<SEC-DOCUMENT>0000910521-19-000006.txt : 20190503
<SEC-HEADER>0000910521-19-000006.hdr.sgml : 20190503
<ACCEPTANCE-DATETIME>20190328132023
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000910521-19-000006
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20190328

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:		CORRESP

	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>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
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<div><a name="sDCA8E488736258FDAB1169D029016880"></a></div><div><div style="line-height:138%;padding-bottom:13px;text-align:center;"><img src="deckersheaderlogo.jpg" alt="deckersheaderlogo.jpg" style="font-size:11.5pt;height:62px;width:208px;"></div></div><div><br></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">March 28, 2019</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;text-decoration:underline;">Via EDGAR Submission </font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">U.S. Securities and Exchange Commission</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Division of Corporation Finance</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">100 F Street, N.E., Stop 4631</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Washington, D.C. 20549</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:11pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:376px;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:68px;"></td><td style="width:6px;"></td><td style="width:301px;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Attention:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Mr. Jay Ingram</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Branch Chief</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Office of Manufacturing and Construction</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Re:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Deckers Outdoor Corporation</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Form 10-K for Fiscal Year Ended March 31, 2018</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Filed May 30, 2018</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Form 8-K</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Filed January 31, 2019</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">File No. 001-36436</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Dear Mr. Ingram:</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">This letter is being respectfully submitted by Deckers Outdoor Corporation, a Delaware corporation (the &#8220;</font><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">Company</font><font style="font-family:inherit;font-size:11pt;">&#8221;) in response to comments from the staff (the &#8220;</font><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">Staff</font><font style="font-family:inherit;font-size:11pt;">&#8221;) of the Securities and Exchange Commission (the &#8220;</font><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">SEC</font><font style="font-family:inherit;font-size:11pt;">&#8221;) on the Company&#8217;s above-referenced Annual Report on Form 10-K (the &#8220;</font><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">Form 10-K</font><font style="font-family:inherit;font-size:11pt;">&#8221;) and Form 8-K (the &#8220;</font><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">Form 8-K</font><font style="font-family:inherit;font-size:11pt;">&#8221;) contained in the Staff letter dated March 18, 2019 (the &#8220;</font><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">Letter</font><font style="font-family:inherit;font-size:11pt;">&#8221;).  The Company&#8217;s responses are preceded by a reproduction of the Staff&#8217;s comments as set forth in the Letter.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Form 10-K for Fiscal Year Ended March 31, 2018</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Form 8-K Filed January 31, 2019</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Exhibit 99.1, page 1</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:11pt;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">We note the disclosures of GAAP financial measures to non-GAAP financial measures included in your earnings release. Although the income statements presented are not identical to your interim income statements prepared in accordance with GAAP, your presentation does not appear in compliance with Question 102.10 of the Non-GAAP Financial Measures Compliance and Disclosure Interpretations and Item 10(e)(1)(i)(A) of Regulation S-K which precludes presenting a full non-GAAP income statement when reconciling non-GAAP financial measures to the most directly comparable GAAP financial measures since it places undue prominence on the non-GAAP financial measures and may give the impression that the non-GAAP income statement is a comprehensive basis of accounting. Please revise your disclosures accordingly.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;color:#7f6f07;">250 Coromar Drive</font></div><div style="line-height:120%;text-align:center;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;color:#7f6f07;">Goleta, CA 93117</font></div><div style="line-height:138%;padding-bottom:13px;text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br></font></div></div><hr style="page-break-after:always"><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Company Response</font><font style="font-family:inherit;font-size:11pt;">: </font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Company respectfully submits that, in disclosing certain non-GAAP financial measures in the earnings press release furnished as Exhibit 99.1 to the Form 8-K (the &#8220;</font><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">Earnings Release</font><font style="font-family:inherit;font-size:11pt;">&#8221;), it specifically considered the application of Regulation G and Item 10(e) of Regulation S-K, as well as the related Non-GAAP Financial Measures Compliance and Disclosure Interpretations (collectively, the &#8220;</font><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">Non-GAAP Disclosure Guidance</font><font style="font-family:inherit;font-size:11pt;">&#8221;).  The Non-GAAP Disclosure Guidance confirms that, whenever a non-GAAP financial measure is included in a filing with the SEC, there must be a presentation, with equal or greater prominence, of the most directly comparable GAAP financial measure.  The Non-GAAP Disclosure Guidance also states that, whether a non-GAAP financial measure is more prominent than the comparable GAAP financial measure &#8220;generally depends on the facts and circumstances in which the disclosure is made,&#8221; and is therefore not based on the consideration of any one factor.  For the following reasons, the Company believes its current presentation of non-GAAP financial measures within the Earnings Release is compliant with the Non-GAAP Disclosure Guidance.</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Non-GAAP financial measures are not presented in the Earnings Release in a manner that results in their undue prominence relative to the corresponding GAAP financial measures.  </font><font style="font-family:inherit;font-size:11pt;">The GAAP financial measures are generally presented before the non-GAAP financial measures throughout the Earnings Release.  In addition, the non-GAAP financial measures are generally not presented in bold font, larger font or italicized font, or in any other manner intended to emphasize them relative to the GAAP financial measures.  The Company&#8217;s cautious approach to the disclosure of the non-GAAP financial measures within the Earnings Release is consistent with the SEC guidance, including a number of the disclosure examples provided in Question 102.10 of the Non-GAAP Financial Measures Compliance and Disclosure Interpretations.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:72px;text-indent:-24px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">The Earnings Release includes an appropriate disclaimer regarding the Company&#8217;s use of non-GAAP financial measures.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;The Company provided a disclaimer that confirms the non-GAAP financial measures presented in the Earnings Release should not be afforded greater weight than the GAAP financial measures.  It states, in pertinent part, that the non-GAAP financial measures &#8220;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.&#8221;  The disclaimer is presented in a prominent manner under the heading &#8220;Non-GAAP Financial Matters.&#8221;  The disclaimer is comprehensive and consistent with market practice.  The disclaimer is referenced at the beginning of the press release, and also precedes the reconciliation of the GAAP financial measures to the Non-GAAP financial measures.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:72px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">The Company&#8217;s GAAP financial statements precede the disclosure of the reconciliation of the non-GAAP measures to the most directly comparable GAAP financial measures.  </font><font style="font-family:inherit;font-size:11pt;">In the Earnings Release, the Company presents its &#8220;Consolidated Statements of Comprehensive Income (Loss)&#8221; and &#8220;Consolidated Balance Sheets&#8221;, both of which are presented in accordance with GAAP, prior to the presentation of the reconciliation of GAAP financial measures to non-GAAP financial measures.  This presentation clearly gives greater prominence to the GAAP financial measures relative to the non-GAAP financial measures, especially when read in combination with the disclaimer referenced above.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:72px;text-indent:-24px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">The Company presents a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;Consistent with the requirements of the Non-GAAP Disclosure Guidance, the Earnings Release includes a reconciliation of GAAP financial measures to non-GAAP financial measures.  The reconciliation was not  presented for the purpose </font></div></td></tr></table><div><br></div><div><div style="line-height:120%;text-align:center;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:138%;padding-bottom:13px;text-align:center;font-size:11.5pt;"><font style="font-family:inherit;font-size:11.5pt;"><br></font></div><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br></font></div></div><hr style="page-break-after:always"><div><br></div><div style="line-height:120%;padding-left:72px;text-align:justify;"><font style="font-family:inherit;font-size:11pt;">of attaching undue prominence to the non-GAAP financial measures, but rather to comply with the specific requirements of Item 10(e)(1)(i)(B) of Regulation S-K.  At the same time, the Company sought to present the reconciliation in a manner that provides investors with clear and transparent disclosures to facilitate an understanding of the impact of the adjustments.  The Company confirms that it only presents non-GAAP financial measures that it believes are consistent with the information requested and reviewed by its analysts and investors, and that it seeks to calculate the measures (and to present the required reconciliations) in a manner that is consistent from period to period.  The Company believes the format of the reconciliation used in the Earnings Release strikes the appropriate balance between providing clear and consistent disclosure to investors, while complying with the Non-GAAP Disclosure Guidance.</font></div><div style="line-height:120%;text-align:justify;padding-left:72px;text-indent:-24px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">A full non-GAAP income statement was not presented in the reconciliation.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;The Non-GAAP Disclosure Guidance indicates that presenting a full non-GAAP income statement when reconciling non-GAAP financial measures to GAAP financial measures could result in the disclosure of the non-GAAP financial measures being more prominent.  However, as the Staff expressly acknowledges in the Letter, the Company has not presented a full non-GAAP income statement in the reconciliation and, in fact, the Company specifically excluded multiple line items from the GAAP income statement in presenting the reconciliation.  These items were excluded both in response to concerns about presenting a full non-GAAP income statement, and because the Company believed the exclusion of certain items allowed it to emphasize the specific adjustments it was making to the GAAP financial measures.  In addition, the presentation of the reconciliation is only one factor to be considered in determining if non-GAAP financial measures have been given undue prominence in a particular disclosure.  When considered in light of the overall disclosure of information within the Earnings Release, the Company does not believe investors will be left with the impression that the non-GAAP income statement is a comprehensive basis of accounting, or that non-GAAP financial measures have been presented in a manner so as to give them undue prominence.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">For each of the foregoing reasons, the Company believes that the current presentation of its non-GAAP financial measures within the Earnings Release complies with the requirements of the Non-GAAP Disclosure Guidance.  However, the Company respectfully confirms that, in preparing its future public disclosures, it intends to continue to comply with the Non-GAAP Disclosure Guidance.  In particular, it will continue to assess whether it is appropriate to further simplify the presentation of any reconciliation of non-GAAP financial measures to GAAP financial measures. </font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:11pt;">2.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">We note you present projected Non-GAAP Diluted EPS in your earnings release without presenting and reconciling to a corresponding GAAP amount. Please review the guidance provided in Question 102.10 of the Non-GAAP Financial Measures Compliance and Disclosure Interpretations when preparing your next earnings release.</font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Company Response</font><font style="font-family:inherit;font-size:11pt;">: </font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Company respectfully confirms that, in providing the projected &#8220;Non-GAAP Diluted EPS&#8221; amount in the Earnings Release without a reconciliation to the most directly comparable GAAP financial measure, it was relying on the &#8220;unreasonable efforts&#8221; exception for providing non-GAAP financial measures that are forward-looking, which is set forth in Item 10(e)(1)(i)(B) of Regulation S-K.  The Company believed that, because of the substantial uncertainty associated with predicting any future adjustments to its GAAP </font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:138%;padding-bottom:13px;text-align:center;font-size:11.5pt;"><font style="font-family:inherit;font-size:11.5pt;"><br></font></div><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br></font></div></div><hr style="page-break-after:always"><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">financial measures, which may include certain unique, one-time or non-recurring income or expense items that are inherently difficult to anticipate or quantify, it was not possible to accurately predict the impact those items may have relative to the GAAP financial measures.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">However, the Company acknowledges the guidance set forth in Question 102.10 of the Non-GAAP Financial Measures Compliance and Disclosure Interpretations and confirms that it will comply with the guidance when preparing its future public disclosures.  In particular, to the extent the Company relies on the &#8220;unreasonable efforts&#8221; exception in Item 10(e)(1)(i)(B) of Regulation S-K, it will disclose that fact and identify the information that is unavailable and its probable significance in a location of equal or greater prominence to the comparable GAAP financial measure.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">* * * * *</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In responding to the Staff&#8217;s comments in the Letter, the Company acknowledges that it is responsible for the adequacy and accuracy of the disclosures in its filings notwithstanding any review, comments, action, or absence of action by the Staff.</font></div><div style="line-height:120%;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">If you have any questions or if we can provide any additional information, please feel free to contact Ryan C. Wilkins, Esq. of Stradling Yocca Carlson &amp; Rauth, our outside legal counsel, via telephone at 949-725-4115 or via electronic mail at </font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">rwilkins@sycr.com</font><font style="font-family:inherit;font-size:11pt;">, or in his absence, Thomas Garcia, Esq., General Counsel, via telephone at 805-967-7611 or via electronic mail at </font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">tom.garcia@deckers.com</font><font style="font-family:inherit;font-size:11pt;">.</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:336px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Sincerely, </font></div><div style="line-height:138%;text-align:justify;padding-left:336px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:336px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">/s/ Steven J. Fasching</font></div><div style="line-height:120%;text-align:justify;padding-left:336px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Steven J. Fasching</font></div><div style="line-height:120%;text-align:justify;padding-left:336px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Chief Financial Officer</font></div><div style="line-height:120%;text-align:justify;padding-left:336px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Deckers Outdoor Corporation</font></div><div style="line-height:138%;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:138%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">cc: &#160;&#160;&#160;&#160;David Powers</font></div><div style="line-height:138%;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Chief Executive Officer</font></div><div style="line-height:138%;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Deckers Outdoor Corporation</font></div><div style="line-height:138%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:138%;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Thomas Garcia, Esq. </font></div><div style="line-height:138%;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">General Counsel</font></div><div style="line-height:138%;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Deckers Outdoor Corporation</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Ryan C. Wilkins, Esq. </font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Stradling Yocca Carlson Rauth, P.C.  </font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:138%;padding-bottom:13px;text-align:center;font-size:11.5pt;"><font style="font-family:inherit;font-size:11.5pt;"><br></font></div><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br></font></div></div>	</body>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
