DECKERS OUTDOOR:短期面临不确定性 但长期品牌势能仍在

中金公司
25 May

4QFY25(2025 年1-3 月)业绩高于我们预期公司4QFY25 收入同比增长6%至10.2 亿美元,净利润同比增长19%至1.5 亿美元,高于我们预期,主因毛利率及费用表现好于我们预期。受HOKA 产品换代、UGG 库存不足及DTC 渠道拖累,4QFY25 收入同比增速大幅放缓。公司季内收入同比增速放缓11ppt 至6%,分品牌看:HOKA:收入同比增长10%,环比放缓14ppt。DTC ...

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