Shares of Deckers Outdoor (DECK) fell an incredible 16.9% in Friday's trading session after the designer and marketer of footwear, apparel and accessories, known primarily from the UGG shoes, reported its third quarter results.
Third Quarter Results
Deckers Outdoor reported third quarter revenues of $376.4 million, down 9.2% on the year. Gross margins fell by 670 basis points to 42.3% for the past quarter, on the back of higher sheepskin costs.
Net income fell from $62.3 million last year to $43.1 million in the third quarter of this year. Diluted earnings per share fell from $1.59 per share to $1.18 per share. On average, analysts expected the company to earn $1.05 per share.
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