$DECK · DECKERS OUTDOOR CORP

Deckers Brands reported Q2 FY2027 results with record net sales of $1.481B (+3.5% YoY), diluted EPS of $2.31 (vs $1.82), and raised full-year FY2027 EPS guidance to $7.80–$7.95. Results included a $0.28 per share benefit from $46M in IEEPA tariff net refunds. The company also announced board changes: Rati Sahi Levesque appointed as director effective December 1, 2026, replacing retiring director Lauri Shanahan.

Extended-hours trading shows DECK at $78.40, down 8.07% vs the regular close of $85.28. Despite record revenue, EPS beat, and raised guidance, the after-hours selloff suggests the market is stripping out the one-time IEEPA tariff refund benefit (~$0.28 in Q2, ~$0.52 full-year) and focusing on the 6.4% DTC comparable sales decline and the 0.4% drop—

The 8% after-hours selloff despite record revenue and raised guidance reveals the market is heavily discounting one-time tariff refunds and punishing the 6.4% DTC comp decline — a critical read on $11

Deckers' HOKA brand grew 6.8% — decelerating from prior quarters — while UGG managed only 3.5% growth. The DTC comp decline of 6.4% contrasts with peers who are still reporting positive direct-channel momentum, raising questions about brand heat in a softening consumer discretionary environment.

The IEEPA tariff refunds ($87.9M received through October 8, 2026) are non-recurring and mask underlying margin pressure. DTC comparable sales fell 6.4%, signaling weakening direct-channel demand. FY2027 guidance assumes no further tariff refunds and depends on $1B in share repurchases to hit EPS.