<SEC-DOCUMENT>0001157523-17-001670.txt : 20170525
<SEC-HEADER>0001157523-17-001670.hdr.sgml : 20170525
<ACCEPTANCE-DATETIME>20170525160528
ACCESSION NUMBER:		0001157523-17-001670
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170525
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170525
DATE AS OF CHANGE:		20170525

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DECKERS OUTDOOR CORP
		CENTRAL INDEX KEY:			0000910521
		STANDARD INDUSTRIAL CLASSIFICATION:	RUBBER & PLASTICS FOOTWEAR [3021]
		IRS NUMBER:				953015862
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36436
		FILM NUMBER:		17870010

	BUSINESS ADDRESS:	
		STREET 1:		250 COROMAR DRIVE
		CITY:			GOLETA
		STATE:			CA
		ZIP:			93117
		BUSINESS PHONE:		8059677611

	MAIL ADDRESS:	
		STREET 1:		250 COROMAR DRIVE
		CITY:			GOLETA
		STATE:			CA
		ZIP:			93117

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DECKERS FOOTWEAR CORP
		DATE OF NAME CHANGE:	19930811
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a51565356.htm
<DESCRIPTION>DECKERS OUTDOOR CORPORATION 8-K
<TEXT>
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      <br>
      <br>
      <font style="font-size: 12pt; font-family: Times New Roman"><b>UNITED
      STATES</b></font><b><font style="font-size: 12pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 12pt"></font><font style="font-size: 12pt; font-family: Times New Roman">SECURITIES
      AND EXCHANGE COMMISSION</font></b><br><font style="font-size: 10pt; font-family: Times New Roman"><b>Washington,
      D.C. 20549</b></font><br><font style="font-family: Times New Roman"><b>______________</b></font><br>
    </p>
    <p style="text-align: center">
      <font style="font-size: 16pt; font-family: Times New Roman"><b>FORM 8-K</b></font><br><br><font style="font-size: 12pt; font-family: Times New Roman"><b>CURRENT
      REPORT</b></font><br><font style="font-size: 12pt; font-family: Times New Roman"><b>Pursuant
      to Section 13 or 15(d) of the Securities Exchange Act of 1934</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman">Date of
      Report (Date of earliest event reported): May 25, 2017</font><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 10pt"></font><br><br>
    </p>
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          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 16pt">DECKERS OUTDOOR CORPORATION</font>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          (Exact name of registrant as specified in its charter)
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-color: black; border-bottom-style: solid; text-align: center; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="top">
          Delaware
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          (State or other jurisdiction of incorporation)
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
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    <table cellspacing="0" style="margin-bottom: 10.0px; font-family: Times New Roman; font-size: 10pt; width: 100%">
      <tr>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; width: 50%" valign="top">
          000-22446
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; width: 50%" valign="top">
          95-3015862
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px; width: 50%" valign="top">
          (Commission File Number)
        </td>
        <td style="text-align: center; padding-left: 0.0px; width: 50%" valign="top">
          (IRS Employer Identification No.)
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="width: 50%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-color: black; border-bottom-style: solid; text-align: center; border-bottom-width: 1.0pt; padding-left: 0.0px; width: 50%" valign="top">
          250 Coromar Drive, Goleta, California
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; width: 50%" valign="top">
          93117
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px; width: 50%" valign="top">
          (Address of principal executive offices)
        </td>
        <td style="text-align: center; padding-left: 0.0px; width: 50%" valign="top">
          (Zip code)
        </td>
      </tr>
    </table>
    </div>
    <p style="margin-left: 120.0px; text-align: center; margin-right: 120.0px">
      Registrant&#8217;s telephone number, including area code (805) 967-7611
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; font-family: Times New Roman; font-size: 10pt; width: 100%">
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          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          (Former name or former address, if changed since last report)
        </td>
      </tr>
    </table>
    </div>
    <p style="margin-left: 120.0px; text-align: center; margin-right: 120.0px">
      <br>

    </p>
    <p>

    </p>
    <p>
      <font style="font-size: 10pt; font-family: Times New Roman">Check the
      appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions </font>(see General Instruction A.2. below):
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <p>

    </p>
    <div style="margin-left: 0pt; margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; font-family: Times New Roman; font-size: 10pt; width: 100%">
      <tr>
        <td style="text-align: left; padding-left: 0.0px; width: 10%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Item 2.02.</b>
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 2%" valign="top">
          &#160;
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 88%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Results of Operations and Financial Condition.</b>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="font-size: 10pt; text-indent: 30.0px">
      On May 25, 2017, Deckers Outdoor Corporation issued a press release
      announcing its financial results for the three months and fiscal year
      ended March 31, 2017 and held a conference call regarding these
      financial results. A copy of the press release is furnished hereto as
      Exhibit 99.1.&#160;&#160;&#160;
    </p>
    <p style="font-size: 10pt; text-indent: 30.0px">
      The information in this Form 8-K and the exhibit attached hereto shall
      not be deemed &#8220;filed&#8221; for purposes of Section 18 of the Securities
      Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), nor shall they be
      deemed incorporated by reference in any filing under the Securities Act
      of 1933, as amended, or the Exchange Act, except as shall be expressly
      set forth by specific reference in such filing.
    </p>
    <p style="text-indent: 60.0px">

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; font-family: Times New Roman; font-size: 10pt; width: 100%">
      <tr>
        <td style="text-align: left; padding-left: 0.0px; width: 10%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Item 9.01.</b>
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 2%" valign="top">

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Financial Statements and Exhibits.</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 10%">

        </td>
        <td style="width: 2%">

        </td>
        <td style="width: 18%">

        </td>
        <td style="width: 70%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; width: 10%" valign="top">

        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 2%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (d)
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 18%" valign="top">
          Exhibits.
        </td>
        <td style="width: 70%">

        </td>
      </tr>
      <tr>
        <td style="width: 10%">

        </td>
        <td style="width: 2%">

        </td>
        <td style="width: 18%">

        </td>
        <td style="width: 70%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; width: 10%" valign="top">

        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 2%" valign="top">

        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 18%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>Exhibit No</u>.
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 70%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>Description</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; width: 10%" valign="top">

        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 2%" valign="top">

        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px; width: 18%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;&#160;&#160;&#160;&#160;99.1
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 70%" valign="top">
          Press Release, dated May 25, 2017
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="margin-left: 0pt; margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: center">
      <br>
      <font style="font-size: 10pt; font-family: Times New Roman"><b>SIGNATURES</b></font>
    </p>
    <p style="font-size: 10pt; text-indent: 30.0px">
      <font style="font-size: 10pt; font-family: Times New Roman">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.</font>
    </p>
    <p style="font-size: 10pt; text-indent: 30.0px">
      <br>

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; font-family: Times New Roman; font-size: 10pt; width: 100%">
      <tr>
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          <p style="margin-bottom: 0px; margin-top: 0px">
            Date:
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 45%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            May 25, 2017
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 50%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Deckers Outdoor Corporation
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 50%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; width: 5%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 45%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 50%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>/s/ Thomas A. George</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 50%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Thomas A. George
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 50%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Chief Financial Officer
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="margin-left: 0pt; margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <b>EXHIBIT INDEX</b>
    </p>
    <p style="margin-left: 150.0px">
      <br>

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; font-family: Times New Roman; font-size: 10pt; width: 100%">
      <tr>
        <td style="text-align: left; padding-left: 0.0px; width: 20%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Exhibit No.</b>
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 80%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Description</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 20%">

        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 80%" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px; width: 20%" valign="top">
          99.1
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 80%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Press Release, dated May 25, 2017
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="margin-left: 150.0px">

    </p>
    <p>

    </p>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51565356ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2017 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-family: Times New Roman; font-size: 8pt">
    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Deckers
      Brands Reports Fourth Quarter and Fiscal 2017 Financial Results</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Fourth
      Quarter Sales of $369.5 Million; GAAP EPS of $(0.49); and Non-GAAP EPS
      of $0.11</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Full Year
      Fiscal 2017 Sales of $1.790 Billion; GAAP EPS of $0.18; and Non-GAAP EPS
      of $3.82</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Fourth
      Quarter Direct-to-Consumer (DTC) Comparable Sales Flat; Full Year
      Increased 2.6%</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Savings
      Plan Expected to Drive $100 Million Operating Profit Improvement by
      Fiscal Year 2020</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Company
      Announces Guidance for Full Year Fiscal 2018 and Long Range Financial
      Targets for Fiscal Year 2020</b></font>
    </p>
    <p>
      GOLETA, Calif.--(BUSINESS WIRE)--May 25, 2017--Deckers Brands (NYSE:
      DECK), a global leader in designing, marketing and distributing
      innovative footwear, apparel and accessories, today announced financial
      results for the fourth fiscal quarter and fiscal year ended March 31,
      2017.
    </p>
    <p>
      Throughout this release, references to Non-GAAP financial measures
      exclude certain restructuring, impairment and other charges that our
      management believes are not core to our ongoing operating results.
      Additional information regarding these Non-GAAP financial measures is
      set forth under the heading &quot;Non-GAAP Financial Measures&quot; below.
    </p>
    <p>
      Dave Powers, President and CEO, said, &quot;Over the course of the last year,
      the organization has been hard at work identifying margin enhancing
      initiatives and detailing plans that significantly improve the
      profitability of the company. We now anticipate that the $150 million
      cumulative savings plan announced in February 2017 will drive a $100
      million operating profit improvement by fiscal year 2020. I am proud of
      the work the team has accomplished, and I believe we have laid a solid
      foundation to execute on our savings plan. I am confident that these
      improvements will drive a significant increase in shareholder value over
      the long-term.&quot;
    </p>
    <p>
      <b>Fourth Quarter Fiscal 2017 Financial Review</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        <b>Net sales</b> decreased 2.4% to $369.5 million compared to $378.6
        million for the same period last year. On a constant currency basis,
        net sales decreased 1.5%.
      </li>
      <li style="margin-bottom: 10.0px">
        <b>Gross margin</b> was 43.0% compared to 40.9% for the same period
        last year. Non-GAAP gross margin was 43.0% compared to 42.3% for the
        same period last year. The year over year increase was due to less
        domestic promotional activity and supply chain improvements, partially
        offset by foreign exchange headwinds from the strengthening of the
        U.S. dollar.
      </li>
      <li style="margin-bottom: 10.0px">
        <b>SG&amp;A expenses</b> as a percentage of sales were 51.4% compared
        to 48.3% for the same period last year. Non-GAAP SG&amp;A expenses as a
        percentage of sales were 41.6% compared to 40.8% for the same period
        last year. The difference between the GAAP and Non-GAAP results for
        the fourth quarter was due to the Company incurring charges of $35.9
        million related to restructuring, impairment and other charges of
        which $9.9 million were non-cash charges.
      </li>
      <li style="margin-bottom: 10.0px">
        <b>Operating (loss)/income</b> was $(30.9) million compared to $(27.9)
        million for the same period last year. Non-GAAP operating income was
        $5.1 million compared to $5.7 million for the same period last year.
      </li>
      <li style="margin-bottom: 10.0px">
        <b>Diluted (loss)/earnings per share</b> was $(0.49) compared to
        $(0.73) for the same period last year. Non-GAAP diluted earnings per
        share was $0.11 compared to $0.11 for the same period last year.
      </li>
    </ul>
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    </div>
    <p>
      <b>Full Year Fiscal 2017 Financial Review</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        <b>Net sales</b> decreased 4.5% to $1.790 billion compared to $1.875
        billion last year. On a constant currency basis, net sales decreased
        4.1%.
      </li>
      <li style="margin-bottom: 10.0px">
        <b>Gross margin </b>was 46.7% compared to 45.2% last year. Non-GAAP
        gross margin was 46.7% compared to 45.4% last year. The year over year
        increase in gross margin was primarily due to lower input costs and
        supply chain efficiencies, partially offset by foreign exchange
        headwinds from the strengthening of the U.S. dollar.
      </li>
      <li style="margin-bottom: 10.0px">
        <b>SG&amp;A expenses</b> as a percentage of sales were 46.8% compared
        to 36.5% last year. Non-GAAP SG&amp;A expenses as a percentage of sales
        were 37.4% compared to 35.0% last year. The difference between the
        GAAP and Non-GAAP results for the full year was due to the Company
        incurring charges of $167.5 million related to restructuring,
        impairment and other charges of which $134.2 million were non-cash
        charges.
      </li>
      <li style="margin-bottom: 10.0px">
        <b>Operating (loss)/income</b> was $(1.9) million compared to $162.1
        million last year. Non-GAAP operating income was $165.6 million
        compared to $195.7 million last year.
      </li>
      <li style="margin-bottom: 10.0px">
        <b>Diluted earnings per share</b> was $0.18 compared to diluted
        earnings per share of $3.70 last year. Non-GAAP diluted earnings per
        share was $3.82 compared to $4.50 last year.
      </li>
    </ul>
    <p>
      <b>Brand Summary</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        UGG&#174; brand net sales for the fourth quarter decreased 1.1% to $243.0
        million compared to $245.6 million for the same period last year. On a
        constant currency basis, sales increased 0.2%. The decrease in sales
        was driven by a decrease in domestic wholesale sales, partially offset
        by an increase in international wholesale and DTC sales. For fiscal
        2017, UGG brand sales decreased 4.8% to $1.451 billion. On a constant
        currency basis, sales decreased 4.2%.
      </li>
      <li style="margin-bottom: 10.0px">
        Teva&#174; brand net sales for the fourth quarter decreased 13.3% to $51.3
        million compared to $59.1 million for the same period last year. On a
        constant currency basis, sales decreased 13.2%. The decrease in sales
        was driven by a decrease in global wholesale sales, partially offset
        by an increase in DTC sales. For fiscal 2017, Teva brand sales
        decreased 11.5% to $117.7 million. On a constant currency basis, sales
        decreased 12.2%.
      </li>
      <li style="margin-bottom: 10.0px">
        Sanuk&#174; brand net sales for the fourth quarter decreased 16.1% to $32.3
        million compared to $38.5 million for the same period last year on
        both a reported and constant currency basis. The decrease in sales was
        driven by a decrease in global wholesale and DTC sales. For fiscal
        2017, Sanuk brand sales decreased 13.6% to $91.8 million. On a
        constant currency basis, sales decreased 13.7%.
      </li>
      <li style="margin-bottom: 10.0px">
        Combined net sales of the Company&#8217;s other brands for the fourth
        quarter increased 21.2% to $42.9 million compared to $35.4 million for
        the same period last year. On a constant currency basis, sales
        increased 22.0%. The increase was primarily attributable to a $9.3
        million, or 32.7%, increase in sales for the HOKA ONE ONE&#174; brand
        compared to the same period last year. For fiscal 2017, combined sales
        of the Company&#8217;s other brands increased 16.2% to $129.6 million. On a
        constant currency basis, sales increased 16.3%.
      </li>
    </ul>
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    <p>
      <b>Channel Summary (included in the brand sales numbers above)</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Wholesale net sales for the fourth quarter decreased 5.8% to $219.1
        million compared to $232.7 million for the same period last year. On a
        constant currency basis, sales decreased 5.2%. The decrease in sales
        was driven by a decrease in global wholesale sales. For fiscal 2017,
        wholesale sales decreased 8.7% to $1.124 billion. On a constant
        currency basis, sales decreased 8.6%.
      </li>
      <li style="margin-bottom: 10.0px">
        Direct-to-Consumer (DTC) net sales for the fourth quarter increased
        3.0% to $150.4 million compared to $145.9 million for the same period
        last year. On a constant currency basis, sales increased 4.3%. DTC
        comparable sales for the fourth quarter were flat compared to the same
        period last year. For fiscal 2017, DTC sales increased 3.4% to $666.3
        million and DTC comparable sales increased 2.6% primarily driven by
        strength across our global ecommerce business. On a constant currency
        basis, DTC sales increased 4.5%.
      </li>
    </ul>
    <p>
      <b>Geographic Summary (included in the brand and channel sales numbers
      above)</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Domestic net sales for the fourth quarter decreased 4.3% to $230.0
        million compared to $240.4 million for the same period last year. For
        fiscal 2017, domestic sales decreased 6.4% to $1.141 billion.
      </li>
      <li style="margin-bottom: 10.0px">
        International net sales for the fourth quarter increased 0.9% to
        $139.5 million compared to $138.2 million for the same period last
        year. On a constant currency basis, sales increased 4.1%. For fiscal
        2017, international sales decreased 1.0% to $648.8 million. On a
        constant currency basis, sales increased 1.6%.
      </li>
    </ul>
    <p>
      <b>Balance Sheet</b>
    </p>
    <p>
      At March 31, 2017, cash and cash equivalents were $291.8 million
      compared to $246.0 million at March 31, 2016. The Company had no
      outstanding borrowings under its credit facility at March 31, 2017
      compared to $67.0 million at March 31, 2016.
    </p>
    <p>
      Company-wide inventories at March 31, 2017 decreased 0.4% to $298.9
      million from $299.9 million at March 31, 2016. By brand, UGG inventory
      increased 1.4% to $221.3 million, Teva inventory decreased 7.7% to $30.7
      million, Sanuk inventory decreased 23.4% to $18.6 million, and the other
      brand inventory increased 16.5% to $28.3 million.
    </p>
    <p>
      <b>Update on the Cost Savings Plan and Long-term Outlook</b>
    </p>
    <p>
      The Company believes that the previously identified $150 million in
      cumulative savings before reinvestment will drive operating profit
      improvement of $100 million that will be fully realized by the end of
      fiscal year 2020. The savings are expected to come from both cost of
      sales improvements and SG&amp;A reductions.
    </p>
    <p>
      Cost of sales improvements are expected to come from the following:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Reducing product development cycle times
      </li>
      <li style="margin-bottom: 10.0px">
        Optimizing material yields
      </li>
      <li style="margin-bottom: 10.0px">
        Consolidating our factory base, and
      </li>
      <li style="margin-bottom: 10.0px">
        Moving production outside of China
      </li>
    </ul>
    <p>
      SG&amp;A savings are expected to come from the following:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Further retail store consolidations
      </li>
      <li style="margin-bottom: 10.0px">
        Process improvement efficiencies
      </li>
      <li style="margin-bottom: 10.0px">
        Lower unallocated indirect spend
      </li>
    </ul>
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    <p>
      Based on the implementation of these initiatives over the next three
      years, the Company is providing its long-term outlook for fiscal year
      2020:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Total sales of approximately $2.0 billion
      </li>
      <li style="margin-bottom: 10.0px">
        Operating margin of 13%
      </li>
      <li style="margin-bottom: 10.0px">
        ROIC over 20%
      </li>
    </ul>
    <p>
      <b>Full Year Fiscal 2018 Outlook</b>
    </p>
    <p>
      The Company&#8217;s fiscal year 2018 outlook includes targeted savings which
      are expected to result in over $17 million of operating profit
      improvement.
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Net sales are expected to be in the range of down 2% to flat
      </li>
      <li style="margin-bottom: 10.0px">
        Gross margin is expected to be approximately 47.5%
      </li>
      <li style="margin-bottom: 10.0px">
        SG&amp;A expenses as a percentage of sales are projected to be
        approximately 37%
      </li>
      <li style="margin-bottom: 10.0px">
        Non-GAAP diluted earnings per share are expected to be in the range of
        $3.95 to $4.15. This excludes any charges that may occur from
        additional store closures and other restructuring charges.
      </li>
    </ul>
    <p>
      <b>First Quarter Fiscal 2018 Outlook</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Net sales are expected to be up low single digits over the same period
        last year, and we project a Non-GAAP diluted loss per share of
        approximately $(1.70) to $(1.65) compared to a Non-GAAP diluted loss
        per share of $(1.80) for the same period last year.
      </li>
      <li style="margin-bottom: 10.0px">
        As a reminder, a significant amount of our operating expenses are
        fixed and spread evenly on an absolute dollar basis throughout each
        quarter. We expect the majority of our earnings increase in fiscal
        2018 to come in the third and fourth quarters.
      </li>
    </ul>
    <p>
      <b>Non-GAAP Financial Measures</b>
    </p>
    <p>
      We present certain Non-GAAP financial measures in this press release,
      including constant currency, Non-GAAP gross margin, Non-GAAP SG&amp;A
      expenses, Non-GAAP operating income and Non-GAAP diluted earnings per
      share, to provide information that may assist investors in understanding
      our financial results and assessing our prospects for future
      performance. We believe these Non-GAAP financial measures are important
      indicators of our operating performance because they exclude items that
      are unrelated to, and may not be indicative of, our core operating
      results, such as restructuring charges relating to retail store closures
      and office consolidations, and other charges relating to inventory
      write-downs, severance and asset impairments. In particular, we believe
      that the exclusion of certain costs and charges allows for a more
      meaningful comparison of our results from period to period. These
      Non-GAAP measures, as we calculate them, may not necessarily be
      comparable to similarly titled measures of other companies and may not
      be appropriate measures for comparing the performance of other companies
      relative to Deckers. For example, in order to calculate our constant
      currency information, we calculate the current period financial
      information using the foreign currency exchange rates that were in
      effect during the previous comparable period, excluding the effects of
      foreign currency exchange rate hedges and re-measurements in the
      consolidated balance sheets. These Non-GAAP financial results are not
      intended to represent, and should not be considered to be more
      meaningful measures than, or alternatives to, measures of operating
      performance as determined in accordance with GAAP. To the extent we
      utilize such Non-GAAP financial measures in the future, we expect to
      calculate them using a consistent method from period to period. A
      reconciliation of each of the financial measures to the most directly
      comparable GAAP measures has been provided under the heading
      &#8220;Reconciliation of GAAP Financial Measures to Non-GAAP Financial
      Measures&#8221; in the financial statement tables included below.
    </p>
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    <p>
      <b>Conference Call Information</b>
    </p>
    <p>
      The Company&#8217;s conference call to review the results for the fourth
      quarter 2017 will be broadcast live today, Thursday, May 25, 2017 at
      4:30 pm Eastern Time and hosted at <u><i>www.deckers.com</i></u>. You
      can access the broadcast by clicking on the &#8220;Investors&#8221; tab and then
      clicking on the microphone icon at the top of the page.
    </p>
    <p>
      <b>About Deckers Brands</b>
    </p>
    <p>
      Deckers Brands is a global leader in designing, marketing and
      distributing innovative footwear, apparel and accessories developed for
      both everyday casual lifestyle use and high performance activities. The
      Company&#8217;s portfolio of brands includes UGG&#174;, Koolaburra&#174;, HOKA ONE ONE&#174;,
      Teva&#174; and Sanuk&#174;. Deckers Brands products are sold in more than 50
      countries and territories through select department and specialty
      stores, Company-owned and operated retail stores, and select online
      stores, including Company-owned websites. Deckers Brands has a 40-year
      history of building niche footwear brands into lifestyle market leaders
      attracting millions of loyal consumers globally. For more information,
      please visit <u>www.deckers.com</u>.
    </p>
    <p>
      <b>Forward Looking Statements</b>
    </p>
    <p>
      This press release contains &quot;forward-looking statements&quot; within the
      meaning of the federal securities laws, which statements are subject to
      considerable risks and uncertainties. These forward-looking statements
      are intended to qualify for the safe harbor from liability established
      by the Private Securities Litigation Reform Act of 1995. Forward-looking
      statements include all statements other than statements of historical
      fact contained in this press release, including statements regarding our
      anticipated financial performance, including our projected net sales,
      margins, expenses and earnings per share, as well as statements
      regarding our cost savings plans, ongoing restructuring plans, profit
      improvement efforts, product and brand strategies, and market
      opportunities. We have attempted to identify forward-looking statements
      by using words such as &quot;anticipate,&quot; &quot;believe,&quot; &#8220;could,&#8221; &quot;estimate,&quot;
      &quot;expect,&quot; &quot;intend,&quot; &quot;may,&quot; &#8220;plan,&#8221; &#8220;predict,&#8221; &quot;project,&quot; &quot;should,&quot;
      &quot;will,&quot; or &#8220;would,&#8221; and similar expressions or the negative of these
      expressions.
    </p>
    <p>
      Forward-looking statements represent our management&#8217;s current
      expectations and predictions about trends affecting our business and
      industry and are based on information available as of the time such
      statements are made. Although we do not make forward-looking statements
      unless we believe we have a reasonable basis for doing so, we cannot
      guarantee their accuracy or completeness. Forward-looking statements
      involve numerous known and unknown risks, uncertainties and other
      factors that may cause our actual results, performance or achievements
      to be materially different from any future results, performance or
      achievements predicted, assumed or implied by the forward-looking
      statements. Some of the risks and uncertainties that may cause our
      actual results to materially differ from those expressed or implied by
      these forward-looking statements are described in the section entitled
      &#8220;Risk Factors&#8221; in our Annual Report on Form 10-K for the fiscal year
      ended March 31, 2016, as well as in our other filings with the
      Securities and Exchange Commission.
    </p>
    <p>
      Except as required by applicable law or the listing rules of the New
      York Stock Exchange, we expressly disclaim any intent or obligation to
      update any forward-looking statements, or to update the reasons actual
      results could differ materially from those expressed or implied by these
      forward-looking statements, whether to conform such statements to actual
      results or changes in our expectations, or as a result of the
      availability of new information.
    </p>
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        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="4" style="text-align: left; padding-left: 0.0px" valign="top">
          Net sales
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          369,465
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          378,635
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1,790,147
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1,875,197
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="4" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">
          Cost of sales
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          210,541
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          223,693
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          954,912
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          1,028,529
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          Gross profit
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          158,924
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          154,942
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          835,235
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          846,668
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="4" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">
          Selling, general and administrative expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          189,797
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          182,820
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          837,154
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          684,541
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          (Loss) income from operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (30,873
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (27,878
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (1,919
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          162,127
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="4" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">
          Other expense, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          591
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          1,055
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          5,067
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          5,242
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          (Loss) income before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (31,464
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (28,933
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (6,986
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          156,885
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="4" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">
          Income tax (benefit) expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          (15,760
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: left; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          (5,227
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: left; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          (12,696
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: left; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          34,620
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          Net (loss) income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (15,704
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (23,706
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          5,710
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          122,265
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="4" style="text-align: left; padding-left: 0.0px" valign="top">
          Other comprehensive (loss) income, net of tax
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          Unrealized gain (loss) on foreign currency hedging
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          84
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (520
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          704
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          461
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="3" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">
          Foreign currency translation adjustment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          3,626
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          1,343
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          (6,598
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: left; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          (550
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: left; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">
          Total other comprehensive (loss) income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          3,710
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          823
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          (5,894
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: left; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          (89
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: left; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="3" style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="top">
          Comprehensive (loss) income
        </td>
        <td>

        </td>
        <td style="padding-bottom: 4.0px; white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px" valign="bottom">
          (11,994
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: double; text-align: left; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td style="padding-bottom: 4.0px; white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px" valign="bottom">
          (22,883
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: double; text-align: left; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-bottom: 4.0px; white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px" valign="bottom">
          (184
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: double; text-align: left; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td style="padding-bottom: 4.0px; white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px" valign="bottom">
          122,176
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="4" style="text-align: left; padding-left: 0.0px" valign="top">
          Net (loss) income per share:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          Basic
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (0.49
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (0.73
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          0.18
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          3.76
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          Diluted
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (0.49
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (0.73
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          0.18
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          3.70
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="4" style="text-align: left; padding-left: 0.0px" valign="top">
          Weighted-average common shares outstanding:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          Basic
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          31,944
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          32,256
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          32,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          32,556
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          Diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          31,944
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          32,256
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          32,355
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          33,039
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; font-family: Times New Roman; font-size: 8pt; width: 100%">
      <tr>
        <td colspan="11" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>DECKERS OUTDOOR CORPORATION</b>
        </td>
      </tr>
      <tr>
        <td colspan="11" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>AND SUBSIDIARIES</b>
        </td>
      </tr>
      <tr>
        <td colspan="11" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>Consolidated Balance Sheets</b>
        </td>
      </tr>
      <tr>
        <td colspan="11" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>(Unaudited)</b>
        </td>
      </tr>
      <tr>
        <td colspan="11" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>(Amounts in thousands)</b>
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          <b>March 31,</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          <b>March 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">
          <b>Assets</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          <b>2017</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          <b>2016</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="5" style="text-align: left; padding-left: 0.0px" valign="top">
          Current assets:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          291,764
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          245,956
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          Trade accounts receivable, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          158,643
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          160,154
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          Inventories
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          298,851
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          299,911
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">
          Other current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          71,563
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          79,744
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          Total current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          820,821
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          785,765
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="5" style="text-align: left; padding-left: 0.0px" valign="top">
          Property and equipment, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          225,531
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          237,246
        </td>
      </tr>
      <tr>
        <td colspan="5" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">
          Other noncurrent assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          145,428
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          255,057
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="top">
          Total assets
        </td>
        <td>

        </td>
        <td style="padding-bottom: 4.0px; white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px" valign="bottom">
          1,191,780
        </td>
        <td>

        </td>
        <td style="padding-bottom: 4.0px; white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px" valign="bottom">
          1,278,068
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Liabilities and Stockholders' Equity</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="5" style="text-align: left; padding-left: 0.0px" valign="top">
          Current liabilities:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          Short-term borrowings
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          549
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          67,475
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          Trade accounts payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          95,893
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          100,593
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">
          Other current liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          62,609
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          70,430
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          Total current liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          159,051
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          238,498
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="5" style="text-align: left; padding-left: 0.0px" valign="top">
          Long-term liabilities:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          Mortgage payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          32,082
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          32,631
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">
          Other liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          46,392
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          39,468
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          Total long-term liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          78,474
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          72,099
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">
          Total stockholders' equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          954,255
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          967,471
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="top">
          Total liabilities and stockholders' equity
        </td>
        <td>

        </td>
        <td style="padding-bottom: 4.0px; white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px" valign="bottom">
          1,191,780
        </td>
        <td>

        </td>
        <td style="padding-bottom: 4.0px; white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px" valign="bottom">
          1,278,068
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; font-family: Times New Roman; font-size: 8pt; width: 100%">
      <tr>
        <td colspan="13" style="text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>Reconciliation of GAAP Financial Measures to Non-GAAP
            Financial Measures</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="13" style="text-align: left; padding-left: 0.0px" valign="top">
          <b>DECKERS BRANDS - GAAP to Non-GAAP Reconciliation</b>
        </td>
      </tr>
      <tr>
        <td colspan="13" style="text-align: left; padding-left: 0.0px" valign="top">
          <b>For the Three Months Ended March 31, 2017</b>
        </td>
      </tr>
      <tr>
        <td colspan="13" style="text-align: left; padding-left: 0.0px" valign="top">
          (Amounts in thousands, except for per share data)
        </td>
      </tr>
      <tr>
        <td colspan="13" style="text-align: left; padding-left: 0.0px" valign="top">
          (Unaudited)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7" style="border-bottom-color: black; border-bottom-style: solid; text-align: center; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="top">
          <b>Three-month period ended March 31, 2017</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          <b>Non-GAAP</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>GAAP Measures</b>
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          <b>Restructuring and</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          <b>Measures</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="border-bottom-color: black; border-bottom-style: solid; text-align: center; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="top">
          <b>(As Reported)</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; text-align: center; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="top">
          <b>Other Charges (1)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; text-align: center; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="top">
          <b>(Excluding Items) (2)</b>
        </td>
      </tr>
      <tr>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          Net sales
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          369,465
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          369,465
        </td>
      </tr>
      <tr>
        <td colspan="4" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">
          Cost of sales
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          210,541
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          210,541
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          Gross profit
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          158,924
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          158,924
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="4" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">
          Selling, general and administrative expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          189,797
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          (35,937)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          153,860
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          (Loss) income from operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (30,873
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: center; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          35,937
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          5,064
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="4" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">
          Other expense, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          591
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          591
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          (Loss) income before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (31,464
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          4,473
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="4" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">
          Income tax (benefit) expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          (15,760
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: left; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          1,029
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="3" style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="top">
          Net (loss) income
        </td>
        <td>

        </td>
        <td style="padding-bottom: 4.0px; white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px" valign="bottom">
          (15,704
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: double; text-align: left; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-bottom: 4.0px; white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px" valign="bottom">
          3,444
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="4" style="text-align: left; padding-left: 0.0px" valign="top">
          Net (loss) income per share:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          Basic
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (0.49
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          0.11
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          Diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (0.49
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          0.11
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="4" style="text-align: left; padding-left: 0.0px" valign="top">
          Weighted-average common shares outstanding:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          Basic
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          31,944
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          31,944
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          Diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          31,944
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          32,200
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="13" style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (1) This amount includes approximately (a) $21.4 million of total
            restructuring charges, which are comprised of lease terminations,
            retail store asset impairments, severance, software impairments,
            and other corporate reorganization costs, and (b) $14.5 million of
            other non-core charges, which are comprised of store impairments,
            sales agent conversion costs, and contract terminations.
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="13" style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (2) The tax rate applied to Non-GAAP income before tax is 23.0%
            for the fiscal quarter ended March 31, 2017, which represents the
            Company's full-year Non-GAAP effective tax rate.
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="13">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; font-family: Times New Roman; font-size: 8pt; width: 100%">
      <tr>
        <td colspan="13" style="text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>Reconciliation of GAAP Financial Measures to Non-GAAP
            Financial Measures</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="13" style="text-align: left; padding-left: 0.0px" valign="top">
          <b>DECKERS BRANDS - GAAP to Non-GAAP Reconciliation</b>
        </td>
      </tr>
      <tr>
        <td colspan="13" style="text-align: left; padding-left: 0.0px" valign="top">
          <b>For the Twelve Months Ended March 31, 2017</b>
        </td>
      </tr>
      <tr>
        <td colspan="13" style="text-align: left; padding-left: 0.0px" valign="top">
          (Amounts in thousands, except for per share data)
        </td>
      </tr>
      <tr>
        <td colspan="13" style="text-align: left; padding-left: 0.0px" valign="top">
          (Unaudited)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7" style="border-bottom-color: black; border-bottom-style: solid; text-align: center; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="top">
          <b>Twelve-month period ended March 31, 2017</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          <b>Non-GAAP</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>GAAP Measures</b>
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          <b>Restructuring and</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          <b>Measures</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="border-bottom-color: black; border-bottom-style: solid; text-align: center; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="top">
          <b>(As Reported)</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; text-align: center; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="top">
          <b>Other Charges (1)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; text-align: center; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="top">
          <b>(Excluding Items) (2)</b>
        </td>
      </tr>
      <tr>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          Net sales
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1,790,147
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1,790,147
        </td>
      </tr>
      <tr>
        <td colspan="4" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">
          Cost of sales
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          954,912
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          954,912
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          Gross profit
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          835,235
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          835,235
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="4" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">
          Selling, general and administrative expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          837,154
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          (167,507)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          669,647
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          (Loss) income from operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (1,919
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: center; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          167,507
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          165,588
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="4" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">
          Other expense, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          5,067
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          5,067
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          (Loss) income before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (6,986
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          160,521
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="4" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">
          Income tax (benefit) expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          (12,696
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: left; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          36,920
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="3" style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="top">
          Net income
        </td>
        <td>

        </td>
        <td style="padding-bottom: 4.0px; white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px" valign="bottom">
          5,710
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-bottom: 4.0px; white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; border-bottom-style: double; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px" valign="bottom">
          123,601
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="4" style="text-align: left; padding-left: 0.0px" valign="top">
          Net income per share:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          Basic
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          0.18
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          3.86
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          Diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          0.18
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          3.82
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="4" style="text-align: left; padding-left: 0.0px" valign="top">
          Weighted-average common shares outstanding:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          Basic
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          32,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          32,000
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          Diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          32,355
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          32,355
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="13" style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (1) This amount includes approximately (a) $118.0 million of Sanuk
            goodwill and patent impairment charges, (b) $29.1 million of total
            restructuring charges, which are comprised of lease terminations,
            retail store asset impairments, severance costs, software
            impairments, and other corporate reorganization costs, and (c)
            $20.4 million of other non-core charges, which are comprised of
            store impairments, sales agent conversion costs, and contract
            terminations.
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="13" style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (2) The tax rate applied to Non-GAAP income before tax is 23.0%
            for the twelve months ended March 31, 2017.
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br><b>Investor Contact:</b><br>Deckers Brands<br>Steve Fasching
      | VP, Strategy &amp; Investor Relations<br>805.967.7611
    </p>
    <p>

    </p>
  </body>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
