Deckers learns to not take Uggs for granted
Still, analysts remained bullish on the company's long-term prospects, saying much of its woes came from the marquee Ugg brand not having enough fashion or foul-weather boots in stock to meet demand.

Deckers shares fell 17 percent in early trading on Friday, a day after the company missed both earnings and sales expectations for the third quarter and lowered its full-year forecast.

A selection of UGG Australia boots at Mercedes-Benz Fashion Week Spring 2015 Collections at Lincoln Center on September 5, 2014.

While these execution errors put a dent in the firm's revenue—management estimated about $9 million to $12 million was left on the table as a result—they're a sign that customers are willing to shell out cash on more than the classic boot that made Ugg a household name.

"Though Ugg sales came in below expectations, we are encouraged by strong full-price selling of casual, weather and specialty boots," Jefferies analyst Randal Konik wrote in a note to investors.

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Ugg sales account for about 93 percent of Deckers' revenue.



In addition to inventory problems, Sterne Agee analyst Sam Poser said that currency pressures dented Deckers' earnings by roughly 14 cents a share, as traffic was down "significantly more" at its tourist-friendly shops, such as in Las Vegas.

"The strong dollar caused currency translation pressure, and hurt store traffic in markets to which foreign tourists flock," Poser said. "Management did a poor job clearly delineating the FX impact to earnings in the quarter."

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Both analysts have a "buy" rating on Deckers; Konik has a price target of $110 on the stock, which was trading near $68 Friday. Poser has a price target of $90.