by foreign subsidiaries.
The company said the retirement of Dave Powers as CEO and President and the appointment of Stefano Caroti as his successor will take effect on August 1, 2024. It also said that after June 30, 2024, it entered into an agreement to sell the Sanuk brand and related assets, and that the closing is expected in August 2024.

Key figures

Quarter ended June 30, 2024

Revenue: $825M
Operating income: $133M
Net income: $116M
EPS: $4.52
Gross profit: $470M
Operating cash flow: $113M

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Net sales rise in June 30, 2024 quarter

The company said net sales on a constant currency basis increased by 23.0% for the 3 months ended June 30, 2024, compared to the prior comparable period. The company cited higher global wholesale and DTC sales for the HOKA brand, and higher domestic wholesale and global DTC sales for the UGG brand, as factors.

Source · Based on the MD&A text of the filing

Gross margin moves to 56.9% from 51.3%

The company said gross margin increased to 56.9% from 51.3% for the 3 months ended June 30, 2024, compared to the prior comparable period. The company cited HOKA brand mix and higher full-price selling as factors, and it cited an increase of approximately $24,900 in payroll costs as an SG&A increase.

Source · Based on the MD&A text of the filing

Operating cash flow falls; cash balance

The company said net cash provided by operating activities decreased for the 3 months ended June 30, 2024, compared to the prior period. It said unfavorable changes in operating assets and liabilities of $70,111 were partially offset by favorable net income after non-cash adjustments of $57,499. As of June 30, 2024, cash and cash equivalents were $1,438,397, of which $343,082 was held by foreign subsidiaries.

Source · Based on the MD&A text of the filing

CEO transition and Sanuk brand sale agreement

The company said the retirement of Dave Powers as CEO and President and the appointment of Stefano Caroti as his successor will take effect on August 1, 2024. It also said that after June 30, 2024, it entered into an agreement to sell the Sanuk brand and related assets, and that the closing is expected in August 2024.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

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