Ugg Parent Deckers Dips Toe In Water For Sale, Stock Pops

Deckers Outdoor Corp. said Tuesday that it is exploring strategic alternatives including a potential sale, and shares jumped more than 7% in late trading. The company, which makes Ugg boots, Teva sandals and other popular footwear, said its board is considering a range of potential moves and has retained Moelis & Co. LLC as a financial adviser. "We have made significant progress in streamlining our cost structure, optimizing our retail store fleet, and realigning our brands, with the goal of improving profitability," Chief Executive Dave Powers said in Tuesday's announcement. Deckers plunged in February after revealing a weak holiday season, which included the introduction of a much-mocked combination of its Ugg and Teva shoes. Deckers stock, which has declined 3.3% overall in the past three months while the S&P 500 index has gained 3.3%, jumped more than 7% in late trading to hit $63.