Deckers shares drop more than 20% on earnings miss, weak outlook

Deckers Outdoor Corp. shares plunged in the extended session Thursday after the maker of Ugg boots missed Wall Street targets for the quarter and issued a weak outlook. Deckers shares dropped 23% to $43.01 after hours. The company reported adjusted fiscal third-quarter earnings of $4.11 a share on revenue of $760.3 million. Analysts surveyed by FactSet had estimated $4.22 a share on revenue of $789 million. For the fourth quarter, Deckers expects a per-share loss of 10 cents to break-even with a 5% to 6% decline in revenue for the quarter, which works out to an estimate of $355.9 million to $359.7 million. Analysts had forecast earnings of 42 cents a share on revenue of $383 million.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Leave a Reply