{"id":6020,"date":"2023-10-27T15:16:59","date_gmt":"2023-10-27T15:16:59","guid":{"rendered":"https:\/\/infundpros.com\/markets\/ugg-hoka-shoes-are-stepping-it-up-deckers-stock-soars\/"},"modified":"2023-10-27T15:16:59","modified_gmt":"2023-10-27T15:16:59","slug":"ugg-hoka-shoes-are-stepping-it-up-deckers-stock-soars","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=6020","title":{"rendered":"Ugg, Hoka Shoes Are Stepping It Up. Deckers Stock Soars."},"content":{"rendered":"
\n
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Ugg boots and Hoka sneaker lovers helped parent company
\n Deckers Outdoor
\n post a strong second quarter, and analysts are optimistic the popularity of the brands is here to stay.<\/p>\n

The shoe maker reported fiscal second-quarter earnings of $6.82 a share on revenue of $1.09 billion after the close on Thursday. Analysts surveyed by FactSet were expecting
\n Deckers
\n (ticker: DECK) to post earnings of $4.43 a share on revenue of $960.5 million. <\/p>\n

\n

\u201cDeck put up what is likely to be the strongest beat this EPS season,\u201d Wells Fargo analyst Ike Boruchow said in a research note. He raised his price target to $540 from $520 and maintained his Equal Weight rating on the stock.<\/p>\n

The stock surged 16% Friday to $560.32 and was on pace for its largest percentage increase since March 2020, according to Dow Jones Market Data. Deckers has risen 40% this year.<\/p>\n

The second-quarter beat was driven by strong consumer demand for Ugg and Hoka brands. Ugg sales increased 28% from the prior year to $610.5 million while Hoka sales jumped 27% to $42 million.<\/p>\n

\u201cThe strength of demand for our HOKA and UGG brands continued to drive exceptional performance,\u00a0 producing record revenue and earnings for Deckers in both the second quarter and first half of fiscal year 2024,\u201d Chief Executive Dave Power said in a statement.<\/p>\n

Seaport Research analyst Mitch Kummetz said in a research note Friday that when it comes to Ugg, the company \u201cdid a much better job capturing demand in [the second quarter] than a year ago.\u201d<\/p>\n

\u201cThis was driven by a better inventory position of the right product and an earlier marketing campaign that helped stimulate demand and conversion,\u201d the analyst said.<\/p>\n

Deckers also raised its fiscal 2024 revenue forecast to be about $4.03 billion, up from prior guidance of $3.98 billion. Fiscal 2024 earnings estimates of between $22.90 a share and $23.25 a share were also an increase from previous guidance of between $21.75 a share\u00a0and\u00a0$22.25 a share.<\/p>\n

\u201cThe two big brands are performing extremely well, and they continue to manage Hoka\u2019s normalizing growth extremely well,\u201d Wedbush analyst Tom Nikic wrote in a research note Friday.<\/p>\n

Nikic raised his price target on Deckers to $650 from $614, which implies a 32% upside from the stock\u2019s closing price on Thursday. He also maintained his Outperform rating on the stock.<\/p>\n

Write to Angela Palumbo at angela.palumbo@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Ugg boots and Hoka sneaker lovers helped parent company Deckers Outdoor post a strong second quarter, and analysts are optimistic the popularity…<\/p>\n","protected":false},"author":1,"featured_media":6021,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[],"class_list":{"0":"post-6020","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets"},"yoast_head":"\nUgg, Hoka Shoes Are Stepping It Up. 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