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					                                                                                                                                                          03 January 2012
                                                                                                                                                    Americas/United States
                                                                                                                                                         Equity Research
                                                                                                                                                                 Footwear




                                                                        Deckers Outdoor Corporation
                                                                        (DECK)
Rating                                            OUTPERFORM*
Price (30 Dec 11, US$)                                     75.57            CHANNEL CHECK
Target price (US$)                                      127.00¹
52-week price range                               117.66 - 72.38
Market cap. (US$ m)                                    2,917.61         UGG Checks Round 4: Stock-Outs Rise
Enterprise value (US$ m)                               2,673.72
*Stock ratings are relative to the relevant country benchmark.
¹Target price is for 12 months.
                                                                        Through Christmas While Discounts Remain
                                              Research Analysts
                                                                        Limited; Restocks Starting To Arrive Now
                                                    Christian Buss
                                                                        ■    Holiday Sell-Through Looks Healthy, With Product Availability
                                                                             Increasingly Limited. Consistent with historical trends, we note that through
                                                       Bilun Boyner          the holiday period overall stock-out levels at Nordstrom increased by 55.7
                                                                             percentage points, from 33.7% to 89.4%. Classics and Slippers were the
                                                                             categories with most significant stock out increases heavily weighted
                                                                             towards the end of the period. However steadily increasing Fashion category
                                                                             stock outs were also strong at 93% by the end of Christmas. This suggests
                                                                             healthy demand and continued tight inventory management at UGG’s largest
                                                                             retailer.
                                                                        ■    Discounting Remains Modest, Even Post-Holiday. Through the holidays
                                                                             we note that discounting remained minimal on UGG product with only
                                                                             premium priced, ($500-$1000 range) Collection product on the 40% off rack
                                                                             at Nordstrom and odd-lot pairs and colors on sale at independent retailers.
                                                                             Following the Christmas weekend discounting of Fashion (non-classic)
                                                                             product at Nordstrom increased modestly to 20% of styles (19 of 94), with an
                                                                             average discount of 25% at Nordstrom, in very limited size and color
                                                                             combinations. Product is not discounted at uggaustralia.com with seasonal
                                                                             Fashion styles no longer in stock.
                                                                        ■    Restocking With The New Year This week we note a 10 percentage point
                                                                             decrease in overall stock out levels at Nordstrom driven by restocking mostly
                                                                             of Slippers and Classics, (availability has improved by 22 and 12 percentage
                                                                             points respectively.) Men’s product remains at low availability levels. This is
                                                                             in line with the historical pattern of new-year restocking.
Share price performance                                                 Financial and valuation metrics
         Daily Jan 03, 2011 - Dec 30, 2011, 1/03/11 = US$81.23          Year                                              12/10A          12/11E          12/12E    12/13E
                                                                        EPS (CS adj.) (US$)                                  4.04            5.10            6.20      7.16
 110                                                                    Prev. EPS (US$)                                        —               —               —         —
  90                                                                    P/E (x)                                              18.7            14.8            12.2      10.6
                                                                        P/E rel. (%)                                        129.1           118.7           107.0     103.5
  70
                                                                        Revenue (US$ m)                                   1,001.0        1,344.6          1,613.0   1,837.0
   Jan-11        Apr-11          Jul-11          Oct-11
                                                                        EBITDA (US$ m)                                      261.4           324.2           396.3     457.6
             Price                    Indexed S&P 500 INDEX             OCFPS (US$)                                          3.57            3.11            7.68      8.98
On 12/30/11 the S&P 500 INDEX closed at 1257.6                          P/OCF (x)                                            22.3            24.3             9.8       8.4
                                                                        EV/EBITDA (current)                                  11.0             8.9             7.2       6.3
                                                                        Net debt (US$ m)                                     -445            -244            -264      -310
                                                                        ROIC (%)                                            82.72           55.50           41.95     39.62
Quarterly EPS                 Q1            Q2           Q3       Q4    Number of shares (m)                              38.61     IC (current, US$ m)              513.92
2010A                        0.46          0.23         1.07     2.27   BV/share (Next Qtr., US$)                          19.6     EV/IC (x)                           5.2
2011E                        0.49         -0.19         1.59     3.21   Net debt (Next Qtr., US$ m)                      -243.9     Dividend (Next Qtr., US$)            —
2012E                        0.71         -0.07         1.83     3.72   Net debt/tot cap (Next Qtr., %)                   -32.2     Dividend yield (%)                   —
                                                                        Source: Company data, Credit Suisse estimates.



 DISCLOSURE APPENDIX CONTAINS IMPORTANT DISCLOSURES, ANALYST CERTIFICATIONS, INFORMATION ON
 TRADE ALERTS, ANALYST MODEL PORTFOLIOS AND THE STATUS OF NON-U.S ANALYSTS. U.S. Disclosure:
 Credit Suisse does and seeks to do business with companies covered in its research reports. As a result, investors should be
 aware that the Firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this
 report as only a single factor in making their investment decision.
                                                                                                                                                             03 January 2012



Key Charts
Christmas Sell-Through and Restocking
Exhibit 1: Christmas Sell-Through                                                              Exhibit 2: January Restocking
           Nordstrom stock-out %                uggaustralia.com stock-out %                               Nordstrom stock-out %               uggaustralia.com stock-out %
              12/5        12/27         Delta       12/5         12/27           Delta                        12/27         1/3      Delta        12/27          1/3           Delta
Total        33.7%        89.4%         55.7%       5.8%         6.0%             0.2%         Total         89.4%        79.1%     -10.3%         6.0%         8.3%           2.3%
Classics     11.6%       85.6%          74.0%       7.1%         4.8%            -2.4%         Classics      85.6%       73.3%      -12.3%         4.8%         4.8%           0.0%
Fashion      60.5%       93.2%           33%       27.4%          na               na          Fashion       93.2%         84%        -9%           na           na             na
Slippers     24.2%       96.8%           73%        0.0%         0.0%             0.0%         Slippers      96.8%       74.9%      -21.9%         0.0%         0.0%           0.0%
Men's        33.8%       82.2%           48%        0.0%        14.6%            14.6%         Men's         82.2%       84.5%       2.3%         14.6%        19.5%           4.9%



Source: Company data, Credit Suisse estimates                                                  Source: Company data, Credit Suisse estimates



Nordstrom
Exhibit 3: Nordstrom Stock-outs
                                                                        Nordstrom - stock out %
                                                                         (1314 styles/locations)


                                                                                               93%                            97%
                                 89%                           86%                       82%         84%                84%                                  82% 84%
                                       79%                                                                                          75%
                           71%                                       73%         70%
                                                                           61%                                                                         64%
                                                         57%
                     48%                                                                                                                         50%
                                                                                                                  43%
            34%                                                                                                                           34%
                                                   26%                                                      24%
                                             12%
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Source: Company data, Credit Suisse estimates



Uggaustralia.com

Exhibit 4: uggaustralia.com Stock-outs
                                                                     uggaustralia.com - stock out %
                                                                           (185 styles/sizes)
                                                                                 33% 33%

                                                                           27%

                                                                                                                                                                   20%
                                                                                                                                                             15%

                      9%                8%         10% 10%
                            8%               7%
                6%                6%
                                                               5%    5%
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Source: Company data, Credit Suisse estimates




Deckers Outdoor Corporation (DECK)                                                                                                                                        2
Deckers Outdoor Corporation (DECK)




                                     Exhibit 5: Wk 4 & 5 Update




                                                Nordstrom stock-out %                                   Delta     uggaustralia.com stock-out %                           Delta
                                                   12/5        12/12          12/19   12/27    1/3    (Wk 5 vs 1)     12/5        12/12        12/19   12/27     1/3   (Wk 5 vs 1)
                                     Total        33.7%        47.6%          71.1%   89.4%   79.1%     45.4%         5.8%         8.7%        8.1%     6.0%    8.3%      2.5%
                                     Classics     11.6%       26.0%           57.3%   85.6%   73.3%     61.6%        7.1%         9.5%         9.5%    4.8%     4.8%     -2.4%
                                     Fashion      60.5%         70%           81.7%   93.2%   84.5%     24.0%        27.4%        32.9%       21.9%      na      na        na
                                     Slippers     24.2%         43%           84.5%   96.8%   74.9%     50.7%        0.0%         0.0%         0.0%    0.0%     0.0%      0.0%
                                     Men's        33.8%         50%           63.9%   82.2%   84.5%     50.7%        0.0%         0.0%        15.2%    14.6%   19.5%     19.5%




                                     Source: Company data, Credit Suisse estimates




                                                                                                                                                                                     03 January 2012
3
Deckers Outdoor Corporation (DECK)




                                     Exhibit 6: Week 4 & 5 Update
                                     (as of 01/03/2011)                                                             Classics                                                                            Fashion                                                  Slippers                                            Men's
                                                                                                                                                                                                                                        Laela
                                                                                                         Bailey button                  Bailey Button   Cardy Classic   Channing       Ravenna     Savanna     Bellevue II   Aubree                Dakota       Ansley       Coquette      Ascot slippers -       Classic Short -
                                         Nordstrom            Total       Classic Tall   Classic Short
                                                                                                           (original)
                                                                                                                       Classic Mini
                                                                                                                                           Triplet        Knit Boot       Boot           boot        Boot         Boot        Boot
                                                                                                                                                                                                                                       Sparkles
                                                                                                                                                                                                                                                   Slippers     Slipper       Slipper          Men's                   Men
                                                                                                                                                                                                                                                                                                                                     "Butte" Boot
                                                                                                                                                                                                                                       Sneaker
                                                               Details:   Chestnut -9     Chestnut -9     Chestnut -9    Chestnut -9     Chestnut -9      Black - 9     Chestnut - 9   Honey - 9 Chocolate -9 Espresso - 9 Black - 9   Black - 9   Black - 9   Chestnut -9   Chestnut -9           Espresso-9        Black -9        Worchester-9
                                        % of stock outs:      79.1%         54.8%           35.6%          100.0%          67.1%          100.0%           82.2%          98.6%         72.6%      100.0%         89.0%      100.0%     46.6%      100.0%        61.6%         63.0%                79.5%             74.0%            100.0%
                                     NYC / New Jersey                         6/9             6/9            0/9             4/9            0/9              3/9           0/9            8/9        0/9           1/9         0/9        5/9        0/9           7/9          5/9                   4/9              1/9               0/9
                                     Florida                                  3/6             5/6            0/6             2/6            0/6              0/6           0/6            0/6        0/6           1/6         0/6        1/6        0/6           1/6          0/6                   0/6              0/6               0/6
                                     Illinois                                 1/4             2/4            0/4             3/4            0/4              1/4           0/4            2/4        0/4           0/4         0/4        2/4        0/4           0/4          4/4                   1/4              0/4               0/4
                                     Texas                                    1/4             3/4            0/4             1/4            0/4              0/4           0/4            0/4        0/4           0/4         0/4        3/4        0/4           2/4          3/4                   0/4              0/4               0/4
                                     California (LA)                         3/10            7/10           0/10            3/10           0/10             2/10           0/10          1/10       0/10           2/10       0/10       4/10       0/10          7/10          6/10                 2/10              3/10              0/3
                                     California (SF)                        11/21           16/21           0/21            3/21           0/21             6/21           1/21          2/21       0/21           3/21       0/21      10/21       0/21          5/21          4/21                 3/21             14/21             0/21
                                     Georgia                                  1/3             3/3            0/3             1/3            0/3              0/3           0/3            0/3        0/3           0/3         0/3        1/3        0/3           1/3          0/3                   0/3              0/3               0/3
                                     Massachusetts                            3/5             3/5            0/5             3/5            0/5              0/5           0/5            2/5        0/5           0/5         0/5        4/5        0/5           1/5          1/5                   2/5              0/5               0/5
                                     Pennsylvania                             0/2             1/2            0/2             0/2            0/2              0/2           0/2            1/2        0/2           0/2         0/2        2/2        0/2           0/2          0/2                   1/2              0/2               0/2
                                     Michigan                                 1/3             0/3            0/3             1/3            0/3              0/3           0/3            1/3        0/3           1/3         0/3        2/3        0/3           2/3          2/3                   1/3              0/3               0/3
                                     Washington                               3/6             1/6            0/6             3/6            0/6              1/6           0/6            3/6        0/6           0/6         0/6        5/6        0/6           2/6          2/6                   1/6              1/6               0/6
                                     Available # of stores:                  33/73          47/73           0/73            24/73          0/73             13/73          1/73         20/73       0/73           8/73       0/73       39/73      0/73         28/73         27/73                15/73             19/73             0/73
                                      uggaustralia.com
                                       # of sizes in stock                    6/7             7/7            7/7             7/7             7/7             6/7           13/13          na          na           na         na        12/13        8/8          8/8           8/8                  4/12             12/12             17/17
                                               stock out %:   8.3%                                                                                                                                                                                                                         .
                                     * Restocking
                                     * Sales 25% off
                                     * Sale 35% off
                                     * Sale 40% off



                                     (as of 12/27/2011)                                                             Classics                                                                            Fashion                                                   Slippers                                            Men's
                                                                                                                                                                                                                                        Laela
                                                                                                         Bailey button                  Bailey Button   Cardy Classic    Channing      Ravenna     Savanna     Bellevue II   Aubree                 Dakota       Ansley       Coquette         Ascot slippers -    Classic Short -
                                         Nordstrom            Total       Classic Tall   Classic Short
                                                                                                           (original)
                                                                                                                         Classic Mini
                                                                                                                                           Triplet        Knit Boot        Boot          boot        Boot         Boot        Boot
                                                                                                                                                                                                                                       Sparkles
                                                                                                                                                                                                                                                    Slippers     Slipper       Slipper             Men's                Men
                                                                                                                                                                                                                                                                                                                                      "Butte" Boot
                                                                                                                                                                                                                                       Sneaker
                                                               Details:   Chestnut -9     Chestnut -9     Chestnut -9    Chestnut -9     Chestnut -9      Black - 9     Chestnut - 9   Honey - 9 Chocolate -9 Espresso - 9 Black - 9   Black - 9   Black - 9   Chestnut -9   Chestnut -9           Espresso-9         Black -9        Worchester-9
                                        % of stock outs:      89.4%         78.1%           47.9%          100.0%          93.2%           100.0%          94.5%           97.3%        86.3%       100.0%        100.0%     100.0%     75.3%       100.0%        90.4%        100.0%                90.4%             56.2%            100.0%
                                     NYC / New Jersey                         1/9             2/9            0/9             0/9             0/9             0/9            1/9          6/9          0/9           0/9        0/9        3/9         0/9           1/9          0/9                  1/9               6/9               0/9
                                     Florida                                  0/6             6/6            0/6             2/6             0/6             0/6            0/6          0/6          0/6           0/6        0/6        1/6         0/6           0/6          0/6                  0/6               0/6               0/6
                                     Illinois                                 1/4             1/4            0/4             0/4             0/4             0/4            0/4          0/4          0/4           0/4        0/4        1/4         0/4           0/4          0/4                  1/4               0/4               0/4
                                     Texas                                    1/4             2/4            0/4             0/4             0/4             1/4            0/4          0/4          0/4           0/4        0/4        1/4         0/4           0/4          0/4                  1/4               0/4               0/4
                                     California (LA)                         2/10            5/10           0/10            1/10            0/10            3/10            1/10         1/10        0/10          0/10       0/10       0/10        0/10          0/10         0/10                  1/10              4/10              0/3
                                     California (SF)                         7/21           14/21           0/21            0/21            0/21            0/21            0/21         0/21        0/21          0/21       0/21       3/21        0/21          3/21         0/21                  2/21             17/21             0/21
                                     Georgia                                  1/3             1/3            0/3             0/3             0/3             0/3            0/3          0/3          0/3           0/3        0/3        0/3         0/3           1/3          0/3                  0/3               1/3               0/3
                                     Massachusetts                            2/5             3/5            0/5             1/5             0/5             0/5            0/5          0/5          0/5           0/5        0/5        3/5         0/5           1/5          0/5                  1/5               0/5               0/5
                                     Pennsylvania                             0/2             1/2            0/2             0/2             0/2             0/2            0/2          0/2          0/2           0/2        0/2        1/2         0/2           0/2          0/2                  0/2               0/2               0/2
                                     Michigan                                 0/3             1/3            0/3             0/3             0/3             0/3            0/3          1/3          0/3           0/3        0/3        1/3         0/3           0/3          0/3                  0/3               0/3               0/3
                                     Washington                               1/6             2/6            0/6             1/6             0/6             0/6            0/6          2/6          0/6           0/6        0/6        4/6         0/6           1/6          0/6                  0/6               4/6               0/6
                                     Available # of stores:                 16/73           38/73           0/73             5/73           0/73             4/73           2/73        10/73        0/73          0/73       0/73       18/73       0/73          7/73         0/73                  7/73             32/73             0/73
                                      uggaustralia.com
                                       # of sizes in stock                    6/7             7/7             7/7            7/7             7/7             6/7           13/13          na          na           na          na        13/13        8/8          8/8           8/8                  6/12             12/12             17/17
                                               stock out %:   6.0%                                                                                                                                                                                                                             .




                                                                                                                                                                                                                                                                                                                                                     03 January 2012
                                     Source: Company data, Credit Suisse estimates
4
Deckers Outdoor Corporation (DECK)




                                     Exhibit 7: Week 1,2 & 3 Data
                                     (as of 12/19/2011)                                                              Classics                                                                           Fashion                                                  Slippers                                            Men's
                                                                                                                                                                                                                                        Laela
                                                                                                         Bailey button                  Bailey Button   Cardy Classic    Channing      Ravenna     Savanna    Bellevue II    Aubree                Dakota       Ansley       Coquette      Ascot slippers -       Classic Short -
                                         Nordstrom            Total       Classic Tall   Classic Short
                                                                                                           (original)
                                                                                                                         Classic Mini
                                                                                                                                           Triplet        Knit Boot        Boot          boot        Boot        Boot         Boot
                                                                                                                                                                                                                                       Sparkles
                                                                                                                                                                                                                                                   Slippers     Slipper       Slipper          Men's                   Men
                                                                                                                                                                                                                                                                                                                                     "Butte" Boot
                                                                                                                                                                                                                                       Sneaker
                                                               Details:   Chestnut -9     Chestnut -9     Chestnut -9    Chestnut -9     Chestnut -9      Black - 9     Chestnut - 9   Honey - 9 Chocolate -9 Espresso - 9 Black - 9   Black - 9   Black - 9   Chestnut -9   Chestnut -9        Espresso-9           Black -9        Worchester-9
                                        % of stock outs:      71.1%         35.6%           23.3%           82.2%          87.7%           67.1%           47.9%          86.3%         76.7%       95.9%         65.8%      95.9%      69.9%       83.6%        87.7%         82.2%              90.4%               53.4%             47.9%
                                     NYC / New Jersey                         7/9            7/9              4/9            0/9             6/9             4/9           4/9            8/9         1/9           2/9        1/9        4/9        1/9           2/9          3/9                2/9                 5/9               9/9
                                     Florida                                  4/6            6/6              1/6            2/6             2/6             4/6           0/6            0/6         0/6           0/6        0/6        2/6        4/6           3/6          1/6                1/6                 0/6               1/6
                                     Illinois                                 4/4            4/4              1/4            0/4             3/4             2/4           1/4            3/4         0/4           1/4        0/4        1/4        0/4           0/4          0/4                0/4                 0/4               4/4
                                     Texas                                    4/4            1/4              0/4            0/4             1/4             1/4           0/4            0/4         0/4           0/4        0/4        2/4        1/4           0/4          0/4                0/4                 0/4               1/4
                                     California (LA)                         6/10            7/10            1/10           1/10            2/10            8/10           1/10          1/10        0/10          2/10       1/10       0/10        0/10         0/10          1/10               2/10                6/10              3/10
                                     California (SF)                        13/21           20/21            3/21           0/21            5/21           10/21           4/21          0/21        1/21         15/21       0/21       5/21        4/21         3/21          5/21               2/21               18/21              8/21
                                     Georgia                                  0/3            0/3              1/3            0/3             0/3             1/3           0/3            0/3         0/3           0/3        0/3        1/3        1/3           0/3          0/3                0/3                 0/3               0/3
                                     Massachusetts                            3/5            3/5              1/5            2/5             3/5             3/5           0/5            1/5         0/5           0/5        0/5        3/5        0/5           0/5          1/5                0/5                 0/5               5/5
                                     Pennsylvania                             1/2            1/2              0/2            0/2             2/2             1/2           0/2            0/2         0/2           1/2        0/2        1/2        0/2           0/2          0/2                0/2                 0/2               2/2
                                     Michigan                                 1/3            3/3              0/3            0/3             0/3            1/3            0/3            1/3         0/3           1/3        0/3        1/3        0/3           0/3          1/3                0/3                 0/3               2/3
                                     Washington                               4/6            4/6              1/6            4/6             0/6             3/6           0/6            3/6         1/6           3/6        1/6        2/6        1/6           1/6          1/6                0/6                 5/6               3/6
                                     Available # of stores:                 47/73           56/73           13/73            9/73           24/73          38/73          10/73         17/73        3/73         25/73       3/73       22/73      12/73         9/73         13/73               7/73               34/73             38/73
                                      uggaustralia.com
                                       # of sizes in stock                    6/7             7/7             7/7            7/7             7/7             4/7           13/13        13/13         6/8         11/13       1/13      13/13        8/8          8/8           8/8                10/17              12/12             17/17
                                               stock out %:   8.1%                                                                                                                                                                                                                         .
                                     (as of 12/12/2011)                                                              Classics                                                                           Fashion                                                  Slippers                                            Men's
                                                                                                                                                                                                                                        Laela
                                                                                                         Bailey button                  Bailey Button   Cardy Classic    Channing      Ravenna     Savanna    Bellevue II    Aubree                Dakota       Ansley       Coquette      Ascot slippers -       Classic Short -
                                         Nordstrom            Total       Classic Tall   Classic Short
                                                                                                           (original)
                                                                                                                         Classic Mini
                                                                                                                                           Triplet        Knit Boot        Boot          boot        Boot        Boot         Boot
                                                                                                                                                                                                                                       Sparkles
                                                                                                                                                                                                                                                   Slippers     Slipper       Slipper          Men's                   Men
                                                                                                                                                                                                                                                                                                                                     "Butte" Boot
                                                                                                                                                                                                                                       Sneaker
                                                               Details:   Chestnut -9     Chestnut -9     Chestnut -9    Chestnut -9     Chestnut -9      Black - 9     Chestnut - 9   Honey - 9 Chocolate -9 Espresso - 9 Black - 9   Black - 9   Black - 9   Chestnut -9   Chestnut -9        Espresso-9           Black -9        Worchester-9
                                        % of stock outs:      47.6%         19.2%           4.1%            8.2%           79.5%           26.0%           19.2%          72.6%         63.0%       91.8%         61.6%      95.9%      35.6%       34.2%        54.8%         41.1%              56.2%               43.8%             49.3%
                                     NYC / New Jersey                         8/9             9/9            9/9             2/9             7/9             9/9           5/9            9/9         4/9           4/9        1/9        8/9        7/9           5/9          7/9                3/9                 6/9               9/9
                                     Florida                                  3/6             6/6            5/6             2/6             6/6             6/6           0/6            0/6         0/6           0/6        0/6        3/6        4/6           4/6          2/6                2/6                 0/6               1/6
                                     Illinois                                 4/4             4/4            4/4             0/4             4/4             3/4           2/4            4/4         0/4           1/4        0/4        3/4        3/4           2/4          3/4                0/4                 0/4               4/4
                                     Texas                                    4/4             4/4            4/4             0/4             4/4             1/4           1/4            0/4         0/4           0/4        0/4        4/4        3/4           3/4          1/4                1/4                 0/4               0/4
                                     California (LA)                         9/10            9/10           8/10            3/10            8/10            9/10           1/10          1/10        0/10          3/10       1/10       2/10        4/10         2/10          7/10               5/10                8/10              3/10
                                     California (SF)                        16/21           20/21           19/21           0/21           14/21           18/21           9/21          2/21        1/21         15/21       0/21      15/21       15/21         9/21         13/21              13/21               21/21              8/21
                                     Georgia                                  1/3             3/3            3/3             0/3             2/3             1/3           0/3            0/3         0/3           0/3        0/3        1/3        3/3           1/3          0/3                1/3                 0/3               0/3
                                     Massachusetts                            4/5             5/5            4/5             3/5             3/5             4/5           1/5            1/5         0/5           0/5        0/5        4/5        2/5           5/5          2/5                1/5                 0/5               5/5
                                     Pennsylvania                             1/2             1/2            2/2             1/2             2/2             1/2           1/2            0/2         0/2           1/2        0/2        2/2        1/2           1/2          0/2                1/2                 0/2               2/2
                                     Michigan                                 3/3             3/3            3/3             0/3             3/3             2/3           0/3            1/3         0/3           1/3        0/3        1/3        1/3           0/3          2/3                2/3                 0/3               2/3
                                     Washington                               6/6             6/6            6/6             4/6             1/6             5/6           0/6            4/6         1/6           3/6        1/6        4/6        5/6           1/6          3/6                3/6                 6/6               3/6
                                     Available # of stores:                 59/73           70/73           67/73           15/73           54/73          59/73          20/73         27/73        6/73         28/73       3/73       47/73      48/73        33/73         43/73              32/73               41/73             37/73
                                      uggaustralia.com
                                       # of sizes in stock                    6/7             7/7             7/7            7/7             7/7             4/7           13/13        13/13         6/8         3/13        1/13      13/13        8/8          8/8           8/8                17/17              12/12             17/17
                                               stock out %:   8.7%

                                     (as of 12/6/2011)                                                               Classics                                                                           Fashion                                                   Slippers                                            Mens
                                                                                                                                                                                                                                        Laela
                                                                                                       Bailey button                    Bailey Button Cardy Classic     Channing       Ravenna     Savanna     Bellevue II   Aubree                 Dakota       Ansley       Coquette         Ascot slippers -    Classic Short -
                                          Nordstrom            Total      Classic Tall   Classic Short
                                                                                                           short
                                                                                                                     Classic Mini
                                                                                                                                           Triplet      Knit Boot         Boot           boot        Boot         Boot        Boot
                                                                                                                                                                                                                                       Sparkles
                                                                                                                                                                                                                                                    Slippers     Slipper       Slipper             Men's                Men
                                                                                                                                                                                                                                                                                                                                     "Butte" Boot
                                                                                                                                                                                                                                       Sneaker
                                                               Details:    Chestnut -9     Chestnut -9     Chestnut -9    Chestnut -9    Chestnut -9      Black - 9     Chestnut - 9   Honey - 9 Chocolate -9 Espresso - 9 Black - 9   Black - 9   Black - 9   Chestnut -9   Chestnut -9         Espresso-9           Black -9       Worchester-9
                                          % of stock outs:     33.7%         5.5%            0.0%            5.5%           35.6%           8.2%           15.1%          58.9%         63.0%       82.2%         27.4%       87.7%     43.8%        15.1%        16.4%         41.1%              17.8%               38.4%            45.2%
                                     NYC / New Jersey                         8/9             9/9             9/9             7/9             9/9            9/9           7/9           9/9         4/9           7/9         2/9        0/9          6/9         7/9            6/9               7/9                 6/9              9/9
                                     Florida                                  6/6             6/6             6/6             4/6             6/6            6/6           0/6           0/6         0/6           2/6         0/6        5/6          6/6         6/6            1/6               3/6                 0/6              1/6
                                     Illinois                                 4/4             4/4             4/4             1/4             4/4            3/4           3/4           4/4         1/4           3/4         1/4        3/4          1/4         4/4            3/4               2/4                 0/4              4/4
                                     Texas                                    4/4             4/4             3/4             2/4             4/4            1/4           1/4           0/4         0/4           1/4         1/4        4/4          3/4         4/4            2/4               3/4                 0/4              1/4
                                     California (LA)                         9/10            10/10           9/10            6/10            8/10           9/10           4/10          2/10        3/10          8/10        2/10      3/10         9/10         8/10          6/10              10/10               10/10             3/10
                                     California (SF)                         20/21           21/21           19/21           9/21           19/21          19/21          11/21          3/21        1/21         20/21        1/21     18/21        20/21        16/21         15/21              19/21               21/21             8/21
                                     Georgia                                  3/3             3/3             3/3             3/3             3/3            3/3           0/3           0/3         0/3           1/3         0/3        2/3          3/3         3/3            1/3               3/3                 0/3              2/3
                                     Massachusetts                            4/5             5/5             5/5             5/5             5/5            5/5           1/5           2/5         1/5           2/5         0/5        0/5          4/5         5/5            4/5               4/5                 1/5              5/5
                                     Pennsylvania                             2/2             2/2             2/2             2/2             2/2            2/2           1/2           2/2         1/2           1/2         0/2        0/2          2/2         2/2            1/2               1/2                 0/2              2/2
                                     Michigan                                 3/3             3/3             3/3             2/3             3/3            2/3           1/3           1/3         1/3           3/3         1/3        2/3          2/3         3/3            2/3               3/3                 1/3              2/3
                                     Washington                               6/6             6/6             6/6             6/6             4/6            3/6           1/6           4/6         1/6           5/6         1/6        4/6          6/6         3/6            2/6               5/6                 6/6              3/6
                                     Available # of stores:                  69/73           73/73           69/73           47/73          67/73           62/73         30/73         27/73       13/73         53/73        9/73      41/73       62/73        61/73         43/73              60/73               45/73            40/73
                                        uggaustralia.com
                                      # of sizes in stock:                     7/7            7/7              7/7              7/7          7/7            4/7            13/13        13/13         6/8          5/13        3/13      13/13        8/8          8/8           8/8                17/17              12/12            17/17




                                                                                                                                                                                                                                                                                                                                                    03 January 2012
                                       % of stock outs:        5.8%


                                     Source: Company data, Credit Suisse estimates
5
                                                                                                                                                                                                                                             03 January 2012



Exhibit4: Income Statement
       Deckers Outdoor Corporation
       Income Statement
       ($ In Millions Except Per Share Data)

                                                                2010                   2010                       2011                     2011E                      2012                   2012E    2010     2011E    2012E    2013E    2014E    2015E
                                               1Q10     2Q10           3Q10    4Q10             1Q11      2Q11           3Q11      4Q11              2Q12     2Q12           3Q12    4Q12
                                               M arA    JunA           SepA    DecA             MarA      JunA           Se pA     DecE              MarE     JunE           SepE    De cE
       Revenues

       U.S.                                    117.0    65.2       204.7       377.1   764.1    148.1     82.8           257.9    462.0    950.8    173.3     95.2           290.1   512.8   1071.5   764.1    950.8    1071.5   1238.7   1325.4   1404.9
       International                           38.9     71.8        73.2        53.0   236.9    56.7      71.5           156.5    109.1    393.7    91.9      115.2          184.4   150.0    541.6   236.9    393.7     541.6    598.3    737.9    880.3

       UGG                                     104.4   100.2       255.8       412.8   873.1    148.4     108.3          376.7    538.3    1171.7   183.2     129.3          430.9   625.3   1368.8   873.1    1171.7   1368.8   1559.4   1750.3   1931.8
       Teva                                    43.2     31.2        13.7        13.3   101.3    50.4      40.3           14.7     15.9      121.3   57.9      45.8           16.6    17.8     138.1   101.3     121.3    138.1    151.7    165.1    179.8
       Other                                    8.4     5.6         8.4         4.1    26.5      6.0       5.7           23.0     16.9      51.6    24.1      35.3           27.0    19.8     106.2   26.5      51.6     106.2    126.0    147.9    173.7

       Wholesale                               114.4   121.9       249.1       298.2    783.5   146.0     128.4          369.4    390.7    1034.4   184.0     173.8          413.3   431.2   1202.3    783.5   1034.4   1202.3   1327.4   1451.8   1571.4
       Direct                                  41.6     15.1        28.8       131.9    217.5   58.8      25.8           45.0     180.4     310.1   81.2      36.6           61.2    231.7    410.7    217.5    310.1    410.7    509.7    611.5    713.8
         Ecommerce                             18.4     5.2         8.7         59.5    91.8    23.5       5.7           10.3     68.3      107.8   28.2       7.0           11.9    80.2     127.3    91.8     107.8    127.3    148.5    172.9    201.4
         Retail                                23.1     10.0        20.2        72.4    125.6   35.4      20.1           34.7     112.1     202.3   53.1      29.6           49.3    151.5    283.4    125.6    202.3    283.4    361.2    438.7    512.4
       Total Revenues                          155.9   137.1       277.9       430.1   1001.0   204.9     154.2          414.4    571.1    1344.6   265.2     210.4          474.5   662.9   1613.0   1001.0   1344.6   1613.0   1837.0   2063.3   2285.2

       Cost Of Sales
       COGS                                    78.0     76.3       146.9       196.8   498.1    102.4     88.3           211.5    259.8    662.0    132.6     119.9          241.1   299.6   793.2    498.1    662.0    793.2    896.8     997.8   1094.8
       Gross Profit                            77.9     60.7       131.0       233.3   502.9    102.5     65.9           202.9    311.2    682.5    132.6     90.5           233.5   363.2   819.8    502.9    682.5    819.8    940.2    1065.5   1190.4

       Total SG&A                              49.1     47.5           64.6    92.6    253.9    74.3      76.7           112.2    128.5    391.7    92.0      94.1           129.1   151.1   466.4    253.9    391.7    466.4    534.2    603.4    677.0
         Marketing                                                                     47.0                                                63.2                                              75.8     47.0     63.2     75.8     86.3     97.0     107.4
         Other SG&A                                                                    206.8                                               328.5                                             390.6    206.8    328.5    390.6    447.9    506.5    569.6
       Impairment Loss                                                                  0.0                                                 0.0                                               0.0      0.0      0.0      0.0      0.0      0.0      0.0
       Operating Income (EBIT)                 28.8     13.2           66.3    140.7   249.1    28.2      (10.8)         90.7     182.7    290.8    40.6      (3.7)          104.4   212.1   353.4    249.1    290.8    353.4    406.0    462.0    513.4


       D&A                                      3.9     2.3            2.6      3.4    12.3      5.9       5.7           10.4     11.4     33.3      8.0       8.0           12.6    14.3    42.9     12.3     33.3     42.9     51.6     58.0     61.9
       EBITDA                                  32.7     15.6           68.9    144.2   261.4    34.1      (5.1)          101.0    194.2    324.1    48.6       4.4           117.0   226.4   396.3    261.4    324.1    396.3    457.6    520.0    575.3

       Other Expenses/(Income)
       Interest Income (Expense)                0.0     (0.1)          (0.1)   (0.2)    (0.3)    0.1       0.0           (0.1)     (0.2)    (0.1)    (0.2)    (0.2)          (0.2)   (0.2)    (0.8)    (0.3)    (0.1)    (0.8)    (0.8)    (0.8)    (0.8)

       Other Income (Expense)                   0.1     0.6            0.3      0.4     1.4      0.0       0.0            0.0      0.0      0.0      0.0       0.0            0.0     0.0     0.0      1.4      0.0      0.0      0.0      0.0      0.0

       Pre-Tax Income                        28.9       13.7        66.5       141.0   250.1     28.3    (10.8)       90.6        182.5    290.7     40.4     (3.9)      104.2       211.9   352.6    250.1    290.7    352.6    405.2    461.2    512.5
       Tax Rate                             37.2%      35.0%       36.9%       35.2%   35.9%    30.0%    30.0%       31.2%        31.0%    31.0%    31.0%    31.0%       31.0%       31.0%   31.0%    35.9%    31.0%    31.0%    30.5%    30.0%    30.0%
       Taxes                                 10.7       4.8         24.6        49.6    89.7      8.5     (3.2)       28.3         56.6     90.1     12.5     (1.2)       32.3        65.7   109.3     89.7     90.1    109.3    123.6    138.4    153.8

       Net Income (Before Non Recurring       18.1      8.9            42.0    91.4    160.4    19.8      (7.5)          62.3     125.9    200.6    27.9      (2.7)          71.9    146.2   243.3    160.4    200.6    243.3    281.6    322.8    358.8
       Minority Interest                       0.2      0.1            (0.2)   2.1      2.3      0.7      (0.2)          (0.1)     (0.1)    0.2      0.0       0.0            0.0     0.0     0.0      2.3      0.2      0.0      0.0      0.0      0.0
       Preferred Stock Redemption Premium      0.0      0.0             0.0    0.0      0.0      0.0       0.0            0.0      0.0      0.0      0.0       0.0            0.0     0.0     0.0      0.0      0.0      0.0      0.0      0.0      0.0
       Net Income/(Loss) (After Non Recurrin 17.895     8.9            42.1    89.2    158.1    19.2      (7.3)          62.5     126.1    200.4    27.9      (2.7)          71.9    146.2   243.3    158.1    200.4    243.3    281.6    322.8    358.8
       Basic EPS                               0.46     0.23           1.09    2.31     4.09    0.50      (0.19)         1.62     3.26      5.19    0.72      (0.07)         1.86    3.78     6.29     4.09     5.19     6.29     7.26     8.30     9.20
       Diluted EPS                             0.46     0.23           1.07    2.27     4.04    0.49      (0.19)         1.59     3.21      5.10    0.71      (0.07)         1.83    3.72     6.20     4.04     5.10     6.20     7.16     8.19     9.09

       One-Time Charges                         0.0     0.0            0.0     0.0      0.0      0.0       0.0            0.0      0.0      0.0      0.0        0.0           0.0     0.0     0.0      0.0      0.0      0.0      0.0      0.0      0.0
       Tax Impact Of 1X Charges                 0.0     0.0            0.0     0.0      0.0      0.0       0.0            0.0      0.0      0.0      0.0        0.0           0.0     0.0     0.0      0.0      0.0      0.0      0.0      0.0      0.0
       GAAP Net Income                         17.9     8.9            42.1    89.2    158.1    19.2       (7.3)         62.5     126.1    200.4    27.9       (2.7)         71.9    146.2   243.3    158.1    200.4    243.3    281.6    322.8    358.8
       Basic GAAP EPS                          0.46     0.23           1.09    2.31    4.09     0.50      (0.19)         1.62     3.26     5.19     0.72      (0.07)         1.86    3.78    6.29     4.09     5.19     6.29     7.26     8.30     9.20
       Diluted GAAP EPS                        0.46     0.23           1.07    2.27    4.04     0.49      (0.19)         1.59     3.21     5.10     0.71      (0.07)         1.83    3.72    6.20     4.04     5.10     6.20     7.16     8.19     9.09

       Basic Shares Outstanding                38.6     38.7           38.6    38.5     38.6    38.6      38.7           38.6     38.6      38.6    38.7      38.7           38.7    38.7     38.7     38.6     38.6     38.7     38.8     38.9     39.0
       Diluted Shares Outstanding              39.1     39.1           39.2    39.3     39.2    39.4      38.7           39.2     39.2      39.3    39.2      38.7           39.3    39.3     39.3     39.2     39.3     39.3     39.3     39.4     39.5


       Y/Y Growth

       U.S.                                    14.7%   16.2%       14.3%       22.1%   18.3%    26.6%     26.9%      26.0%        22.5%    24.4%    17.0%     15.0%          12.5%   11.0%   12.7%    18.3%    24.4%    12.7%    15.6%     7.0%     6.0%
       International                           20.8%   54.8%       48.2%       35.2%   41.7%    45.8%     -0.5%      113.9%       105.9%   66.2%    62.0%     61.3%          17.9%   37.6%   37.6%    41.7%    66.2%    37.6%    10.5%    23.3%    19.3%

       UGG                                     14.2%   34.6%       20.2%       23.8%   22.7%    42.2%      8.0%      47.3%        30.4%    34.2%    23.5%    19.5%           14.4%   16.2%   16.8%    22.7%    34.2%    16.8%    13.9%    12.2%    10.4%
       Teva                                    21.4%   38.4%       51.7%       26.2%   30.5%    16.8%     29.1%       7.4%        19.6%    19.7%    14.9%    13.7%           12.7%   11.9%   13.8%    30.5%    19.7%    13.8%     9.9%     8.9%     8.9%
       Other                                   15.0%   1.1%        26.5%       -2.3%   11.9%    -28.3%     0.4%      173.9%       315.7%   94.8%    299.9%   523.2%          17.6%   17.0%   105.8%   11.9%    94.8%    105.8%   18.6%    17.4%    17.4%
                                                                                                                                                                                                       0.0%     0.0%     0.0%     0.0%     0.0%     0.0%
       Wholesale                                9.9%   33.7%       19.9%       16.7%   19.0%    27.7%     5.3%           48.3%    31.0%    32.0%    26.0%     35.4%          11.9%   10.4%   16.2%    19.0%    32.0%    16.2%    10.4%     9.4%     8.2%
       Direct                                  38.0%   33.1%       39.3%       42.7%   40.6%    41.5%    70.7%           56.1%    36.8%    42.6%    38.1%     41.7%          36.0%   28.4%   32.5%    40.6%    42.6%    32.5%    24.1%    20.0%    16.7%
         Ecommerce                             13.8%   -1.6%       3.8%        29.8%   21.3%    27.3%    10.3%           18.9%    14.8%    17.4%    20.0%     23.3%          15.8%   17.4%   18.1%    21.3%    17.4%    18.1%    16.6%    16.4%    16.5%
         Retail                                66.1%   63.1%       63.3%       55.4%   59.1%    52.8%    102.2%          72.1%    54.8%    61.0%    50.0%     46.9%          42.0%   35.1%   40.1%    59.1%    61.0%    40.1%    27.5%    21.4%    16.8%
       Total Revenues                          16.2%   33.7%       21.7%       23.6%   23.1%    31.4%     12.5%          49.1%    32.8%    34.3%    29.5%     36.4%          14.5%   16.1%   20.0%    23.1%    34.3%     20.0%   13.9%    12.3%    10.8%




       Margins%
       Gross Margin                            50.0%   44.3%       47.1%       54.2%   50.2%    50.0%     42.7%          49.0%    54.5%    50.8%    50.0%     43.0%          49.2%   54.8%   50.8%    50.2%    50.8%    50.8%    51.2%    51.6%    52.1%
       Y/Y Change                              607bp   455bp           424bp   441bp    461bp    6bp      -158bp         183bp     25bp     51bp     -3bp      26bp          24bp     30bp    7bp      461bp    51bp     7bp      36bp     46bp     45bp


       EBITDA                                  21.0%   11.4%       24.8%       33.5%   26.1%    16.6%     -3.3%          24.4%    34.0%    24.1%    18.3%      2.1%          24.7%   34.2%   24.6%    26.1%    24.1%    24.6%    24.9%    25.2%    25.2%
       Pre-Tax Income                          18.5%   10.0%       23.9%       32.8%   25.0%    13.8%     -7.0%          21.9%    32.0%    21.6%    15.2%     -1.8%          22.0%   32.0%   21.9%    25.0%    21.6%    21.9%    22.1%    22.4%    22.4%
       Effective Tax Rate                      37.2%   35.0%       36.9%       35.2%   35.9%    30.0%     30.0%          31.2%    31.0%    31.0%    31.0%     31.0%          31.0%   31.0%   31.0%    35.9%    31.0%    31.0%    30.5%    30.0%    30.0%
       Net Margin                              11.6%   6.5%        15.1%       21.2%   16.0%     9.7%     -4.9%          15.0%    22.1%    14.9%    10.5%     -1.3%          15.2%   22.1%   15.1%    16.0%    14.9%    15.1%    15.3%    15.6%    15.7%
       COGS                                    50.0%   55.7%       52.9%       45.8%   49.8%    50.0%     57.3%          51.0%    45.5%    49.2%    50.0%     57.0%          50.8%   45.2%   49.2%    49.8%    49.2%    49.2%    48.8%    48.4%    47.9%
       SG&A                                    31.5%   34.7%       23.3%       21.5%   25.4%    36.3%     49.7%          27.1%    22.5%    29.1%    34.7%     44.7%          27.2%   22.8%   28.9%    25.4%    29.1%    28.9%    29.1%    29.2%    29.6%
       Y/Y Change                              199bp    -98bp          362bp   204bp    214bp   478bp     1506bp         381bp     97bp     377bp   -156bp    -500bp         12bp     30bp    -22bp    214bp    377bp    -22bp    17bp     17bp     38bp
        Marketing                              0.0%    0.0%        0.0%        0.0%     4.7%    0.0%      0.0%           0.0%     0.0%      4.7%    0.0%      0.0%           0.0%    0.0%     4.7%     4.7%     4.7%     4.7%     4.7%     4.7%     4.7%
        Other SG&A                             0.0%    0.0%        0.0%        0.0%    20.7%    0.0%      0.0%           0.0%     0.0%     24.4%    0.0%      0.0%           0.0%    0.0%    24.2%    20.7%    24.4%    24.2%    24.4%    24.5%    24.9%
       Operating Margin                        18.5%   9.6%        23.9%       32.7%   24.9%    13.8%     -7.0%          21.9%    32.0%    21.6%    15.3%     -1.7%          22.0%   32.0%   21.9%    24.9%    21.6%    21.9%    22.1%    22.4%    22.5%
       Y/Y Change                              409bp   552bp           63bp    237bp    247bp   -472bp   -1664bp         -198bp    -72bp   -326bp   154bp     526bp          12bp     0bp     28bp     247bp   -326bp    28bp     19bp     29bp     7bp


       Tax Rate                                37.2%   35.0%       36.9%       35.2%   35.9%    30.0%     30.0%          31.2%    31.0%    31.0%    31.0%     31.0%          31.0%   31.0%   31.0%    35.9%    31.0%    31.0%    30.5%    30.0%     30.0%
       D&A                                      2.5%   1.7%        0.9%        0.8%     1.2%     2.9%      3.7%           2.5%     2.0%     2.5%     3.0%      3.8%           2.7%    2.2%    2.7%     1.2%     2.5%     2.7%     2.8%     2.8%     2.7%
       D&A As % Of Pp&E                        10.8%   6.3%        6.1%        7.2%    25.7%    11.9%     10.4%          17.5%    15.9%    46.5%    10.2%      9.6%          15.5%   18.5%   55.7%    25.7%    46.5%    55.7%    74.7%    97.8%    122.7%
       COGS                                     3.6%   23.6%       12.6%       12.7%   12.7%    31.2%     15.7%          44.0%    32.0%    32.9%    29.5%     35.8%          14.0%   15.3%   19.8%    12.7%    32.9%    19.8%    13.1%    11.3%     9.7%
       SG&A                                    24.0%   30.0%       44.1%       36.5%   34.4%    51.3%     61.4%          73.6%    38.8%    54.3%    23.9%     22.7%          15.0%   17.6%   19.1%    34.4%    54.3%    19.1%    14.6%    13.0%    12.2%
       Net Income                              45.0%   153.1%      24.6%       31.7%   34.7%    7.2%     (182.9%)        48.3%    41.3%    26.7%    45.2%     (63.6%)        15.1%   16.0%   21.4%    34.7%    26.7%    21.4%    15.7%    14.7%    11.1%
       EBITDA                                  52.7%   127.4%      23.7%       32.9%   35.8%    4.1%     (133.0%)        46.6%    34.7%    24.0%    42.6%    (185.3%)        15.8%   16.6%   22.3%    35.8%    24.0%    22.3%    15.5%    13.6%    10.6%
       EPS                                     47.0%   211.9%      24.5%       30.6%   35.5%    6.3%     (183.8%)        48.4%    41.6%    26.4%    45.8%     (63.6%)        14.9%   15.7%   21.4%    35.5%    26.4%    21.4%    15.5%    14.4%    10.9%


Source: Company data, Credit Suisse estimates




Deckers Outdoor Corporation (DECK)                                                                                                                                                                                                                          6
                                                                                                                                                                                                                                     03 January 2012



Exhibit5: Brand Driver
       Deckers Outdoor Corporation
       Brand Driver
       ($ In Millions Except Per Share Data)

                                                                2010                   2010                   2011                  2011E                     2012                   2012E    2010     2011E    2012E    2013E    2014E    2015E
                                               1Q10    2Q10        3Q10       4Q10              1Q11     2Q11      3Q11    4Q11              2Q12     2Q12           3Q12    4Q12
                                               MarA    JunA        SepA       DecA              MarA     JunA      SepA    DecE              MarE     JunE           SepE    DecE

       Geography
       U.S.                                    117.0   65.2        204.7      377.1    764.1    148.1    82.8     257.9    462.0    950.8    173.3    95.2           290.1   512.8   1071.5   764.1    950.8    1071.5   1238.7   1325.4   1404.9
       International                           38.9    71.8         73.2       53.0    236.9    56.7     71.5     156.5    109.1    393.7    91.9     115.2          184.4   150.0    541.6   236.9    393.7     541.6    598.3    737.9    880.3

       Brands

       UGGWholesale                            64.5     88.1       229.1      282.1    663.9    91.1     85.3     334.7    359.2     870.3   103.8    96.4           373.2   395.1    968.6   663.9     870.3    968.6   1061.6   1151.9   1232.5
       UGGDirect                               39.9     12.1        26.7      130.7    209.3    57.3     22.9     41.9     179.1     301.3   79.4     32.9           57.7    230.2    400.2   209.3     301.3    400.2    497.8    598.4    699.3
         UGGEcommerce                          16.9     2.5         6.8        58.4    84.6     22.1      3.0      7.7     67.1      99.8    26.5      3.6            9.0    78.8     117.9   84.6      99.8     117.9    138.0    161.4    188.9
         UGGRetail Stores                      22.9     9.6         19.8       72.3    124.7    35.3     20.0     34.3     112.0     201.5   52.9     29.3           48.7    151.3    282.2   124.7     201.5    282.2    359.8    437.0    510.5
       Total UGGBrand                          104.4   100.2       255.8      412.8    873.1    148.4    108.3    376.7    538.3    1171.7   183.2    129.3          430.9   625.3   1368.8   873.1    1171.7   1368.8   1559.4   1750.3   1931.8
                                                                                                                                                                                                                                    0.0      0.0
       Teva Wholesale                          42.2    29.1            12.2   12.7     96.2     49.5     38.1     13.0      15.2    115.7    56.9     43.4           14.7    17.0    132.0    96.2     115.7    132.0    145.2     158.3    172.5
       Teva Direct                              0.9    2.1             1.5    0.6       5.1      0.9      2.2      1.7       0.7     5.6      1.0      2.4            1.9     0.8     6.1      5.1      5.6      6.1      6.5       6.9      7.2
         Teva Ecommerce                         0.9    2.1             1.3    0.6       4.8      0.9      2.1      1.4       0.6     5.0      0.9      2.2            1.5     0.7     5.3      4.8      5.0      5.3      5.6       5.8      6.0
         Teva Retail Stores                     0.0    0.0             0.2    0.0       0.3      0.1      0.1      0.3       0.1     0.6      0.1      0.2            0.4     0.1     0.7      0.3      0.6      0.7      0.9       1.0      1.2
       Total Teva Brand                        43.2    31.2            13.7   13.3     101.3    50.4     40.3     14.7      15.9    121.3    57.9     45.8           16.6    17.8    138.1    101.3    121.3    138.1    151.7     165.1    179.8
                                                                                                                                                                                                                                    0.0      0.0
       Other Wholesale                          7.6     4.7            7.7     3.4      23.5     5.5      5.0     21.7     16.3      48.4    23.2     34.0           25.5    19.1    101.7     23.5     48.4    101.7    120.5     141.6    166.4
         Simple Wholesale                       4.0     2.7            3.8     1.8      12.3     3.1      2.3      2.7      1.1       9.2     0.0      0.0            0.0     0.0     0.0      12.3      9.2     0.0      0.0       0.0      0.0
         Tsubo/Ahnu Wholesale                   3.6     2.1            3.9     1.6      11.2     2.3      2.7      4.1      1.8      10.9     2.6      3.0                            5.6      11.2     10.9     5.6      0.0       0.0      0.0
         Sanuk Wholesale                                                                 0.0                      14.8     13.4      28.2    20.6     31.0           17.8    15.9    85.3       0.0     28.2    85.3      0.0       0.0      0.0
       Other Direct                             0.8     0.9            0.7     0.7       3.0     0.6      0.7      1.3      0.6       3.2     0.8      1.3            1.6     0.8     4.5       3.0      3.2     4.5      5.4       6.3      7.2
         Other Ecommerce                        0.6     0.6            0.5     0.6       2.4     0.5      0.7      1.2      0.6       3.0     0.8      1.3            1.4     0.7     4.1       2.4      3.0     4.1      4.9       5.7      6.5
           Simple Ecommerce                     0.5     0.6            0.5     0.5       2.1     0.5      0.5      0.3      0.1       1.5     0.0      0.0            0.0     0.0     0.0       2.1      1.5     0.0      0.0       0.0      0.0
           Tsubo/Ahnu Ecommerce                 0.1     0.0            0.1     0.1       0.3     0.1      0.0      0.1      0.1       0.2                                             0.0       0.3      0.2     0.0      0.0       0.0      0.0
           Sanuk Ecommerce                                                                                         0.8      0.4               0.8      1.3            1.4     0.7               0.0      0.0     0.0      0.0       0.0      0.0
         Other Retail Stores                    0.2     0.3            0.2     0.0       0.6     0.0      0.1      0.1      0.0       0.3     0.1      0.1            0.2     0.1     0.4       0.6      0.3     0.4      0.5       0.6      0.7
           Simple Retail                                                                 0.0                                          0.0                                             0.0       0.0      0.0     0.0      0.0       0.0      0.0
           Tsubo/Ahnu Retail                                                             0.0                                          0.0                                             0.0       0.0      0.0     0.0      0.0       0.0      0.0
       Total Other Brands                       8.4     5.6            8.4     4.1      26.5     6.0      5.7     23.0     16.9      51.6    24.1     35.3           27.0    19.8    106.2     26.5     51.6    106.2    126.0     147.9    173.7
                                                                                                                                                                                                                                    0.0      0.0
       Total Wholesale                         114.4   121.9       249.1      298.2    783.5    146.0    128.4    369.4    390.7    1034.4   184.0    173.8          413.3   431.2   1202.3    783.5   1034.4   1202.3   1327.4   1451.8   1571.4
       Total Consumer Direct                   41.6     15.1        28.8      131.9    217.5    58.8     25.8     45.0     180.4     310.1   81.2     36.6           61.2    231.7    410.7    217.5    310.1    410.7    509.7    611.5    713.8
         Ecommerce                             18.4     5.2         8.7        59.5    91.8     23.5      5.7     10.3     68.3      107.8   28.2      7.0           11.9    80.2     127.3    91.8     107.8    127.3    148.5    172.9    201.4
         Retail                                23.1     10.0        20.2       72.4    125.6    35.4     20.1     34.7     112.1     202.3   53.1     29.6           49.3    151.5    283.4    125.6    202.3    283.4    361.2    438.7    512.4
       Check                                                                                                                                                                                    0.0      0.0      0.0      0.0      0.0      0.0
       Total                                   155.9   137.1       277.9      430.1    1001.0   204.9    154.2    414.4    571.1    1344.5   265.2    210.4          474.5   662.9   1613.0   1001.0   1344.5   1613.0   1837.0   2063.3   2285.2


       Y/Y Growth

       Domestic                                14.7%   16.2%       14.3%      22.1%    18.3%    26.6%    26.9%    26.0%    22.5%    24.4%    17.0%    15.0%          12.5%   11.0%   12.7%    18.3%    24.4%    12.7%    15.6%     7.0%     6.0%
       International                           20.8%   54.8%       48.2%      35.2%    41.7%    45.8%    -0.5%    113.9%   105.9%   66.2%    62.0%    61.3%          17.9%   37.6%   37.6%    41.7%    66.2%    37.6%    10.5%    23.3%    19.3%

       UGGWholesale                             2.4%   32.3%       17.6%      16.3%    17.1%    41.2%     -3.1%   46.1%    27.3%    31.1%    14.0%    13.0%          11.5%   10.0%   11.3%    17.1%    31.1%    11.3%     9.6%     8.5%     7.0%
       UGGDirect                               40.5%   55.1%       48.9%      43.9%    44.5%    43.8%    89.3%    57.3%    37.1%    44.0%    38.5%    43.5%          37.6%   28.5%   32.8%    44.5%    44.0%    32.8%    24.4%    20.2%    16.9%
         UGGEcommerce                          16.2%   18.7%       16.5%      31.3%    26.3%    30.4%    20.8%    12.3%    15.0%    18.0%    20.0%    20.0%          17.5%   17.5%   18.1%    26.3%    18.0%    18.1%    17.0%    17.0%    17.0%
         UGGRetail Stores                      66.2%   68.3%       64.7%      56.0%    60.0%    53.7%    106.8%   72.8%    54.9%    61.5%    50.0%    47.0%          42.1%   35.1%   40.1%    60.0%    61.5%    40.1%    27.5%    21.4%    16.8%
       Total UGGBrand                          14.2%   34.6%       20.2%      23.8%    22.7%    42.2%      8.0%   47.3%    30.4%    34.2%    23.5%    19.5%          14.4%   16.2%   16.8%    22.7%    34.2%    16.8%    13.9%    12.2%    10.4%

       Teva Wholesale                      21.9%        44.2%      67.0%      28.9%    33.7%    17.2%    30.9%     6.1%    20.0%    20.3%    15.0%    14.0%          13.0%   12.0%   14.1%     33.7%   20.3%    14.1%    10.0%     9.0%     9.0%
       Teva Direct                          0.4%       -10.5%      -14.2%     -11.9%   -10.0%   -1.0%     4.0%    17.6%    12.3%     8.0%     9.1%     8.1%          10.6%    8.6%    9.1%    -10.0%    8.0%     9.1%     6.8%     5.9%     5.8%
         Teva Ecommerce                     2.4%        -5.9%      -17.8%      -9.5%    -8.5%   -4.5%     0.6%    10.0%     9.5%     3.2%     6.5%     6.5%           6.5%    6.5%    6.5%     -8.5%    3.2%     6.5%     5.0%     4.0%     4.0%
         Teva Retail Stores                -29.8%      -70.7%      29.5%      -35.4%   -28.3%   77.5%    151.0%   75.0%    50.0%    84.2%    40.0%    35.0%          30.0%   30.0%   32.4%    -28.3%   84.2%    32.4%    20.0%    18.0%    16.0%
       Total Teva Brand                     21.4%       38.4%       51.7%      26.2%    30.5%   16.8%     29.1%    7.4%    19.6%    19.7%    14.9%    13.7%          12.7%   11.9%   13.8%     30.5%   19.7%    13.8%     9.9%     8.9%     8.9%

       Other Wholesale                         17.6%    8.0%       38.5%       6.2%    19.5%    -28.5%    4.6%    181.5%   377.2%   106.0%   25.0%    20.0%          17.5%   17.0%   110.4%   19.5%    106.0%   110.4%   18.5%    17.5%    17.5%
         Simple Wholesale                      10.0%   12.0%       45.0%      -5.0%             -22.5%   -15.0%   -35.0%   -40.0%
         Tsubo/Ahnu Wholesale                  27.4%   3.3%        32.8%      22.6%             -35.2%   -10.0%    5.0%    10.0%             11.5%    12.0%          12.0%   12.0%
         Sanuk Wholesale                                                                                                                                             20.0%   18.5%
       Other Direct                         -5.9%      -24.3%      -35.2%     -31.0%   -25.1%   -26.0%   -21.9%    90.8%    -2.5%     7.4%   43.1%    88.3%          19.3%   18.0%   38.1%    -25.1%     7.4%   38.1%    20.8%    15.9%    15.5%
         Other Ecommerce                   -19.3%      -34.8%      -40.5%     -23.4%   -30.3%   -12.2%    1.4%    123.1%    -2.0%    24.7%   44.2%    92.0%          15.6%   15.4%   37.2%    -30.3%   24.7%    37.2%    20.0%    15.0%    15.0%
           Simple Ecommerce                -20.0%      -35.0%      -42.0%     -24.0%   -31.1%   -14.0%   -14.0%   -25.0%   -75.0%   -31.8%                                                    -31.1%   -31.8%    0.0%     0.0%     0.0%     0.0%
           Tsubo/Ahnu Ecommerce            -12.8%      -31.0%      -29.6%     -19.0%   -23.4%    4.6%    -80.5%    15.0%   15.0%    -21.0%   -10.0%    5.0%          10.0%   10.0%            -23.4%   -21.0%    0.0%     0.0%     0.0%     0.0%
         Other Retail Stores               125.3%       26.1%       -7.1%     -72.3%    4.7%    -74.6%   -80.5%   -20.0%   -10.0%   -58.9%   30.0%    40.0%          55.0%   60.0%   48.6%     4.7%    -58.9%   48.6%    30.0%    25.0%    20.0%
       Total Other Brands                   15.0%        1.1%       26.5%      -2.3%    11.9%   -28.3%    0.4%    173.9%   315.7%    94.8%   299.9%   523.2%         17.6%   17.0%   105.8%    11.9%    94.8%   105.8%   18.6%    17.4%    17.4%

       Total Wholesale                          9.9%   33.7%       19.9%      16.7%    19.0%    27.7%      5.3%   48.3%    31.0%    32.0%    26.0%    35.4%          11.9%   10.4%   16.2%    19.0%    32.0%    16.2%    10.4%     9.4%     8.2%
       Total Consumer Direct                   38.0%   33.1%       39.3%      42.7%    40.6%    41.5%     70.7%   56.1%    36.8%    42.6%    38.1%    41.7%          36.0%   28.4%   32.5%    40.6%    42.6%    32.5%    24.1%    20.0%    16.7%
         Ecommerce                             13.8%   -1.6%       3.8%       29.8%    21.3%    27.3%    10.3%    18.9%    14.8%    17.4%    20.0%    23.3%          15.8%   17.4%   18.1%    21.3%    17.4%    18.1%    16.6%    16.4%    16.5%
         Retail                                66.1%   63.1%       63.3%      55.4%    59.1%    52.8%    102.2%   72.1%    54.8%    61.0%    50.0%    46.9%          42.0%   35.1%   40.1%    59.1%    61.0%    40.1%    27.5%    21.4%    16.8%
       Total                                   16.2%   33.7%       21.7%      23.6%    23.1%    31.4%     12.5%   49.1%    32.8%    34.3%    29.5%    36.4%          14.5%   16.1%   20.0%    23.1%    34.3%    20.0%    13.9%    12.3%    10.8%

       % Total
       Wholesale                               73.3%   89.0%       89.6%      69.3%    78.3%    71.3%    83.3%    89.1%    68.4%    76.9%    69.4%    82.6%          87.1%   65.0%   74.5%    78.3%    76.9%    74.5%    72.3%    70.4%    68.8%
       Direct-to-Consumer                      26.7%   11.0%       10.4%      30.7%    21.7%    28.7%    16.7%    10.9%    31.6%    23.1%    30.6%    17.4%          12.9%   35.0%   25.5%    21.7%    23.1%    25.5%    27.7%    29.6%    31.2%
       eCommerce                               11.8%   3.8%        3.1%       13.8%     9.2%    11.5%     3.7%     2.5%    12.0%     8.0%    10.6%     3.3%           2.5%   12.1%    7.9%     9.2%     8.0%     7.9%     8.1%     8.4%     8.8%
       Retail                                  14.8%   7.3%        7.3%       16.8%    12.6%    17.3%    13.0%     8.4%    19.6%    15.0%    20.0%    14.0%          10.4%   22.9%   17.6%    12.6%    15.0%    17.6%    19.7%    21.3%    22.4%

       Domestic                                75.0%   47.6%       73.7%      87.7%    76.3%    72.3%    53.7%    62.2%    80.9%    70.7%    65.3%    45.2%          61.1%   77.4%   66.4%    76.3%    70.7%    66.4%    67.4%    64.2%    61.5%
       International                           25.0%   52.4%       26.3%      12.3%    23.7%    27.7%    46.3%    37.8%    19.1%    29.3%    34.7%    54.8%          38.9%   22.6%   33.6%    23.7%    29.3%    33.6%    32.6%    35.8%    38.5%


Source: Company data, Credit Suisse estimates




Deckers Outdoor Corporation (DECK)                                                                                                                                                                                                                  7
                                                                                                                                                                                                                           03 January 2012



Exhibit 6: Retail Driver
      Deckers Outdoor Corporation
      Retail Driver
      ($ In Millions Except Per Share Data)

                                                              2010                   2010                 2011                 2011E                   2012                    2012E    2010    2011E   2012E    2013E    2014E    2015E
                                              1Q10    2Q10       3Q10        4Q10            1Q11    2Q11      3Q11   4Q11             2Q12    2Q12           3Q12     4Q12
                                              MarA    JunA       SepA        DecA            MarA    JunA      SepA   DecE             MarE    JunE           SepE     DecE

      Retail Sales                            $23.1   $10.0          $20.2   $72.4   125.6   $35.4   $20.1    $34.7   $112.1   202.3   $53.1   $29.6          $49.3   $151.5   283.4    125.6   202.3   283.4    361.2    438.7    512.4

      Retail Comps                            28.2%   19.2%      17.9%       11.6%   16.1%   2.6%    23.6%   15.4%    11.5%    11.4%   10.0%   9.0%           8.0%     7.0%     7.9%    16.1%   11.4%    7.9%     6.5%     5.0%     4.0%
      Comp Store Sales                        17.9     7.3       14.6        52.0    91.7    23.7    12.3    23.3     80.7     140.0   38.9    21.9           37.5    119.9    218.2    91.7    140.0   218.2    301.8    379.2    456.2
      New Store Sales                          5.3     2.7        5.6        20.4    34.0    11.6     7.8    11.4     31.4     62.2    14.1     7.6           11.8    31.5     65.1     34.0    62.2    65.1     59.4     59.4     56.2

      Sales/New Store                         1.06    0.54           0.70    2.27     3.8    1.29    0.71     0.88    1.85      3.7    0.79    0.42           0.62     1.66     3.4      3.8     3.7     3.4      2.6      2.4      2.2
      New Store Productivity                  99%     118%           85%     83%     74.1%   100%    132%     94%     65%      65.6%   60%     60%            60%      60%     60.2%    74.1%   65.6%   60.2%    48.8%    49.0%    50.5%
      Sales/Average Store                     1.29    0.54           0.94    2.84     5.6    1.31    0.71     1.04    2.77      5.7    1.19    0.64           0.95     2.55     5.3      5.6     5.7     5.3      4.8      4.5      4.1

      Stores (BOP)                             18      18             19      24      18      27      27       30      37       27      44      45             48       56       44      18      27       44       63       86      111
      Opened Stores                            0        1              5       3      9       0       3        7       7        17      1       3              8        7        19       9      17       19       23       25       25
      Closed Stores                                                                                                                                                                       0       0        0        0       0        0
      Stores (EOP)                             18      19             24      27      27      27      30       37      44       44      45      48             56       63       63      27      44       63       86      111      136
                                                                               9                                       17
      Opened Stores (Yoy)                      5        5             8        9       9       9      11       13      17       17      18      18             19       19       19       9      17       19       23       25       25


Source: Company data, Credit Suisse estimates



Exhibit 7: Balance Sheet
      Deckers Outdoor Corporation
      Balance Sheet
      ($ In Millions Except Per Share Data)

                                                              2010                   2010                 2011                 2011E                   2012                    2012E    2010    2011E   2012E    2013E    2014E    2015E
                                              1Q10    2Q10       3Q10        4Q10            1Q11    2Q11      3Q11   4Q11             2Q12    2Q12           3Q12    4Q12
                                              MarA    JunA       SepA        DecA            MarA    JunA      SepA   DecE             MarE    JunE           SepE    DecE
      Assets
      Current Assets:
      Cash & Cash Equivalents                 357.5   333.7      250.5       445.2   445.2   437.9   325.2   90.4     243.9    243.9   174.8   50.0           50.0    264.2    264.2    445.2   243.9   264.2    309.6    354.2    160.6
      Short Term Investments                   0.0     0.2        0.2         0.0     0.0     0.0     0.0     0.0      0.0      0.0     0.0    50.0           100.0   100.0    100.0     0.0     0.0    100.0    200.0    300.0    350.0
      Inventories                             68.8    120.5      197.3       125.0   125.0   107.1   210.0   356.9    202.1    202.1   138.7   285.3          406.7   233.0    233.0    125.0   202.1   233.0    264.5    295.2    324.3
      Receivables                             54.6     81.6      142.2       116.7   116.7   78.2    107.0   227.7    165.0    165.0   101.3   145.9          260.7   191.5    191.5    116.7   165.0   191.5    219.1    247.0    274.0
      Refundable And Deferred Tax Asset        9.7     6.7        7.9         16.8   16.8    19.5    28.3    62.4     62.4     62.4    62.4    62.4           62.4    62.4     62.4     16.8    62.4    62.4     62.4     62.4     62.4
      Prepaid Expenses And Other Current       7.4     9.7        9.7         12.0   12.0    12.0    21.3    12.0     12.0     12.0    12.0    12.0           12.0    12.0     12.0     12.0    12.0    12.0     12.0     12.0     12.0
      Total Current Assets                    498.0   552.5      607.9       715.7   715.7   654.7   691.7   749.4    685.4    685.4   489.2   605.6          891.9   863.1    863.1    715.7   685.4   863.1    1067.6   1270.9   1183.3
      Property And Equipment, Net             36.1     37.4       42.9        47.7   47.7    49.6    54.5     59.1    71.6     71.6    78.6    83.6        81.0        77.0     77.0    47.7    71.6     77.0     69.1     59.3     50.5
      Restricted Cash                          0.2     0.3        0.2         0.0     0.0     0.0     0.0      0.0     0.0      0.0     0.0     0.0         0.0         0.0      0.0     0.0     0.0      0.0      0.0      0.0      0.0
      Intangible Assets, Net                  26.0     25.4       25.2        24.9   24.9    26.5    23.9     211.9   211.9    211.9   211.9   211.9       211.9       211.9    211.9   24.9    211.9    211.9    211.9    211.9    211.9
      Deferred Tax Asset                      16.7     16.7       16.7        15.1   15.1    15.1    16.7     16.4    16.4     16.4    16.4    16.4        16.4        16.4     16.4    15.1    16.4     16.4     16.4     16.4     16.4
      Other Assets                             1.9     2.3        4.2         5.5     5.5     8.1     8.3      9.0     9.0      9.0     9.0     9.0         9.0         9.0      9.0     5.5     9.0      9.0      9.0      9.0      9.0
      Total Assets                            578.9   634.5      697.2       809.0   809.0   753.9   795.1   1045.7   994.2    994.2   805.1   926.5      1210.2      1177.4   1177.4   809.0   994.2   1177.4   1373.9   1567.4   1471.1
      Liabilities
      Current Liabilities:
      Notes Payable And Current On Lt Deb      0.0    0.0            0.0     0.0      0.0     0.0     0.0    45.0      0.0      0.0     0.0     0.0            0.0     0.0      0.0      0.0     0.0     0.0      0.0      0.0      0.0
      Account Payable                         29.5    80.0           73.2    67.1    67.1    43.0    107.4   132.2    95.3     95.3    55.7    145.8          150.7   109.9    109.9    67.1    95.3    109.9    124.7    139.2    152.9
      Accrued Expenses                        20.4    18.9           30.5    52.6    52.6    25.4    25.1    77.8     69.9     69.9    32.9    34.3           89.0    81.1     81.1     52.6    69.9    81.1     92.8     104.6    116.1
      Income Tax Payable                      10.0    5.8            23.1    25.2    25.2     0.4     0.6     5.8      5.8      5.8     5.8     5.8            5.8     5.8      5.8     25.2     5.8     5.8      5.8      5.8      5.8
      Reserve For Return                                                              0.0                                       0.0                                             0.0      0.0     0.0     0.0      0.0      0.0      0.0
                                                                                                                                                                                         0.0     0.0     0.0      0.0      0.0      0.0
      Total Current Liabilities               59.9    104.7      126.8       144.9   144.9   68.8    133.1   260.8    171.0    171.0   94.5    185.9          245.5   196.8    196.8    144.9   171.0   196.8    223.3    249.6    274.7
      Deferred Tax Liability                   0.0     0.0           0.0      0.0     0.0     0.0     0.0     0.0      0.0      0.0     0.0     0.0            0.0     0.0      0.0      0.0     0.0     0.0      0.0      0.0      0.0
      Long-Term Liabilities                    5.8     6.9           8.1      8.5     8.5     9.9    10.0     66.6    66.6     66.6    66.6    66.6           66.6     66.6     66.6     8.5    66.6     66.6     66.6     66.6     66.6
      Minority Interest                        0.0     0.0           0.0      2.7     2.7     2.7     3.2      0.0     0.0      0.0     0.0     0.0            0.0      0.0      0.0     2.7     0.0      0.0      0.0      0.0      0.0

      Shareholders Equity
      Total Shareholders Equity               513.2   523.0      562.3       653.0   653.0   672.5   648.9   718.3    756.7    756.7   644.0   673.9          898.0   914.0    914.0    653.0   756.7   914.0    1084.0   1251.2   1129.7

      Total Liabilities                       578.9   634.5      697.2       809.0   809.0   753.9   795.1   1045.7   994.2    994.2   805.1   926.5      1210.2      1177.4   1177.4   809.0   994.2   1177.4   1373.9   1567.4   1471.1

      Operating Metrics
      Receivable Turnover Ratio                9.5    8.0            9.9     13.3    10.4     8.4     6.7      9.9    11.6      9.5     8.0     6.8            9.3     11.7      9.1    10.4     9.5      9.1      8.9      8.9      8.8
      Days Sales Outstanding                  31.5    53.6           46.1    24.4    35.2    34.4    62.4     49.5    26.0     38.2    34.4    62.4           49.5     26.0     40.3    35.2    38.2     40.3     40.8     41.2     41.6
      Payable Turnover Ratio                   8.1    5.6            7.7     11.2     8.7     7.4     4.7      7.1     9.1      8.2     7.0     4.8            6.5      9.2      7.7     8.7     8.2      7.7      7.6      7.6      7.5
      Days Payable Outstanding                34.0    94.3           44.8    30.7    41.9    37.8    109.4    56.3    33.0     44.8    37.8    109.4          56.3     33.0     47.2    41.9    44.8     47.2     47.7     48.3     48.7
      Inventory Turnover                       4.0     3.2        3.7         4.9     4.7     3.5     2.2     3.0      3.7      4.0     3.1     2.3            2.8     3.7      3.6      4.7     4.0     3.6      3.6      3.6      3.5
      Days Inventory (Forwards)               81.2     73.8       90.2       109.9           109.2   89.4    123.6    137.2            104.1   106.5          122.2
      Days Inventory (Backwards)              79.4    142.1      120.9        57.2   77.1    94.2    214.1   151.9    70.0     90.2    94.2    214.1          151.9    70.0    100.1    77.1    90.2    100.1    101.3    102.4    103.3
      Cash Cycle (Days)                       76.9    101.4      122.1       50.9    70.4    90.7    167.0   145.1    63.0     83.6    90.7    167.0          145.1    63.0     93.2    70.4    83.6     93.2     94.3     95.3     96.2


Source: Company data, Credit Suisse estimates




Companies Mentioned (Price as of 03 Jan 12)
Deckers Outdoor Corporation (DECK, $75.57, OUTPERFORM, TP $127.00)




Deckers Outdoor Corporation (DECK)                                                                                                                                                                                                          8
                                                                                                                                                                                               03 January 2012



                                                        Disclosure Appendix
Important Global Disclosures
I, Christian Buss, certify that (1) the views expressed in this report accurately reflect my personal views about all of the subject companies and
securities and (2) no part of my compensation was, is or will be directly or indirectly related to the specific recommendations or views expressed in
this report.
See the Companies Mentioned section for full company names.
3-Year Price, Target Price and Rating Change History Chart for DECK
DECK             Closing      Target                                                                                                                                                                             127
                                                                                                                                                                                                        122
                   Price       Price         Initiation/
                                                                112                                                                                                                             110
Date               (US$)       (US$) Rating Assumption
3/26/09            19.23          15      U       X              92                                                                                                           NC                             O
10/23/09          32.393      16.667
2/26/10           40.067          30                             72
4/23/10           52.403      41.667                                                                                                                  60
7/23/10            48.65          50      N                      52                                                                        50    N
10/29/10            58.1          60                                                                                         42
2/24/11             89.8                NC                       32                                                    30
9/7/11             90.57         110      O       X           US$ 26-Mar-09
                                                                         15
                                                                                   U                   17                                                                                   7-Sep-11
                                                                 12
10/28/11          117.66         122
12/6/11           106.18         127




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                                                                                 Closing Price                        Target Price                         Initiation/Assumption                             Rating

                                                                                   O=Outperform; N=Neutral; U=Underperform; R=Restricted; NR=Not Rated; NC=Not Covered


The analyst(s) responsible for preparing this research report received compensation that is based upon various factors including Credit Suisse's total
revenues, a portion of which are generated by Credit Suisse's investment banking activities.
Analysts’ stock ratings are defined as follows:
Outperform (O): The stock’s total return is expected to outperform the relevant benchmark* by at least 10-15% (or more, depending on perceived
risk) over the next 12 months.
Neutral (N): The stock’s total return is expected to be in line with the relevant benchmark* (range of ±10-15%) over the next 12 months.
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Market Weight: Industry expected to perform in-line with the relevant broad market benchmark over the next 12 months.
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*An analyst’s coverage universe consists of all companies covered by the analyst within the relevant sector.
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Credit Suisse’s distribution of stock ratings (and banking clients) is:
                                                 Global Ratings Distribution
                        Outperform/Buy*        47%      (61% banking clients)
                        Neutral/Hold*          40%      (57% banking clients)
                        Underperform/Sell*     10%      (51% banking clients)
                        Restricted              2%



Deckers Outdoor Corporation (DECK)                                                                                                                                                                                     9
                                                                                                                                                              03 January 2012


*For purposes of the NYSE and NASD ratings distribution disclosure requirements, our stock ratings of Outperform, Neutral, and Underperform most closely correspond to Buy,
Hold, and Sell, respectively; however, the meanings are not the same, as our stock ratings are determined on a relative basis. (Please refer to definitions above.) An investor's
decision to buy or sell a security should be based on investment objectives, current holdings, and other individual factors.
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See the Companies Mentioned section for full company names.
Price Target: (12 months) for (DECK)
Method: Our $127 target price for DECK is based on an 20x multiple on our 2012 EPS estimate. We arrived at this valuation after considering our
analysis of the following: (1) peer group multiples ($124TP), (2) a downside scenario ($82TP); (3) a five-year DCF ($128TP), and (4) a long-term
growth model ($133TP.)
Risks: Key risks to our $127 TP on DECK include changes in the popularity of the UGG brand, macroeconomic slowdown, foreign currency
flactuations, possible conflicts with international distributors, and accounting risk related to the capitalization of retail leases.
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Deckers Outdoor Corporation (DECK)                                                                                                                                           10
                                                                                                                                                                  03 January 2012
                                                                                                                                                            Americas/United States
                                                                                                                                                                 Equity Research




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