haha. I know the thought process. People are very focused on THIS earnings report, not taking into account that the market IS a foward looking animal generally. It is why Under Armour traded it a significantly higher PE to its peers the last 36 months after the crisis, pricing in the coming tremendous growth that people could see taking place.
Starbucks too is trading at a PE of 35 for its international growth.
Deckers in my opinion deserves such a premeium for what it CAN be in 36+ months from now with investments in new stores and products and new markets like China and others.