Deckers Outdoor Corporation DECK shares traded higher Friday after the company reported a year-over-year increase in second-quarter earnings per share and better-than-expected sales results.
The Details:
Deckers Outdoor released its second-quarter financial results after the market closed on Thursday and reported quarterly earnings of $6.82 per share. This represents a 79% increase over earnings of $3.80 per share from the same period last year.
The company also reported quarterly sales of $1.09 billion, beating the analyst consensus estimate of $960.51 million by more than 13% and representing a nearly 25% increase over sales of $875.61 million year-over-year.
Deckers Outdoor also raised its fiscal year 2024 earnings per share guidance from $21.75-$22.25 to $22.90-$23.25 and its 2024 net sales outlook from $3.98 billion to $4.025 billion.
On Friday, BTIG analyst Janine Stichter maintained Deckers Outdoor with a Buy and raised the price target from $640 to $650.
Shares of DECK moved higher Friday on heavy trading volume with more than 1.833 million shares traded in the session.
According to data from Benzinga Pro, the stock's 100-day average volume is slightly more than 356 thousand shares.
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DECK Price Action: According to Benzinga Pro, Deckers Outdoor shares closed up by 18.9% at $576.14.
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