UGG and HOKA parent Deckers Outdoor Corporation (NYSE:DECK) shares are trading lower Friday. The company reported fourth-quarter earnings after the close Thursday and issued weak guidance for the first quarter, while opting not to issue full-year guidance.

What To Know: The company reported earnings per share of $1.00, beating the consensus estimate of 59 cents. In addition, the company reported sales of $1.02 billion, beating the consensus estimate of $1.01 billion and representing a 7.5% growth year-over-year.

The company broke down sales further, reporting UGG brand sales increased 3.6% year-over-year to $374.3 million. HOKA brand sales increased 10% to $586.1 million and other brand net sales decreased 6.3% to $61.3 million.

Cynthia Davis has been named chair of the board, stepping in for Michael Devine, who is retiring after 14 years of service.

Outlook: The company sees first-quarter earnings per share from 62 cents to 67 cents, versus the consensus estimate of 81 cents. Furthermore, it sees sales from $890 million to $910 million, versus the consensus estimate of $925.86 million.

Deckers held back on issuing fiscal-year guidance due to macroeconomic uncertainty.

Analyst Changes: Following the earnings report, multiple analysts issued price target adjustments.

• Needham analyst Tom Nikic maintained a Buy rating on Deckers and lowered the price target from $150 to $120.
• Telsey Advisory Group analyst Dana Telsey downgraded Deckers from an Outperform rating to a Market Perform rating and lowered the price target from $240 to $120.

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DECK Price Action: At the time of publication, Deckers stock is trading 19.6% lower at $101.41, according to data from Benzinga Pro.

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