Deckers Outdoor Corp. (DECK): FQ27 Earnings Review: 1Q beat and guidance raise balanced by weaker 2Q outlook

研报英文原文证据摘录

Deckers Outdoor Corp. (DECK): FQ27 Earnings Review: 1Q beat and guidance raise balanced by weaker 2Q outlook

Equity Research

23 July 2026 | 7:39PM MDT

(DECK)Deckers Outdoor Corp.

F1Q27 Earnings Review: 1Q beat and guidance raise balanced by weaker 2Q outlook

DECK 12m Price Target: $86.00 Price: $96.23 Downside: 10.6% SELL

Brooke Roach, CFA

DECK reported a modest 1Q EPS beat, with stronger gross margin +1(212)357-2421 | brooke.roach@gs.com

Goldman Sachs & Co. LLC

delivery driving the outperformance. Management commentary was

Mentesnot Adamuconstructive across brands and geographies, with DTC remaining the +1(801)744-0630 | mentesnot.adamu@gs.com

primary growth driver and both HOKA and UGG continuing to Goldman Sachs & Co. LLC

generate healthy full price demand. HOKA growth moderated to Carly+1(212)902-2327Chasen | carly.chasen@gs.com

7.7% this quarter (vs. 14.5% in F4Q), with wholesale growth Goldman Sachs & Co. LLC

constrained by planned international shipment timing shifts, though

Key Data _____________________________________management emphasized that underlying demand remains strong

Market cap: $13.5bn

(citing record EMEA reorders, continued strength in international Enterprise value: $11.4bn

DTC, healthy full price sell through, and encouraging early reads on 3m ADTV:United$224.8mnStates

Clifton Pro and Clifton 11). UGG grew 4.9%, supported by continued Americas Apparel & Accessories Brands

M&A Rank: 3

product diversification driving improved mix and further reducing GS Forecast __________________________________

dependence on colder-weather product categories. Gross margin 3/26 3/27E 3/28E 3/29E

expanded 65bps to 56.4%, benefiting from favorable channel and Revenue ($ mn) New 5,472.3 5,882.8 6,171.5 6,425.0

Revenue ($ mn) Old 5,472.3 5,895.2 6,184.1 6,437.4