8-K

UNITED STATESSECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934


Date of Report (Date of earliest event reported): February 28, 2008

DECKERS OUTDOOR CORPORATION

(Exact name of registrant as specified in its charter)

Delaware

(State or other jurisdiction of incorporation)

0-22446	95-3015862
(Commission File Number)	(IRS Employer Identification No.)

495A South Fairview Avenue, Goleta, California	93117
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code (805) 967-7611

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02     Results of Operations and Financial Condition.

            On February 28, 2008, Deckers Outdoor Corporation issued a press release announcing its financial results for the three and twelve months ended December 31, 2007 and held a conference call regarding its financial results for the fourth quarter of 2007 ended December 31, 2007. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated by reference herein.

            The information in this Form 8-K and the Exhibits attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01     Financial Statements and Exhibits.

(d)	Exhibits.
	Exhibit No.	Description
	99.1	Press release, dated February 28, 2008

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		Deckers Outdoor Corporation
Date:	February 28, 2008	/s/ Zohar Ziv
		Zohar Ziv
		Chief Financial Officer and Chief Operating Officer

EX-99.1

Exhibit 99.1

Deckers Outdoor Corporation Reports Record Fourth Quarter Financial Results

Company Reports Fourth Quarter Sales Increased 56.2% to a Record of $194.2 Million

Fourth Quarter Diluted EPS Increased to a Record of $2.69

Company Reports Fiscal 2007 Sales Increased 47.5% to a Record of $448.9 Million

Fiscal 2007 Diluted EPS Increased to a Record $5.06

Company Outlines Fiscal 2008 Revenue Growth Target of 25% and Diluted EPS Growth Target of 20%

GOLETA, Calif.--(BUSINESS WIRE)--Deckers Outdoor Corporation (NASDAQGS: DECK) today announced financial results for the fourth quarter and fiscal year ended December 31, 2007.

Fourth Quarter Highlights

• Net sales increased 56.2% to $194.2 million versus $124.4 million last year.
• Diluted EPS increased to $2.69 versus $0.95 on a GAAP basis. On a non-GAAP basis excluding the restatement adjustments of $0.3 million, or $0.02 per diluted share, and the impairment charge of $11.0 million, or $0.85 per diluted share, both incurred in the fourth quarter of fiscal 2006, fourth quarter 2007 diluted EPS increased 47.8% over last year.
• UGG® Brand sales increased 61.8% to $177.7 million compared to $109.9 million a year ago.
• Total domestic sales increased 54.9% to $177.7 million compared to $114.7 million in the prior year.
• Total international sales increased 71.1% to $16.5 million compared to $9.7 million last year.

Fiscal 2007 Highlights

• Net sales increased 47.5% to $448.9 million versus $304.4 million in 2006.
• Diluted EPS increased to $5.06 versus $2.38 in 2006 on a GAAP basis. On a non-GAAP basis excluding the restatement adjustments of $0.9 million, or $0.07 per diluted share, and the impairment charge of $11.0 million, or $0.85 per diluted share, both incurred in fiscal 2006, fiscal 2007 diluted EPS increased 53.3% over fiscal 2006.
• UGG Brand sales increased 64.4% to $347.6 million compared to $211.5 million in fiscal 2006.
• Total domestic sales increased 45.3% to $386.6 million versus $266.1 million a year ago.
• Total international sales increased 62.6% to $62.3 million compared to $38.3 million last year.
• Cash, cash equivalents and short-term investments increased to $168.1 million compared to $98.9 million a year ago.

Angel Martinez, President and Chief Executive Officer, stated, “Our record fourth quarter results, which underscore the growing popularity of the UGG Brand worldwide, represent a great way to end another strong year for Deckers. During fiscal 2007 we significantly increased sales and diluted earnings per share, consistently exceeded internal and external expectations, and ended the year with more than $168 million in cash, cash equivalents and short-term investments on our balance sheet. From a strategic standpoint, we further diversified the UGG Brand and expanded its selling season year round, repositioned the Teva® Brand as an outdoor, performance-oriented brand, and leveraged the Simple® Brand’s position as the leader in sustainable footwear into broader market opportunities. In addition, we expanded our international presence and grew our Consumer Direct business by opening two new retail stores and enhancing our websites. Looking ahead, we believe our growth prospects have never been more compelling, and we are confident that we will continue to take the right approach toward achieving our long-term objectives and creating value for our shareholders.”

Division Summary

UGG®

UGG Brand net sales for the fourth quarter increased 61.8% to $177.7 million versus $109.9 million for the same period a year ago. Consumer demand for the entire women’s fall line, including boots, slippers, casuals and the fashion collection, contributed to the UGG Brand’s better than expected performance. In addition, the expanded men’s and kids’ offerings performed very well. For the full year, UGG Brand sales increased 64.4% to a record $347.6 million versus $211.5 million in 2006.

Teva®

Teva Brand net sales for the fourth quarter increased 6.8% to $13.9 million compared to $13.0 million for the same period last year. This increase was primarily driven by solid sell-through of fall product. For the full year, Teva product sales increased 9.2% to $87.9 million compared to $80.5 million in the prior year.

Simple®

Simple Brand net sales increased 76.2% to $2.6 million for the fourth quarter compared to $1.5 million for the same period last year. Simple product sales were fueled by strong sell-through of ecoSNEAKS™ throughout the fourth quarter. For the full year, the Simple Brand’s sales increased 8.2% to $13.5 million compared to $12.5 million a year ago.

Consumer Direct

Sales for the Consumer Direct business, which are included in the brand sales numbers above, increased 84.5% to $36.0 million for the fourth quarter compared to $19.5 million for the same period a year ago. This includes sales of $23.9 million from the Company’s eCommerce division and sales of $12.1 million from the Company’s seven retail stores. For the full year, sales for the Consumer Direct business increased 78.0% to $63.9 million compared to $35.9 million a year ago. This includes sales of $45.5 million from the Company’s eCommerce division and sales of $18.4 million from the Company’s seven retail stores.

Full-Year 2008 Outlook

• The Company introduced a full year revenue growth target of approximately 25% over 2007.
• The Company also introduced its full year diluted earnings per share target of approximately 20% over 2007, based on a gross margin of approximately 45.0% versus 46.2% in 2007.
• Fiscal 2008 guidance includes approximately $8.8 million of stock compensation expense.

First Quarter Outlook

• The Company currently expects first quarter 2008 revenue to increase approximately 25% over 2007, and expects first quarter 2008 diluted earnings per share to be the same as or modestly higher than 2007. It is important to note that a significant portion of the Company’s operating expenses are fixed and spread evenly, on an absolute dollar basis, throughout each quarter. Therefore, the Company expects earnings to grow at a slower rate during the first half of the year, which historically has included its lowest volume sales quarters.

The Company’s conference call to review fourth quarter and fiscal 2007 results will be broadcast live over the internet today, Thursday, February 28, 2008 at 4:30 pm Eastern Time. The broadcast will be hosted at www.deckers.com and www.earnings.com.

Deckers Outdoor Corporation builds niche products into global lifestyle brands by designing and marketing innovative, functional and fashion-oriented footwear developed for both high performance outdoor activities and everyday casual lifestyle use. Teva®, Simple® and UGG® are registered trademarks of Deckers Outdoor Corporation.

This news release contains statements regarding our expectations, beliefs and views about our future financial performance which are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of words such as "believe," "expect," "anticipate," "intend," "plan," "estimate," "project," or future or conditional verbs such as "will," "would," "should," "could," or "may" or by the fact that such statements relate to future, and not just historical, events or circumstances, including statements related to anticipated revenues, expenses, earnings, operating cash flows, the outlook for the Company's markets and the demand for its products. The forward-looking statements in this news release regarding our future financial performance are based on currently available information as of the date of this release, and because our business is subject to a number of risks and uncertainties, actual operating results in the future may differ significantly from the future financial performance expected at the current time. Those risks and uncertainties include, among others: the results of the Company’s settlement of the underpayment of certain tax obligations to authorities in China for one of the Company’s foreign subsidiaries, Holbrook Limited, a Hong Kong company; our ability to anticipate fashion trends, consumer demand or inventory needs; whether the UGG brand will continue to grow at the same rate it has experienced in the recent past; shortages or price fluctuations of raw materials that could interrupt product manufacturing and increase product costs; our ability to implement our growth strategy; the success of our customers and the risk of losing one or more of our key customers; our ability to develop and protect our brands and intellectual property; the risk that counterfeiting can harm our sales or our brand image; our dependence on independent manufacturers to supply our products; the risk that retailers could postpone or cancel existing orders; unpredictable events and circumstances and currency risks related to our international operations; a downturn in key market economies; volatile credit markets; the risk of losing key personnel; and the sensitivity of our sales to seasonal and weather conditions. Certain of these risks and uncertainties, as well as others, are more fully described under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K/A for the fiscal year ended December 31, 2006 which we filed with the Securities and Exchange Commission on October 11, 2007. Readers are cautioned not to place undue reliance on forward-looking statements contained in this news release, which speak only as of the date of this release. The Company undertakes no obligation to publicly release or update the results of any revisions to forward-looking statements, which may be made to reflect new information, events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. The risks and uncertainties highlighted herein should not be assumed to be the only items that could affect the future performance of the Company.

(Tables to follow)

DECKERS OUTDOOR CORPORATION
AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited)
(Amounts in thousands)
		December 31,	December 31,
Assets		2007	2006
Current assets:
Cash and cash equivalents	$	54,525	34,255
Restricted cash		250	----
Short-term investments		113,567	64,637
Trade accounts receivable, net		72,209	49,571
Inventories		51,776	32,375
Prepaid expenses and other current assets		3,276	2,199
Deferred tax assets		5,964	4,386
Total current assets		301,567	187,423
Restricted cash		1,000	----
Property and equipment, at cost, net		10,579	7,770
Intangible assets, less applicable amortization		54,131	54,399
Deferred tax assets		2,682	327
Other assets		73	54
	$	370,032	249,973
Liabilities and Stockholders' Equity
Current liabilities:
Trade accounts payable	$	36,221	21,053
Accrued expenses		17,629	10,949
Income taxes payable		17,544	7,561
Total current liabilities		71,394	39,563
Stockholders' equity:
Common stock		130	126
Additional paid-in capital		103,659	81,761
Retained earnings		194,567	128,130
Accumulated other comprehensive income		282	393
Total stockholders' equity		298,638	210,410
	$	370,032	249,973

DECKERS OUTDOOR CORPORATION
AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(Unaudited)
(Amounts in thousands, except for per share data)
	Three-month period ended			Year ended
	December 31,			December 31,
		2007	2006		2007	2006
Net sales	$	194,243	124,376	$	448,929	304,423
Cost of sales		100,593	64,256		241,458	163,692
Gross profit		93,650	60,120		207,471	140,731
Selling, general and administrative expenses		36,693	23,305		101,918	73,989
Impairment loss			15,300			15,300
Income from operations		56,957	21,515		105,553	51,442
Other (income) expense, net:
Interest income		(1,351)	(447)		(4,855)	(2,432)
Interest expense and other, net		(412)	166		369	522
Income before income taxes		58,720	21,796		110,039	53,352
Income taxes		23,331	9,565		43,602	22,743
Net income	$	35,389	12,231	$	66,437	30,609
Net income per share:
Basic	$	2.72	0.97	$	5.18	2.45
Diluted		2.69	0.95		5.06	2.38
Weighted-average shares:
Basic		12,989	12,565		12,835	12,519
Diluted		13,158	12,922		13,129	12,882

CONTACT:
Deckers Outdoor Corporation
Zohar Ziv, 805-967-7611
Chief Operating Officer and Chief Financial Officer
or
Investor Relations:
Integrated Corporate Relations, Inc.
Chad A. Jacobs/Brendon Frey
203-682-8200