Deckers expect weak 1st qtr
Shares of Deckers [عزيزي الزائر يتوجب عليك التسجيل لمشاهدة الرابط للتسجيل اضغط هنا] were down 9 percent and those of Crocs down 10 percent in [عزيزي الزائر يتوجب عليك التسجيل لمشاهدة الرابط للتسجيل اضغط هنا] trading after the bell.Deckers has been hurt by rising sheepskin prices and warned that the prices of one of [عزيزي الزائر يتوجب عليك التسجيل لمشاهدة الرابط للتسجيل اضغط هنا] its most important raw materials may continue to increase through this year.Higher sheepskin prices will dent the company’s 2024 earnings by as much as [عزيزي الزائر يتوجب عليك التسجيل لمشاهدة الرابط للتسجيل اضغط هنا] $1.40 a share, Chief Financial Officer Thomas George said on a call with analysts.As a result, the UGG parent, which sources its sheepskin from Australia, expects to increase prices of some products.UGG boots, which have been spurring sales at Deckers for more than ten quarters, contributed more than 94 percent of its total sales in the fourth quarter.Deckers expects first quarter earnings per share to halve from last year and sees its full year profit staying at the fiscal 2024 level of $5.07.Crocs, which sells its colorful clogs in more than 90 countries, [عزيزي الزائر يتوجب عليك التسجيل لمشاهدة الرابط للتسجيل اضغط هنا] expects first quarter earnings of 24 cents to 26 cents a share, below market expectations of 30 cents a share, according to Thomson Reuters I/B/E/S.However, both Deckers and Crocs reported quarterly profits that beat market estimates.Shares of Crocs closed at $20.42 [عزيزي الزائر يتوجب عليك التسجيل لمشاهدة الرابط للتسجيل اضغط هنا] and shares of Deckers closed at $90.21 on Thursday on the Nasdaq. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
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