Hoka Holds Full Price as Promotions Pressure U.S. E-Commerce

By Tom Whitfield

Deckers Brands cut fiscal 2027 net sales guidance to $5.70 billion-$5.73 billion after Hoka posted second-quarter sales of $677.2 million, up 6.8% from $634.1 million a year earlier.

The Goleta, California-based company reported consolidated net sales of $1.48 billion for the three months ended Sept. 30, up 3.5% from $1.43 billion. Net income rose 16.8% to $313.1 million, or $2.31 per diluted share, from $268.2 million, or $1.82.

Hoka generated nearly 46% of Deckers’ quarterly sales. The brand’s gain therefore matters to group guidance, although the earnings discussion provided no Hoka-specific margin data.

How promotions changed Hoka’s channel picture

Hoka did not discount its own products during the quarter, even as promotional activity increased throughout the period, particularly in athletic footwear. Stefano Caroti, Deckers’ president and CEO, said wider promotions weighed on Hoka’s U.S. e-commerce performance while the brand maintained its full-price selling strategy.

Caroti said: “We also observed two shifts in consumer behavior, consumers increasingly seeking discounts, concentrating traffic around promotional events and consumers becoming more purposeful in their spending and prioritizing products with immediate relevance and utility.”

The first shift explains why Hoka’s e-commerce traffic softened without an Hoka markdown. The second favors models with an immediate use case. Keeping list price intact does not, apparently, insulate a brand from the market.

Which franchises delivered

Hoka’s core franchises performed well, led by Bondi. The company also credited the introduction of Clifton Pro, described as a well-received extension of the Clifton franchise, with contributing to that performance.

Feedback from consumers and wholesale partners indicated that other franchise updates in calendar 2026 did not resonate as well. Caroti said sales for Transport, Kawana and Solimar did not go as planned in the quarter.

Speedgoat 7, Arahi 9 and Stinson 8 performed better, with Caroti saying they were doing very well across the marketplace.

Caroti said the feedback identified where Hoka could improve future seasons, starting with spring 2027. He also said he was encouraged by the product work of Hoka president Robin Green and her team for spring/summer 2027 and fall 2027.

A deliberate price reset

Hoka plans to expand its price architecture in both directions, upward and downward, while keeping its full-price commitment. The stated aim is to broaden access while elevating the premium end of the brand.

In the first half of calendar 2027, the company plans two launches:

• Fly Pace sneaker: A January launch at $115 that Hoka says will welcome a new consumer to the brand.
• Bondi Ultra X: A June launch at $325, positioned as the brand’s softest, most cushioned ride for consumers seeking its highest-end ride.

Both remain announcements rather than reported sales results. Together, however, they establish a clearer entry price at one end of the range and a halo proposition at the other.

The guidance reduction

Deckers’ prior fiscal 2027 sales range was $5.86 billion to $5.91 billion. The new midpoint of $5.715 billion is $170 million, or 2.9%, below the old midpoint of $5.885 billion.

The guidance covers Deckers overall; the source does not attribute the reduction to a specific brand. Hoka still grew, and the call details do not separate the contribution from other Deckers businesses.

Caroti said: “We don’t want to trade brand equity for short-term revenue.” He added that Deckers would manage the next couple of quarters with discipline while continuing to invest in long-term growth.

What does this change for brands and wholesale buyers?

The immediate answer is to separate Hoka’s pricing policy from marketwide discounting. Hoka avoided its own markdowns, leaving it exposed to lower promotional traffic but protecting its stated brand equity; the source does not identify which competitors or retailers funded the broader promotions.

Assortment should follow evidence, not launch enthusiasm. Bondi, Clifton Pro, Speedgoat 7, Arahi 9 and Stinson 8 carried performance, while Transport, Kawana and Solimar need sharper placement for spring 2027. Buyers should also test whether the $115 Fly Pace brings incremental volume and whether the $325 Bondi Ultra X earns its premium tier.

Because Hoka is moving both up and down the price ladder, wholesale and retail partners must map new entry, core and halo price bands against promotions set by other brands. The trade-off is explicit: preserve full-price selling and accept a harder traffic environment, or chase demand with markdowns that Caroti has ruled out for now.

The update discloses no order volumes, factory commitments, lead times or certification changes, so it cannot support conclusions about capacity or sourcing risk. For the next two quarters, the practical verdict is simple: buy the demonstrated franchises, but wait for sell-through and reorder evidence before treating the 2027 launches as guaranteed growth.

The next test is execution, not discounting.