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After the bell on Thursday, Deckers Outdoor (DECK) reported its fiscal fourth quarter and full year results. Deckers is known most for the UGG brand, but also owns the Teva and Sanuk brands as well. Over the past 15 months, shares have tumbled, because as I have detailed, results have been extremely disappointing. When the company initially issued 2012 guidance, its guidance was below expectations. The company then took down its guidance several times, and still did not produce a quality result.

Deckers had a bad miss on fourth quarter revenue, especially surprising after all of the holiday buzz. Fourth quarter revenue missed analyst estimates by a wide margin, which already substantially below the company's...

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