Deckers Outdoor (DECK) shares plunged Friday, despite the shoemaker reporting sales results for the latest quarter that beat 澳洲幸运5官方开奖结果体彩网:analysts' estimates.

The company, which sells Hoka, Ugg, and Teva footwear, told investors late Thursday that the company doesn't see demand flagging for its most sought-after shoes. Still, Deckers shares were down 19% in afternoon trading Friday, leading S&P 500 decliners, amid investor concerns about demand trends.

The footwear company said fiscal third-quarter sales hit a record $1.83 billion, growing 17% 澳洲幸运5官方开奖结果体彩网:year-over-year and coming in higher than the $1.73 billion analyst consensus estimate from VisibleAlpha. Deckers reported $3 in earnings per share (EPS) for the quarter ended Dec. 31, while analysts polled by VisibleAlpha had estimated the company would have $2.60 in EPS.

Deckers Raises Full-Year Sales Outlook

Deckers now expects sales to grow 15%—rather than 12%—and hit $4.9 billion for the full fiscal year, 澳洲幸运5官方开奖结果体彩网:Chief Financial Officer Steven Fasching said in a Thursday earnings conference call, according to a transcript provided by AlphaSense. He said Deckers doesn't expect Ugg or Hoka to lose traction after they had year-over-yeaౠr sales increases of about 16% and 24%, respectively, last quarter.

“The demanﷺd for these brands is still incredible,” Fasching said on the call.

UBS Says Investor Concerns 'Misplaced'

The pullback presents an opportunity to buy Deckers shares, UBS analysts wrote in a Friday note. Investors may worry that Hoka is decelerating and Ugg can’t repeat its strong results, but the report called these fears “misplaced.”

“Hoka has a robust new product pipeline,” the UBS note said, while calling Ugg one of “the strongest casual footwear brands in the world” that's transforming into a “true four-season brand" after launching as a winter shoe.

UBS raised its 澳洲幸运5官方开奖结果体彩网:price target for Deckers to $284 from $267. The new💦 target represents a premium of about 57% over the stock's current price.

Even with Friday's selloff, the stock is up 45% over the past 12 months, easily outpacing the S&P 500 over that period.