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Deckers Outdoor Corp. (NYSE:DECK)

This company has been moved to the archive! The financial data has not been updated since February 5, 2024.

Common-Size Income Statement
Quarterly Data

Deckers Outdoor Corp., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017
Net sales 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Cost of sales -41.26 -46.61 -48.74 -49.95 -47.05 -51.81 -52.03 -51.26 -47.70 -49.15 -48.38 -46.78 -43.04 -48.84 -49.65 -48.52 -45.92 -49.65 -53.03 -48.42 -46.20 -49.81 -54.12 -51.97 -47.75 -53.34 -56.79
Gross profit 58.74% 53.39% 51.26% 50.05% 52.95% 48.19% 47.97% 48.74% 52.30% 50.85% 51.62% 53.22% 56.96% 51.16% 50.35% 51.48% 54.08% 50.35% 46.97% 51.58% 53.80% 50.19% 45.88% 48.03% 52.25% 46.66% 43.21%
Selling, general, and administrative expenses -27.47 -32.82 -40.79 -36.67 -26.00 -33.59 -38.80 -37.70 -27.60 -33.09 -39.37 -43.48 -26.47 -30.53 -53.07 -47.04 -26.83 -32.44 -58.31 -43.56 -25.79 -32.17 -61.61 -43.46 -28.41 -32.70 -70.04
Income (loss) from operations 31.27% 20.57% 10.47% 13.38% 26.95% 14.60% 9.17% 11.05% 24.70% 17.76% 12.25% 9.74% 30.49% 20.63% -2.72% 4.44% 27.25% 17.91% -11.35% 8.02% 28.01% 18.01% -15.73% 4.57% 23.84% 13.96% -26.82%
Interest income 0.76 0.92 1.67 1.12 0.27 0.22 0.20 0.08 0.03 0.06 0.10 0.16 0.06 0.07 0.24 0.54 0.09 0.28 1.04 0.69 0.10 0.16 0.63 0.38 0.07 0.11 0.22
Interest expense -0.06 -0.09 -0.15 -0.02 -0.09 -0.12 -0.17 0.10 -0.08 -0.13 -0.18 -0.48 -0.09 -0.19 -0.42 -0.60 -0.01 -0.28 -0.41 -0.21 -0.11 -0.33 -0.49 -0.14 -0.19 -0.32 -0.48
Other income (expense), net 0.01 0.06 0.05 0.03 0.02 0.03 0.08 -0.04 0.02 -0.01 0.05 0.03 0.02 0.02 0.05 0.06 0.01 0.02 0.03 0.01 0.00 0.04 0.00 -0.34 0.10 0.00 0.11
Other income (expense), net 0.71% 0.89% 1.57% 1.13% 0.20% 0.12% 0.11% 0.14% -0.04% -0.07% -0.04% -0.28% -0.01% -0.10% -0.13% 0.00% 0.09% 0.02% 0.65% 0.49% -0.01% -0.13% 0.14% -0.10% -0.02% -0.21% -0.16%
Income (loss) before income taxes 31.98% 21.46% 12.04% 14.51% 27.15% 14.72% 9.28% 11.19% 24.66% 17.69% 12.22% 9.46% 30.49% 20.52% -2.85% 4.44% 27.33% 17.93% -10.69% 8.51% 28.00% 17.89% -15.58% 4.47% 23.82% 13.75% -26.98%
Income tax (expense) benefit -6.99 -5.11 -2.64 -2.91 -6.44 -3.13 -1.98 -1.84 -5.05 -3.55 -2.68 -3.49 -6.78 -4.24 0.03 -0.15 -5.86 -3.58 3.70 -2.43 -5.53 -3.07 3.45 0.68 -13.17 -3.47 6.90
Net income (loss) 24.99% 16.35% 9.40% 11.60% 20.71% 11.59% 7.30% 9.35% 19.61% 14.14% 9.54% 5.96% 23.71% 16.29% -2.82% 4.29% 21.47% 14.35% -6.99% 6.08% 22.47% 14.82% -12.13% 5.14% 10.65% 10.27% -20.08%

Based on: 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-K (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-K (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-K (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-K (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-K (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-K (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30).

An analysis of the common-size income statement reveals a significant expansion in profitability and operational efficiency over the period from June 2017 to December 2023. The company has transitioned from a period of high volatility and occasional operating losses to a state of sustained margin growth, characterized by improved cost management and stronger pricing power.

Gross Profit Margin Trends
A consistent long-term improvement in gross margins is observed. The cost of sales as a percentage of net sales decreased from a peak of 56.79% in June 2017 to 41.26% by December 2023. This downward trend in cost of sales has directly resulted in gross profit margins expanding from 43.21% to 58.74% over the same period, indicating enhanced production efficiency or a favorable shift in product mix.
Operating Expense Management
Selling, general, and administrative (SG&A) expenses exhibit notable seasonality and volatility. Historically, June quarters consistently show spikes in SG&A as a percentage of sales, with peaks reaching 70.04% in 2017 and 61.61% in 2018. However, a positive trend in operating leverage is evident as these expenses have generally stabilized and declined relative to revenue in more recent periods, reaching 27.47% by December 2023.
Operating and Net Income Performance
Operating income has evolved from erratic performance—including significant quarterly losses in June 2017, June 2018, and June 2020—to robust and stable profitability. Income from operations as a percentage of net sales reached a period high of 31.27% in December 2023. Net income margins followed a similar trajectory, ending the period at 24.99%, representing a substantial recovery and growth phase compared to the early years of the analysis.
Non-Operating Items and Taxation
Interest income and expenses remain relatively immaterial as a percentage of net sales, though a slight increase in interest income is noted in 2023. Income tax expenses typically align with profitability levels, though the effective tax rate as a percentage of sales has fluctuated, reaching 6.99% in the final quarter of the analyzed period.

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