TLDR:
- Hoka brand sales surged 34.7% to $579.9 million, driving strong Q2 results for Deckers
- Company raised full-year revenue outlook to $4.8 billion, up 12% year-over-year
- Gross margins improved to 55.9%, up 250 basis points from last year
- International growth outpaced US, especially strong in Europe and Asia
- New premium products like Skyflow and Mach X 2 performed well at higher price points
Deckers Outdoor saw its stock jump over 12% after reporting strong second quarter results driven by surging demand for its Hoka running shoes and solid growth from Ugg boots.
The footwear company posted Q2 revenue of $1.31 billion, up 20.1% from last year, with earnings per share of $1.59 beating analyst estimates. Hoka continued its rapid expansion with sales climbing 34.7% to $579.9 million, while Ugg revenue rose 13% to $689.9 million.
The stellar results prompted Deckers to raise its full-year outlook, now expecting revenue to grow 12% to $4.8 billion, up from its previous forecast of $4.7 billion. The company also lifted its earnings guidance to $5.15-5.25 per share.

Hoka hit a major milestone, surpassing $2 billion in trailing 12-month revenue for the first time. The brand saw success with new premium products like the Skyflow and Mach X 2, helping it crack the $200+ price point segment. International growth was particularly strong across Europe and Asia.
“We’re very pleased with the performance of our Pinnacle products that we introduced this past six months,” said CEO Stefano Caroti. “For the first time, we have really cracked the $200 and above price point.”
Gross margins expanded 250 basis points to 55.9%, benefiting from favorable brand mix and reduced closeouts. The company maintained tight inventory control, with levels up just 7% versus last year.
International markets showed robust growth, with revenue up 33% to $457.4 million. Europe saw particularly strong demand, with direct-to-consumer sales nearly doubling compared to two years ago. Even in a pressured Chinese consumer environment, both Hoka and Ugg performed well.
Looking ahead to the holiday season, Deckers expects a more promotional environment compared to last year’s exceptionally low levels. However, management expressed confidence in maintaining premium pricing given strong consumer demand.
The company continues expanding Hoka distribution carefully, opening select new wholesale doors while prioritizing brand health. For Ugg, growth was driven by evolving iconic styles and building new franchises like Golden and Lowmel.
Deckers ended the quarter with $1.23 billion in cash and no debt. The company repurchased approximately $104 million worth of shares during Q2 at an average price of $152.09 per share.
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