The HOKA brand outperformed both Deckers Brands overall and the Ugg brand in the first half of fiscal year 2026, thanks to new product launches that boosted sales in the early months. However, the group expects a slowdown in the second half of the year due to more cautious consumer behavior and the impact of U.S. tariffs.
According to group president and ceo Stefano Caroti, the company concentrated too many launches in the first part of the year: “We probably introduced too many new products in the early months. It’s a lesson that will help us in future planning.”
In the second quarter, Deckers reported a 9% increase in revenue and a 14% rise in earnings per share, with HOKA posting an 11% gain to $634 million. The brand remains the group’s main growth driver, supported by strong international expansion (+38% in the first half) and robust wholesale demand (+13% in the quarter).
The Clifton, Bondi, and Arahi models led results in road running, while in trail running, the Mafate line strengthened the brand’s technical positioning. According to Circana data, HOKA gained two percentage points of market share in U.S. road running and continues to grow rapidly in Europe, with strong performances in Italy, France, and Germany.
Caroti highlighted double-digit growth in the EMEA region and in China, where the brand has expanded its presence with new stores and strong consumer loyalty, especially among younger audiences and women.
Overall, Deckers closed the quarter with $1.43 billion in revenue (+9%) and diluted earnings per share of $1.82 (+14%). For the full fiscal year, the group expects revenue of around $5.35 billion, with HOKA growing at a double-digit rate and Ugg showing a slight increase.
Caroti reaffirmed that HOKA remains “a transformative brand, with high margins and significant global expansion opportunities,” while the company focuses on building a sustainable, long-term growth model.
