Shares of Deckers Brands (NYSE:DECK) gained in pre-market trading after the footwear designer and distributor, and home of the Ugg brand, reported Fiscal second quarter earnings of $6.82 per diluted share. This compared to earnings of $3.8 per share in the same period last year. However, it was still below analysts’ consensus estimate of $11.89 per share.
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The company’s net sales increased 24.7% year-over-year to $1.09 billion but was below analysts’ expectations of $1.47 billion.
Looking forward, management now expects FY24 revenues of $4.03 billion and diluted earnings in the range of $22.90 to $23.25 per share.
Is Deck a Good Stock to Buy?
Analysts are bullish about DECK stock with a Strong Buy consensus rating based on 10 Buys and two Holds. The average DECK price target of $630.33 implies an upside potential of 30.1% at current levels.
