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Deckers soars on strong international demand for Hoka and Ugg

Hoka just posted the biggest quarter in its history.

7/25/25 7:11AM

Deckers Outdoor is up as much as 13% in early trading Friday after the footwear maker posted stronger-than-expected Q1 results.

Revenue rose 17% from a year ago to $964.5 million, beating the $901.1 million analysts estimated. Earnings per share came in at $0.93, handily exceeding the $0.68 expected, per LSEG — powered by strong overseas demand for Deckers’ two biggest brands.

Ugg, best known for its sheepskin boots, posted a 19% sales gain, while Hoka, Deckers’ breakout running shoe brand, jumped 20%, marking its “largest quarter in history.” It’s expected to remain the company’s “fastest-growing” brand this year, according to CEO Stefano Caroti.

Yesterday’s upbeat report follows a steep 48% decline in Deckers shares year to date, including a sharp dip in May when the company pulled its annual forecast, citing tariff-driven “macroeconomic uncertainty.” Deckers still offered guidance only for the next quarter, though it came in line with analyst consensus.

Strong demand from Europe and China was a major Q1 growth engine, with international sales soaring nearly 50% — more than offsetting a 2.8% drop in domestic sales amid a “choppy US consumer environment,” Caroti said.

To absorb higher import costs, Deckers raised prices on some Hoka models starting July 1. But so far, there’s been no “material” impact on demand, with the company expecting Hoka sales to rise ~10% and Ugg to grow “at least mid-single digits” in the current quarter, CFO Steven Fasching said.

Max Knoblauch6h

China’s EV startup trio have all become profitable

China’s EV startup trio, Nio, Li Auto, and XPeng, are now all profitable, following the latter’s Q4 results released Friday.

XPeng reported a quarterly net profit of about $55 million, compared to rival Nio’s Q4 net profit (also its first) of about $40 million. Li Auto posted Q4 net profit of less than $1 million.

All three companies being profitable offers a stark contrast to the EV market in the US, where Rivian quietly delayed its 2027 profitability target in a filing about its Uber robotaxi partnership yesterday. Lucid is likely further away, and last month cut 12% of its US workforce as part of its “path toward profitability.”

Still, it’s not all rosy for China’s EV startups, either. XPeng ADRs were down more than 6% in Friday morning trading as its Q1 sales forecast came in below estimates. As China rolls back subsidies, auto sales are slumping. Chinese retail EV and hybrid sales fell 32% in February from the same month last year.

9.3%

Max Knoblauch3/19/26

As the war with Iran produces the biggest spike in US gas prices since Hurricane Katrina, car retailer CarMax is continuing to see heightened interest in EVs, hybrids, and plug-in hybrids.

“From Feb 1st - March 1st (inclusive), compared to March 2nd to March 15th (inclusive), we saw a 9.3% lift in page views for these vehicles,” a spokesperson for the company told Sherwood News.

As industry insiders recently told us, EV interest climbs when gas prices rise. That appears to be holding true even without EV tax credits, which the Trump administration ended under its new budget package.

CarMax also saw EV searches spike in 2022, amid Russia’s invasion of Ukraine and the resulting oil price spike.

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$35.4B

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The tariffs imposed by the Trump administration have cost automakers at least $35.4 billion since the start of 2025, according to a new analysis by Automotive News.

That total will continue to climb this year, since the Supreme Court’s February tariff ruling largely leaves the 25% levy on vehicles and auto parts untouched.

Toyota has taken the biggest hit, projecting more than $9 billion in tariff costs in its fiscal year ending this month, while Detroit’s big three automakers — Ford, GM, and Stellantis — were hit with a combined $6.5 billion tariff charge in 2025.

In the fourth quarter, automakers sold about 8% fewer imported vehicles in the US compared to the same period a year ago, per the Automotive News Research & Data Center.

Tariff charges come at a rough time for legacy carmakers, which are also scaling back EV plans following the Trump administration’s elimination of tax credits and fuel standard goals. According to Automotive News, the cost of EV write-downs and restructuring is, so far, nearly $70 billion.

Deckers soars on strong international demand for Hoka and Ugg

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