It was 11M last month. So 7% of short position covered in 1 month. Shorts have been covering every month now since 3rd quarter of 2012 report(when we were in "debt" to the tune of 266M). But shorts knew that would be the bottom and the tremendous cash flow would allow the company to erase the debt in less than 3 months due to the tremendous 4th quarter.
Now they continue to cover because it is just a FACT that if you can sell 1B in sales for a 2nd year in a row that you are anything but a FAD and that some nice cash is on our way ithis year. Shorts have no choice to cover because to hold is just long term suicide.
IFunds are buying in and they are covering. It's a netflix in the making.
1) you have the abilty to initiate a buyback plan that accounts for 20% of your current value and be cash positive within 16 month
2) if insiders see no reason to sell in 18+ months despite a 75% decline in stock price and TEMPORARY costs rise
3)company talks about having 150% more stores in 24 months than it does currently
4)company talks about potential aquisitions with future cash
5)79M still available to be bought back
6) new product UGG pure to be lower priced to catch more market share due to sales being lost to knockoffs as well as to mitigate costs of sheepskin
7) CEO buys 10,000(half a million dollars worth) of shares at 46/share and sells not one share below that price
8) Goldman Sachs believes at 30-40/share you are worthy of buying 10-12% of company
9) Weather now cooperating with product again and in just 13 weeks(91 days) it will be our season again right after a fantastic 4th and 1st quarter for this year
10) Inventory will be in line with sales growth by the end of this year(sign of a much healthier and better managed product/company)
11) 10.24M shares short that realize all of the above and need to cover otherwise will lose profits or increase losses on shares short(short covering leads to increase in prices)
12) 4th quarter produced 290M in balance sheet turnaround from 3rd quarter which is an immense amount of cash production for ANY company least of all one valued below 2B
13) A lot of people have forgotten about this company/brand which means value left undiscovered; nobody talks about it as one of their "top" picks
14) innovation from sandals to men's line slowly going to build momentum and lead to potentially more growth
At 15.28 p/e, Deckers is still a steal because we know UGG pure is coming on and with the popularity of the brand already, it is not hard to ven