Good morning, CFOs. Footwear and apparel maker Deckers Outdoor has finished three straight years with double-digit revenue growth by riding the popularity of two brands: Ugg and Hoka.

While trends can change, and quickly, the company’s finance chief is sure the brands have room for more growth, even as Deckers takes steps to be ready to pivot along with consumer tastes.

Ugg’s footwear is hot again after going in and out of fashion over the past few decades, and Hokas have emerged as the sneaker of choice for many runners while also attracting more sedentary style seekers. The two brands now account for more than 90% of Deckers’ revenue. Ugg is the top seller, while Hoka has become a strong second engine of sales for the company. 

But can the twin crazes last? Chief Financial Officer Steve Fasching said the company is focusing on how to continue growth that is in part driven by a fad. Fasching concedes that gauging consumer preferences can be tricky. “People will say, ‘Well, is this just a trend?’” he said of the brands’ success.

📆 Earnings:

• Block
• Dominion Energy
• Intuit
• Keurig Dr Pepper
• Live Nation Entertainment
• Moderna
• Newmont
• PG&E

📈 Economic Indicators:

• S&P Global releases both its Manufacturing and its Services Purchasing Managers’ Indexes for February.
• The National Association of Realtors reports existing-home sales for January.

The Public Company Accounting Oversight Board on Wednesday said it fined accounting firm WithumSmith+Brown over pervasive failures in its quality controls and violations of auditing standards tied to audit work for hundreds of special-purpose acquisition companies.

The Princeton, N.J.-based firm agreed to pay $2 million to the PCAOB without admitting or denying the claims. WithumSmith+Brown’s audit practice grew by nearly 500% to about 450 audit reports in 2021 compared with the previous year, while the number of audit personnel rose 50% to 23 people, the PCAOB said.

As the SPAC work piled up, the firm’s quality control system failed to ensure that its staff complied with standards, the regulator said. For example, some audits it conducted weren’t appropriately staffed, the PCAOB added.

In addition to the fine, the firm was ordered to hire an independent consultant who will evaluate its quality-control policies, as well as provide certain training for all audit staff.

“Withum is committed to its public company practice and will continue to work collaboratively with the profession’s regulators to deliver audits of the highest quality,” a spokeswoman for the firm said.

The settlement follows fellow SPAC auditor Marcum facing similar charges last year. Marcum last June agreed to pay $10 million to the SEC and $3 million to the PCAOB over failures related to its SPAC audits.

—Mark Maurer

The Internal Revenue Service will begin auditing dozens of companies over the personal use of corporate jets by executives and other wealthy travelers. Millions of dollars of tax deductions are at stake.

The agency will start with three to four dozen audits of large corporations and partnerships, and audits of high-income individuals likely will follow, IRS Commissioner Danny Werfel said Wednesday.

• Nvidia’s quarterly sales tripled from a year ago, surpassing Wall Street’s heightened expectations, and the company indicated momentum from the artificial-intelligence boom remains strong.
• More Federal Reserve officials signaled concern at their meeting last month with cutting interest rates too soon and allowing price pressures to grow entrenched as opposed to the risks of holding rates too high for too long.
• Rivian Automotive said it would lay off 10% of its salaried workforce and expects vehicle output to be flat this year, citing tougher market conditions for its electric trucks.
• Reddit plans to place a big chunk of its IPO shares in the hands of its users, an unusual move that could build loyalty but also comes with risk.

📰 Other headlines

• Walmart Eases Supplier Delivery Demands as Stocking Pressures Recede
• Boeing 737 Executive to Exit After Alaska Blowout
• Nokia Partners With Nvidia on AI in Mobile Networks
• A $150 Billion Question: What Will Warren Buffett Do With All That Cash?

RealReal, a San Francisco-based online luxury-goods marketplace, hired Ajay Gopal as CFO, effective March 18. Gopal currently serves as finance chief of sports and recreation company Outside Interactive. Todd Suko, RealReal’s chief legal officer and secretary, has been serving as interim CFO since Robert Julian left the company at the end of January.

Pagaya Technologies, a New York- and Tel Aviv-based technology company, appointed Evangelos Perros as CFO on a permanent basis, effective immediately. Perros has been serving as CFO on an interim basis since November. Before that, he was deputy CFO and head of strategic finance since 2021 when he joined the company.

— Colin Kellaher and Adriano Marchese contributed to this newsletter.

The Wall Street Journal's CFO Journal offers corporate leaders and professionals CFO analysis, advice and commentary to make informed decisions. We cover topics ranging from corporate tax accounting, regulation, capital markets, management and strategy.

Follow us on X @WSJCFO. The WSJ CFO Journal Team is reporters Kristin Broughton, Mark Maurer and Jennifer Williams, and Bureau Chief Walden Siew.

You can reach us by replying to any newsletter, or email Walden at walden.siew@wsj.com.