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February 28, 2014
10:32 EDTDECK, WWW, SHOODeckers Outdoor tumbles after guidance miss
Shares of footwear maker Deckers Outdoor (DECK) are plunging after the company last night reported stronger than expected fourth quarter results, but provided much lower than expected guidance. WHAT'S NEW: Deckers, which makes the popular "UGG" brand of boots, reported Q4 EPS of $4.04, compared with analysts' consensus estimate of $3.80. Decker's revenue also came in above expectations. However, the footwear maker predicted that it would report a Q1 loss of 16c per share, versus the consensus outlook of a 10c per share profit. The company added that its profit would drop in the first half of fiscal 2014, compared with the same period a year earlier. Deckers indicated that the decline would be caused by costs associated with its opening of 28 new stores in the second half of 2013. ANALYST REACTION: Two research firms had very different reactions to Deckers' results. In a note to investors earlier today, Jefferies analyst Randal Konik downgraded the stock to Hold from Buy. Deckers' "overly aggressive" spending plan for 2014, along with its guidance, caused Konik to recant his previous belief that the company's 2014 earnings would beat expectations. Costs associated with the company's new stores, in tandem with other expenses, will prevent the company from increasing its gross margins this year as the analyst had previously anticipated, he wrote. Taking a much more optimistic view was PiperJaffray analyst Erinn Murphy, who urged investors to buy the stock on today's weakness. Deckers' guidance incorporates a large amount of conservatism, wrote the analyst. She expects the company's same-store sales to remain positive, and notes that the company plans to roll out more than 25 new stores this year, while its year-end backlog was up 25% versus he end of 2012. She thinks the company can report stronger than expected results going forward, and keeps a $96 price target and Outperform rating on the shares. PRICE ACTION: In mid-morning trading, Deckers plunged $13.67, or 16.15%, to $71.01. OTHERS TO WATCH: Other makers and retailers of boots and other footwear include Steven Madden (SHOO) and Wolverine World Wide (WWW).
News For DECK;SHOO;WWW From The Last 14 Days
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January 29, 2015
19:14 EDTDECKOn The Fly: After Hours Movers
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16:27 EDTDECKDeckers Outdoor lowers Q4 EPS to 0c from 15c, consensus 13c
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16:25 EDTDECKDeckers Outdoor cuts FY15 EPS view to $4.58, consensus $4.77
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16:23 EDTDECKDeckers Outdoor drops 15% after cutting FY15 outlook
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16:21 EDTDECKDeckers Outdoor reports Q3 EPS $4.50, consensus $4.52
Reports Q3 revenue $784.7M, consensus $813.7M. Direct-to-Consumer comparable sales increased 7.6% over the same period a year ago. UGG brand sales increased 6.5% to $736M, compared to $690.9M for the same period last year.
15:37 EDTDECKNotable companies reporting after market close
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14:33 EDTDECKDeckers Outdoor technical comments ahead of results
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11:52 EDTDECKDeckers Outdoor management to meet with Sterne Agee
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10:22 EDTDECKHigh option volume stocks
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January 28, 2015
09:01 EDTSHOOSteven Madden announces acquisition of Blondo, terms not disclosed
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07:41 EDTSHOOSteven Madden price target raised to $43 from $36 at Canaccord
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January 21, 2015
07:50 EDTDECKDeckers Outdoor weakness a buying opportunity, says Canaccord
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06:13 EDTDECKDeckers Outdoor recent pullback overdone, says Citigroup
Citigroup views the 18% pullback in shares of Deckers Outdoor since mid-December as overdone. Citi continues to believe UGG is better positioned versus fashion footwear peers. It lowered its price target for shares to $95 from $105 to reflect reduced multiples in the space as well as currency headwinds. Citi keeps a Buy rating on Deckers.
05:05 EDTDECKDeckers Outdoor appoints David Lafitte as COO
Deckers Brands announced the appointment of David Lafitte to COO, effective February 2. Lafitte previously served as the company's general counsel. He replaces Zohar Ziv, who retired from the company on January 16.
January 20, 2015
11:23 EDTDECKFollow-up: Deckers Outdoor downgraded at Buckingham
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11:16 EDTDECKDeckers Outdoor downgraded to Neutral from Buy at Buckingham
10:47 EDTDECKDeckers Outdoor down 5.3% to $81.88
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