Goleta-based Deckers hits 52-week low for stock price
Goleta-based Deckers Brands hit a 52-week low on Sept. 11 when it briefly fell to $59.62 per share. It closed Sept. 14 at $61.10.
Shares of Deckers dropped about 33 percent so far this year from $89.74 on Jan. 2 before it closed at $60.65 on Sept. 11. Investment research firm Zacks said weak earnings and a weak outlook are the cause.
On Aug. 8, Deckers, a maker of designer niche footwear products and accessories, reported a loss of $1.43 per share during the first quarter of fiscal year 2016. This was much larger than the loss of $1.07 per share during the same time last year, but beat analyst predictions of a loss of $1.51 per share.
Selling and administrative expenses also increased during the quarter from $137,254 to $150,304 during the quarter and weighed on the bottom line. The company’s net sales of $213.8 million also missed analyst expectations of $217 million in sales.
Zacks also said the subdued earnings outlook is why investors are losing confidence in the stock. Deckers predicts earnings of $1.05 per share during the second quarter, 10 percent less than the company predicted a year ago.