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  "docSlug": "d022b5102472",
  "documentTitle": "Deckers Outdoor Corporation (DECK)",
  "authorId": "07_Marcato",
  "authorName": "Richard T. McGuire III",
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  "presentationDate": "2017-11-01 00:00:00",
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  "notes": "Uses red dashed boxes to highlight the reporting change and the resulting lack of transparency.",
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      "kind": "callout",
      "text": "In 2016, Deckers combined its e-commerce and retail segments into a single segment called Direct-to-Consumer (DTC). This combination in reporting makes it very difficult to isolate retail results.",
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      "text": "In 2016, Deckers combined its e-commerce and retail segments into a single segment called Direct-to-Consumer (DTC). This combination in reporting makes it very difficult to isolate retail results. Allowing for a modest decline in e-commerce margins would still imply a single digit margin for retail in FY2016 and FY2017",
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      "text": "DIRECT TO CONSUMER EBIT BREAKDOWN",
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      "text": "DIRECT TO CONSUMER EBIT % MARGIN",
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      "text": "EBIT margin: 5%",
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      "text": "Source: Company filings, Marcato estimates. See appendix for footnotes.",
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      "text": "E-COMMERCE AND RETAIL SEGMENTS WERE COMBINED, WHICH HIDES RETAIL WEAKNESS",
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