NEW YORK (TheStreet) -- Shares of Deckers Outdoor (DECK) - Get Report are lower by 2.17% to $48.18 in pre-market trading on Friday morning, after the footwear, apparel and accessories company issued disappointing guidance for the fiscal 2017 full year.
The company is expecting to post earnings of $4.05 to $4.40 per share for the year, below the $4.59 per share analysts are expecting.
"Looking back on the year, our performance was challenged by record warm weather across the globe and store traffic declines across retail. While these issues have created lingering headwinds for the industry, I am confident that Deckers is well positioned to increase long-term shareholder value with the new leadership team in place, our robust Omni-Channel capabilities and strong brand portfolio," company CEO Angel Martinez said.
Analysts at Citigroup reduced their rating on Deckers stock to "neutral" from "buy" as the firm believes the company is facing further wholesale declines.
However, Deckers Outdoor's most recent financial results came in above analysts' expectations. For the 2016 fourth quarter Decker reported adjusted earnings of 11 cents per share, beating the 6 cents per share analysts were anticipating.
Revenue grew by 11.2% year over year to $378.6 million, topping the $362.1 million analysts had forecast.