Deckers Outdoor raises 2024 outlook on record Q3 earnings
Shares of Deckers Outdoor (DECK) surge Friday after the company raised its 2024 outlook on the heels of record profit and revenue earnings in its fiscal third quarter. Deckers also announced the coming retirement of CEO Dave Powers, who has been in leadership positions at the company since 2012.
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Editor's note: This article was written by Angel Smith
Video Transcript
AKIKO FUJITA: It is time now for our trending ticker. And today, we're taking a look at Decker shares moving higher up 14.5% roughly. This comes after the UGG maker raised its 2024 outlook in its latest earnings report out today.
The company also saw record profit and revenue in the third quarter. And a big announcement coming through here, Rachelle, with Dave Powers, the CEO of Deckers brands, saying that he will be retiring come August. Somebody who's been in place as started as the president of direct to consumer back in August of 2012.
They've got a succession plan in place. But, certainly, somebody who's been seen as a real architect of this turnaround.
RACHELLE AKUFFO: Certainly going out on a high note, as we look at some of the analyst expectations here for price target. Truist Securities' Joseph Civello looking at a price target-- moving his price target to $983 a share from $859. As you can see, the stock currently priced at $883.
So still seeing a lot of upside here. And for people who aren't familiar with the brand, who makes Hoka and UGGs-- hoka more so focusing on the running shoe. And then, of course, UGGs for your more comfortable person. That's me. I'm very much a big fan of the UGG line here.
But it really does speak to what consumers are willing to spend on because some of these do have a higher price point. But I think they've managed to build a loyal fan base here and able to turn things around, Akiko.
AKIKO FUJITA: Yeah. Maybe some of that discretionary spending going in that direction. Not quite luxury. You pointed out. It's a higher price point, but maybe priced right given where consumers are today in terms of what they're willing to shell out.
