Deckers Outdoor (DECK) Misses Q3 EPS by 13c; Lowers Outlook

Deckers Outdoor (NYSE: DECK) reported Q3 EPS of $4.11, $0.13 worse than the analyst estimate of $4.24. Revenue for the quarter came in at $760.3 million versus the consensus estimate of $788.64 million.

GUIDANCE:

Deckers Outdoor sees FY2017 EPS of $3.45-$3.55, versus the consensus of $4.14.

Full Year Fiscal 2017 Outlook for the Twelve Month Period Ending March 31, 2017

• The Company now expects fiscal year 2017 net sales to be down approximately (5.0)%.
• Gross margin for fiscal 2017 is expected to be approximately 47.0%.
• SG&A expenses as a percentage of sales are expected to be approximately 38% on a non-GAAP basis.
• The Company expects fiscal 2017 non-GAAP diluted earnings per share to be in the range of $3.45 to $3.55. This excludes any pretax charges that may occur from any further restructuring charges.
• The effective tax rate is expected to be approximately 27% on a non-GAAP basis.
• The Company expects total impairment, restructuring, and other charges for fiscal year 2017 to be approximately $150 million.

Fourth Quarter Fiscal 2017 Outlook for the Three Month Period Ending March 31, 2017

• The Company expects fourth quarter fiscal year 2017 net sales to be in the range of down approximately (6)% to (5)% versus the same period last year.
• The Company expects non-GAAP diluted earnings per share to be in the range of a loss of $(0.10) to break-even compared to non-GAAP diluted earnings per share of $0.11 for the same period last year. This excludes any pretax charges that may occur from any further restructuring charges.
• The Company expects restructuring charges for fourth quarter fiscal year 2017 to be approximately $20 million

For earnings history and earnings-related data on Deckers Outdoor (DECK) click here.

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