Deckers Outdoor (DECK) e-Commerce Sales Bolstered Softer Dec. Retail Numbers - Sterne Agee
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Price: $812.62 -0.8%
Rating Summary:
25 Buy, 16 Hold, 0 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 17 | Down: 14 | New: 16
Rating Summary:
25 Buy, 16 Hold, 0 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 17 | Down: 14 | New: 16
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Sterne Agee remains positive on Deckers Outdoor (Nasdaq: DECK) following recent holiday sales checks.
Analyst Sam Poser noted that there was a bit of sales deceleration in the Northeast due to a warmer December, though sales in other parts of the U.S. were robust. Poser offered the following key points:
- December UGG sales decelerated from November. However, retailers made or got very close to plan for the holiday selling season.
- Cancellations were virtually nonexistent.
- Cold weather, waterproof boots, the new fashion boots and the traditional slippers all performed well.
- Classic sales ebbed and flowed as the weather warmed and cooled.
- Sales performance outside of the Northeast was better on a year-over-year basis than it was in the Northeast.
- Sales in the Northeast appear to range from down 2% to 4% to up 3 to 4%.
- Online sales from both UGG.com and other sites such as Zappos (Nasdaq: AMZN), and Nordstrom.com (NYSE: JWN) are said to have performed very well.
- UGG stores appear to have performed well. We are forecasting comp store sales of -0.8%. We would not be surprised if that forecast proved conservative.
- One retailer whose UGG sales were down slightly said that UGG was "still a monster."
- Our checks indicate that Nordstrom was out of many key items just before Christmas, but were back in stock over the past week. Such a change leads us to believe that fill in orders of UGGs continue to flow.
- The modest polar vortex underway in January should sustain the momentum and lead to a raise of full year '15 guidance.
- Sterne Agee has Deckers at Buy with a price target of $110.
For an analyst ratings summary and ratings history on Deckers Outdoor click here. For more ratings news on Deckers Outdoor click here.
Deckers Outdoor closed at $79.80 yesterday.
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