S&P Dow Jones Indices will move Deckers Brands, the parent of the Hoka, Teva and Ugg brands, to the S&P 500 stock index, effective before the opening of trading on March 18. Deckers Brands saw its market capitalization exceed $23 billion last month with shares up sharply since the pandemic, closing at $903.29 on Friday.
DECK shares were up modestly in pre-market trading on Monday.
The move comes after the company posted a very strong fiscal third quarter, as Ugg posted its first billion-dollar quarter, Hoka posted 22 percent growth in the middle of winter and the company boasted a 50 basis-point improvement in gross margins to fuel a 44 percent increase in diluted earning per share.
DECK shares are moving from the smaller and less prestigious S&P MidCap 400 along with Super Micro Computer Inc., replacing Whirlpool Corp. and Zions Bancorporation N.A., which will move to the S&P MidCap 400.
Image courtesy Hoka
See below for more recent SGB Media coverage of Deckers Brands:
EXEC: Deckers Brands CEO Details the Big Fiscal Q3 for Hoka and Ugg
Deckers Brands Taps into Nike Running Leadership for New Hoka President
