Deckers shares rise as interest in Ugg lifts in the U.S.
Published: May 24, 2019 at 8:54 a.m. ET
Tonya Garcia
Shares of Deckers Outdoor Corp. DECK, +0.66% jumped 6.4% in Friday premarket trading after the company reported earnings that beat expectations. The stock rise was nearly as much as interest in the Ugg brand in the U.S. "According to Google Trends, interest in Ugg over the past year grew by 7%," said Chief Executive David Powers in the earnings call, according to a FactSet transcript. Powers said the brand acquired almost 1.5 million new customers. "There is still opportunity for Deckers to continue to drive upside in sales and possibly margins, though investments in marketing, digital and analytics may temper such opportunity in the near-term after two years of favorable weather and strong execution," wrote Wedbush analysts. Wedbush rates Deckers shares neutral with a $138 price target, up from $130. Deckers portfolio also includes Hoka One One and Teva. Deckers shares have rallied 15.2% for the year to date, exceeding the S&P 500 index SPX, -0.72%, which is up 12.6%.
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Tonya Garcia is a MarketWatch reporter covering retail and consumer-oriented companies. You can follow her on Twitter @tgarcianyc. She is based in New York. Tonya joined MarketWatch from Moguldom Media, where she was business editor for MadameNoire, a website targeting African-American women with a range of content from personal finance to economics, politics, education and lifestyle and entertainment. She also worked at Mediabistro, and previously handled media relations for MSLGroup's consumer practice.