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Here are 1-3 brief analogies for Deckers Outdoor (DECK):

• A footwear-focused VF Corporation, managing a portfolio of distinct brands like UGG, Hoka, and Teva.
• Like Gap Inc. for shoes, owning well-known footwear brands such as UGG, Hoka, and Teva.
• The Estee Lauder of footwear, managing a portfolio of distinct brands like UGG, Hoka, and Teva.

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Here are the major products offered by Deckers Outdoor:

• UGG: A global lifestyle brand known for its premium sheepskin boots, slippers, and sandals, expanding into apparel and accessories.
• Hoka: Specializes in performance athletic footwear, primarily running and hiking shoes, recognized for maximalist cushioning and innovative designs.
• Teva: Offers outdoor and lifestyle sandals and shoes, renowned for its original sport sandal design and versatile casual footwear.
• Sanuk: Produces comfortable, casual footwear including sandals, flip-flops, and shoes, often featuring unique "Yoga Mat" footbeds.
• Koolaburra by UGG: Provides affordable sheepskin and faux fur footwear, offering boots, slippers, and sandals.

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Deckers Outdoor (symbol: DECK) primarily sells its products through a combination of wholesale and direct-to-consumer (DTC) channels. Based on its financial reports, the wholesale channel accounts for a larger portion of its net sales, indicating that the company sells primarily to other companies (retailers) rather than directly to individuals.

According to Deckers Outdoor's most recent annual report (Form 10-K), no single customer accounted for 10% or more of its net sales in the past three fiscal years. This means that while Deckers relies on a network of wholesale partners, it does not have individually named "major customers" in terms of significant revenue concentration that would require specific disclosure.

However, Deckers distributes its brands (such as UGG, HOKA, Teva, and Sanuk) through a broad array of retailers globally. While specific sales figures to each are not disclosed, its wholesale customers typically include:

• Department Stores: Major national and international department store chains carry Deckers' lifestyle brands like UGG. Examples of such customers include public companies like Nordstrom (JWN) and Macy's (M).
• Athletic and Specialty Footwear Retailers: Sporting goods stores and athletic footwear chains are key customers for performance brands like HOKA. Examples include public companies like Foot Locker (FL) and Dick's Sporting Goods (DKS).
• Online Retailers: Large e-commerce platforms and online-focused retailers serve as significant wholesale customers for all Deckers brands. A prominent example is Amazon (AMZN).
• Independent Retailers: Numerous smaller, independent footwear and apparel stores also stock Deckers products, contributing to a diverse wholesale customer base.

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Stefano Caroti, Chief Executive Officer, President & Director

Mr. Caroti serves as Chief Executive Officer and President, having been elected to the Board in September 2024. From April 2023 to July 2024, he held the position of Chief Commercial Officer and also served as interim President of HOKA and President of Omni-Channel. He brings over 32 years of industry experience in general management, sales, retail, product, marketing, business strategy, and brand management.

Steven J. Fasching, Chief Financial Officer

Mr. Fasching has served as the Chief Financial Officer of Deckers Outdoor Corp. since June 2018. Prior to this role, he was the Senior Vice President of Planning and Investor Relations, Corporate Strategy for the company.

Angela Ogbechie, Chief Supply Chain Officer

Ms. Ogbechie was appointed as Chief Supply Chain Officer in June 2022. Before that, she was the Senior Vice President, Global Operations and Supply Chain Strategy since November 2021. She has held various senior supply chain positions at Deckers since 2008, gaining experience in global demand planning, logistics, distribution, and fulfillment. Ms. Ogbechie holds a B.A. in Economics from Stanford University and an M.B.A. from Columbia University Business School.

Melissa Gallagher, Chief People Officer

Ms. Gallagher was appointed Chief People Officer in February 2025. She joined Deckers in February 2022 as Vice President, People and Experience. Prior to Deckers, she spent 10 years at Capri Holdings, where she served as Vice President, Global Learning and Development and Internal Communications. She has also held leadership positions at Michael Kors and Armani, accumulating over 20 years of experience in executive search, business partnership, and talent management for global retail organizations.

Thomas Garcia, Chief Administrative Officer, ESG | General Counsel | Strategy | Communications

Mr. Garcia has served as Chief Administrative Officer since 2021. He also holds responsibilities for ESG, General Counsel, Strategy, and Communications.

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The key risks to Deckers Outdoor (DECK) involve its supply chain and production, its significant reliance on key brands, and broader macroeconomic and political factors.

1. Supply Chain and Production Risks: Deckers Outdoor faces considerable risks related to its production and supply chain. This category represents a significant portion of the company's reported risks. The company's operations are vulnerable to global supply chain disruptions, labor shortages, and its reliance on third-party logistics providers. A critical specific risk is the dependence on sheepskin for a substantial portion of its UGG brand products. There is high demand for sheepskin, limited suppliers that can meet quality standards, and the sourcing and processing are concentrated in specific geographies and tanneries. Any issues in obtaining sufficient sheepskin at acceptable prices and quality, or disruptions at these tanneries, could severely impact the company's ability to meet demand and harm its brand image.
2. Dependence on Key Brands and Shifting Consumer Preferences: A significant portion of Deckers Outdoor's total sales is attributed to its UGG and HOKA brands. This heavy reliance on just two major brands makes the company susceptible to shifts in consumer preferences or any negative impact on the reputation of these brands. The footwear, apparel, and accessories industry is highly competitive and characterized by rapid changes in fashion trends and consumer tastes, necessitating continuous innovation and adaptation from Deckers.
3. Macroeconomic and Political Risks: Deckers Outdoor is exposed to macroeconomic and geopolitical uncertainties. Changes in economic conditions, such as inflation, recessionary concerns, and foreign currency exchange rate fluctuations, can adversely affect consumer spending and discretionary purchases, especially for premium products like those under the UGG and HOKA brands. Geopolitical tensions, including trade policies, tariffs, and economic sanctions, can lead to increased supply chain costs, disrupt manufacturing and distribution networks, and ultimately impact profit margins.

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Deckers Outdoor Corporation (symbol: DECK) operates several prominent footwear brands, each addressing distinct market segments. The addressable markets for their main products are substantial globally and in key regions such as North America.

UGG (Boots and Casual Footwear)

The global market for UGG boots, a core product for Deckers, was valued at approximately USD 3.8 billion in 2023 and is projected to reach USD 7.5 billion by 2033, growing at a compound annual growth rate (CAGR) of 7.2% from 2024 to 2033. North America is identified as the largest market for UGG boots, with the United States being a primary driver, holding 46% of the global market share. Global annual sales of UGG boots are estimated at around 175 million units.

Hoka (Performance Footwear/Running Shoes)

Hoka primarily competes within the athletic footwear market, particularly in running shoes. The global athletic footwear market was estimated at USD 146.7 billion in 2023 and is projected to reach USD 205.8 billion by 2030, with a CAGR of 5.0% from 2024 to 2030. Another estimate places the global athletic footwear market at USD 138.53 billion in 2024, increasing to approximately USD 204.56 billion by 2034. The running shoe segment constituted a significant portion of this market, dominating with over 35.0% of the revenue share in 2021. North America accounted for over 36.9% of the athletic footwear market share in 2024.

Teva and Sanuk (Sandals and Casual Shoes)

Teva and Sanuk brands largely address the sandals and casual shoes markets. The global sandals market is projected at USD 33.77 billion in 2025 and is expected to reach USD 48.1 billion by 2035. North America is a significant region in the sandals market, with a market size of USD 8.0 billion in 2024, projected to reach USD 12.0 billion by 2034. The casual shoes market globally stood at USD 92.53 billion in 2025 and is projected to reach USD 158.33 billion by 2034. North America holds a substantial share within the casual shoes market, accounting for 31.75% of the global market revenue in 2025.

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Deckers Outdoor (NYSE: DECK) is poised for continued revenue growth over the next two to three years, primarily driven by the robust performance of its key brands, strategic international expansion, and ongoing product innovation. The company's focus on a balanced distribution strategy across direct-to-consumer (DTC) and wholesale channels also contributes to its growth outlook.

Here are 3-5 expected drivers of future revenue growth:

1. Sustained Growth of the HOKA Brand: HOKA continues to be a significant growth engine for Deckers. The brand has demonstrated strong global revenue increases, with fiscal year 2024 seeing a 28% rise to $1.8 billion, and continued momentum into fiscal year 2025 with a 30% increase in Q1 and 35% in Q2. This growth is fueled by increasing brand awareness, strong direct-to-consumer performance, and successful new product launches. HOKA's revenue surpassed $2 billion over the trailing 12-month period as of Q2 fiscal year 2025. Analysts anticipate HOKA to grow in the low teens percentage for fiscal year 2026.

2. Continued Strength and Expansion of the UGG Brand: The UGG brand consistently contributes to Deckers' overall revenue growth. In fiscal year 2024, UGG's global revenue increased by 16% to $2.2 billion, driven by gains in DTC acquisition and retention, and expansion in international markets. UGG grew by 14% in Q1 fiscal year 2025 and 13% in the first half of fiscal year 2025. The brand is expected to maintain mid-single-digit growth for fiscal year 2025 and low-to-mid-single-digit increases for fiscal year 2026. Strategic marketing initiatives, such as partnerships with ambassadors, are also supporting UGG's performance.

3. Strategic International Market Expansion: International growth is a key focus and a significant driver of revenue for Deckers, particularly for both HOKA and UGG. International regions saw a 21% increase in revenue in Q1 fiscal year 2025 and a 28% increase in the first half of fiscal year 2025, often outpacing domestic growth. The company emphasizes increased investments in diverse marketing initiatives tailored to local international markets. In Q1 fiscal year 2026, international revenue increased by 50%, with both HOKA and UGG contributing to this growth, especially in regions like China. Deckers expects international and wholesale growth to outpace U.S. and DTC in the future.

4. Direct-to-Consumer (DTC) and Wholesale Channel Optimization: Deckers is focused on optimizing its distribution across both DTC and wholesale channels. In fiscal year 2024, DTC revenue increased by 27%, representing 43% of the total company revenue, with HOKA and UGG DTC increasing by 40% and 22% respectively. In Q1 fiscal year 2025, both DTC and wholesale increased above 20%. While DTC has shown strong engagement, there's also recognition of wholesale reacceleration and the importance of fill-in activities. The company aims for a balanced 50/50 split between DTC and wholesale channels for long-term profitable growth.
5. New Product Innovation and Category Expansion: Ongoing new product developments and updates are crucial for maintaining strong consumer demand and driving revenue. For HOKA, new product launches like Skyflow, Mach X 2, and enhancements to the SpeedGoat and Tecton lines are expected to fuel continued revenue growth. A strong product engine and disciplined product management strategy are also cited as reasons for UGG's success. The ability of Deckers' brands to connect with consumers through innovative products differentiates the company in the competitive marketplace.

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Share Repurchases

• Deckers Outdoor repurchased approximately 3.8 million shares for a total of $567.0 million in fiscal year 2025.
• In the first fiscal quarter of fiscal year 2026, as of May 9, 2025, the company repurchased approximately 765,000 shares for $84.0 million.
• The Board of Directors approved an increase of $2.25 billion to the existing stock repurchase authorization on May 21, 2025, bringing the total outstanding authorization to approximately $2.5 billion.

Capital Expenditures

• Deckers Outdoor's capital expenditures for fiscal years ending March 2021 to 2025 averaged $67.959 million.
• Capital expenditures peaked at $89.365 million in March 2024 and were $86.171 million in March 2025.
• The company expects to deploy focused capital expenditures in the range of $120 million to $130 million to support the future of the company, including investments in marketing, retail store expansion, and supply chain improvements.