Why Deckers Outdoor Stock Popped Today
Shares of Deckers Outdoor (NYSE: DECK) were climbing today after the Ugg maker turned in a better-than-expected third-quarter earnings report and raised its full-year guidance. The stock finished the session up 7.6% after trading up as much as 12.4% earlier in the day.
For the quarter, Deckers' sales rose 7.4% to $938.7 million, breezing past expectations of $900.4 million. The footwear specialist said Ugg sales rose 2.6% to $781.1 million, but the real standout was its Hoka One One running shoe brand, which saw sales jump 63.6% to $93.1 million, showing the company may have another breakout brand on its hands. Growth at Koolaburra, a sub-brand of Ugg, was also impressive, rising 94% to $39 million. At two of Deckers' smaller brands, Teva and Sanuk, sales declined in the quarter.
Image source: Deckers.
Source Fool.com
