DECK Nantucket Key Takes; Mgmt Upbeat on Durable Growth and Margins Ahead

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DECK Nantucket Key Takes; Mgmt Upbeat on Durable Growth and Margins Ahead

USA | Apparel, Footwear & Textiles

Deckers Outdoor EquityJuneResearch17, 2026

FLASH NOTEDECK Nantucket Key Takes; Mgmt Upbeat on

RATING HOLDDurable Growth and Margins Ahead

PRICE $105.72^

We hosted CEO Stefano Caroti, CFO Steve Fasching, & Head of IR Erinn Kohler

at our Nantucket Conference. Convos centered on HOKA & lifestyle oppty, PRICE TARGET | % TO PT $110.00 | +4%

along w/ the margin outlook. The co's lifestyle product opens up a larger 52W HIGH-LOW $126.50 - $78.91

TAM and helps diversify product mix. Effective segmentation and inventory FLOAT (%) | ADV MM (USD) 97.1% | 226.82

mgmt are key for broad-based growth and pricing power. Mgmt. views its MT MARKET CAP $15.0B

guide as achievable and supportive of a strong model, while buybacks indicate TICKER DECK ^Prior trading day's closing price unless otherwise

confidence ahead. noted.

Innovation Pipeline Anchors Confidence in HOKA's +LDD% Growth Algo: Mgmt. is confident

in the innovation pipeline and showcased exclusive HOKA newness during meetings, incl. some

higher price points and max-cushion innovation, along w/ lifestyle. Innovation is now split between

performance and lifestyle, enabling more segmented distribution that should allow for more

balanced growth. Aside from product, Int'l white space, DTC improvements, enhanced mktg, and

continued focus on inventory mgmt. support co's confidence in +LDD% growth algo.

HOKA Lifestyle Still Early Innings: Convos skewed toward HOKA's push into lifestyle, which mgmt.

views as a key oppty for the brand and is still in early innings. Mgmt. is confident it can manage

lifestyle given its experience with UGG, and noted that its customer has already adopted product