Investors interested in stocks from the Shoes and Retail Apparel sector have probably already heard of Carter's (CRI) and Deckers (DECK). But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look.The best way to find great value stocks is to pair a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system. The proven Zacks Rank emphasizes companies with positive estimate revision trends, and our Style Scores highlight stocks with specific traits.Both Carter's and Deckers have a Zacks Rank of # 2 (Buy) right now. This system places an emphasis on companies that have seen positive earnings estimate revisions, so investors should feel comfortable knowing that these stocks have improving earnings outlooks. But this is just one factor that value investors are interested in.Value investors also try to analyze a wide range of traditional figures and metrics to help determine whether a company is undervalued at its current share price levels.The Value category of the Style Scores system identifies undervalued companies by looking at a number of key metrics. These include the long-favored P/E ratio, P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that help us determine a company's fair value.CRI currently has a forward P/E ratio of 16.31, while DECK has a forward P/E of 25.81. We also note that CRI has a PEG ratio of 0.77. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. DECK currently has a PEG ratio of 1.52.Another notable valuation metric for CRI is its P/B ratio of 4.20. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. For comparison, DECK has a P/B of 7.53.These metrics, and several others, help CRI earn a Value grade of B, while DECK has been given a Value grade of C.Both CRI and DECK are impressive stocks with solid earnings outlooks, but based on these valuation figures, we feel that CRI is the superior value option right now. Breakout Biotech Stocks with Triple-Digit Profit Potential The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases. Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.See these 7 breakthrough stocks now>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Carters, Inc. (CRI): Free Stock Analysis Report Deckers Outdoor Corporation (DECK): Free Stock Analysis Report To read this article on Zacks.com click here.