Deckers Outdoor (NYSE:DECK) shares soared over 13% intra-day today following the announcement of fiscal third-quarter results that outperformed expectations, leading the company to uplift its full-year forecast.

The footwear company reported third-quarter earnings per share (EPS) of $15.11, significantly surpassing the consensus estimate of $11.40. Its revenue for the quarter was $1.56 billion, exceeding analyst predictions of $1.44 billion.

Deckers’ direct-to-consumer (DTC) net sales for the quarter reached $858.1 million, marking a 22.7% increase year-over-year and surpassing the expected $699.3 million. Comparable DTC sales also saw a significant rise of 21.8%.

Wholesale net sales grew by 8.6% year-over-year to $702.2 million. Additionally, the gross margin improved to 58.7%, up from 53.0% in the same period the previous year.

For the full fiscal year, Deckers now anticipates an EPS in the range of $26.25 to $26.50, higher than the consensus estimate of $24.24. The company’s revenue expectation for 2024 is set at approximately $4.15 billion, which is above the Wall Street forecast of $4.10 billion.

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