What does Deckers Outdoor do and what are its main business segments?

What is the market's earnings forecast for Deckers Outdoor next quarter?

Did Deckers Outdoor beat or miss consensus estimates last quarter?

What guidance did Deckers Outdoor's management provide for the next earnings period?

What factors drove the changes in Deckers Outdoor's revenue and profit?

What is Deckers Outdoor's gross profit margin?

What is the revenue and EPS growth rate for Deckers Outdoor year over year?

What were the key takeaways from Deckers Outdoor's earnings call?

- **Revenue Beat**: Q2 $1.43B (+9% YoY), FY26 guidance $5.35B (+9%).
- **Profit Strength**: Q2 EPS $1.82 (+14%), FY26 EPS $6.30-$6.39.
- **Tariff Mitigation**: $150M tariff headwinds offset by $75-$95M price/cost actions.
- **Brand Momentum**: HOKA +15% first-half, UGG international +38%.
- **Innovation Lead**: Mafate family 10%+ of HOKA revenue, UGG Mel franchise +100% YoY.

**【CEO Summary Section】**
- Q2 revenue grew 9% YoY to $1.43B, driven by 11% HOKA and 10% UGG growth. First-half revenue rose 12% to $2.8B.
- HOKA gained 2pts of U.S. road running market share, with 15% first-half growth. UGG international sales surged 38%, led by Europe and China.
- U.S. consumer sentiment remains cautious, but DTC channels show sequential improvement for HOKA and UGG.
- Spring '26 product launches (Mafate X, Zora Ballet Flat) are outperforming expectations, with strong sell-through rates.
- Targeting 50/50 DTC/wholesale balance, with HOKA DTC up 8% in Q2 and UGG DTC down 10% due to wholesale channel strength.

**【CFO Financial Commentary】**
- Q2 GAAP EPS of $1.82 (+14% YoY) beat estimates, driven by 56.2% gross margin (up 30bps YoY) and $282M share buybacks.
- FY26 guidance: $5.35B revenue (+9%), 56% gross margin, $6.30-$6.39 EPS. Tariffs expected to cost $150M, partially offset by $75-$95M in price/margin mitigation.
- Inventory up 7% to $836M, with strong spring '26 order books and healthy sell-through rates.
- Tax rate of 21.7% in Q2 (vs. 24% prior year) due to one-time benefits.

**【Q&A Key Highlights】**
- **Tariff Impact**: Q2 tariff headwinds delayed due to inventory timing, but FY26 back half expected to face $150M unmitigated tariff costs.
- **DTC/Wholesale Split**: Q3/Q4 DTC growth accelerating as wholesale shipments anniversary. HOKA DTC up 8% in Q2, UGG DTC down 10% due to wholesale channel strength.
- **Consumer Elasticity**: Price increases for premium brands have not hurt demand; HOKA sell-through rates remain strong despite U.S. macro uncertainty.
- **Product Innovation**: HOKA's Mafate family now 10%+ of revenue, UGG's Mel franchise up >100% YoY. Spring '26 order books reflect strong consumer interest.
- **Long-Term Growth**: HOKA targeting billions in incremental market share, UGG maintaining 50+ year legacy with 365-day product strategy.

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