Deckers's Q4 Earnings Call: Our Top 5 Analyst Questions

Deckers’ fourth-quarter results were met with a significant positive market reaction, as sales and earnings surpassed Wall Street’s expectations. Management attributed the quarter’s performance to strong global demand for both the HOKA and UGG brands, with balanced growth across direct-to-consumer and wholesale channels. CEO Stefano Caroti highlighted that effective inventory management and high levels of full-price selling supported margin stability, while new product launches in both brands drove consumer engagement. The company noted that its marketplace strategies and robust brand positioning enabled Deckers to “preserve strong gross margins, which contributed to an 11% increase in diluted earnings per share.”

Is now the time to buy DECK? Find out in our full research report (it’s free for active Edge members).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Deckers’s Q4 Earnings Call

• Jay Sole (UBS Financial) asked about the sustainability of HOKA’s accelerating growth. CEO Stefano Caroti explained that improved product pipeline management and better leverage of direct-to-consumer channels have set up continued momentum across regions and categories.

• Peter McGoldrick (Stifel) inquired about UGG’s channel strategy and the balance between wholesale and DTC growth. CFO Steve Fasching clarified that strategic inventory shifts and a focus on long-term demand management have enabled balanced performance, with ongoing improvements in DTC expected.

• Laurent Vasilescu (BNP Paribas) questioned the rationale for HOKA’s growth guidance given easy comparisons. Fasching responded that Deckers is managing for sustainable long-term growth over quarterly fluctuations and highlighted global demand trends as supportive.

• Paul Lejuez (Citi) asked if earlier caution on the U.S. consumer remains. Caroti said that while management was careful about the macro outlook, strong brand resonance and consumer demand have increased optimism for U.S. growth next year.

• Rakesh Patel (Raymond James) wanted detail on what drove the positive inflection in HOKA’s U.S. DTC business. Caroti pointed to the HOKA membership program and a cleaner marketplace with less inventory noise as key drivers.

Catalysts in Upcoming Quarters

Looking forward, the StockStory team will be monitoring (1) the pace and breadth of international expansion for both HOKA and UGG, (2) the impact of new product launches and digital engagement initiatives on customer retention and sales mix, and (3) Deckers’ ability to offset tariff and cost headwinds through pricing and supply chain management. Execution in expanding DTC and loyalty programs will also be critical.

Deckers currently trades at $111.69, up from $99.90 just before the earnings. In the wake of this quarter, is it a buy or sell? The answer lies in our full research report (it’s free).

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