• Full-year FY2027 EPS guidance raised to $7.35-$7.50 (from prior $7.30-$7.45)
  • Company repurchased $338 million of shares in Q1
  • HOKA growth decelerated sharply (~7.7% based on the news event context, down from 20% a year ago)
  • Stock dropped 6.6% after hours to $89.99

Let me also confirm some details from the StockStory report.

DECK Shares Sink 6.6% After Hours as HOKA's Growth Engine Downshifts — Is This a Speed Bump or the New Normal?

Shares of Deckers Outdoor plunged 6.6% to $89.99 in after-hours trading Thursday after the footwear maker's fiscal first-quarter results exposed a painful deceleration in its most important brand. Revenue hit $1.02 billion — the company's first-ever billion-dollar June quarter — and diluted EPS came in at $0.94, prompting management to raise full-year earnings guidance to $7.35–$7.50 per share , up from the prior range of $7.30 to $7.45 . Wall Street had expected roughly $0.87 per share on revenue of $1.02 billion . By the numbers, Deckers beat. Investors still ran.

HOKA Grew Just 7.7% — Less Than Half Its Prior Pace — and That Changes the Math

HOKA, the premium running brand that drove Deckers' stock higher for years, posted roughly 7.7% sales growth this quarter, a dramatic slowdown from the 20% increase to $653 million it delivered in the same quarter a year ago . Management had pre-warned of a temporary deceleration to high-single-digit HOKA growth in the June quarter, attributed to one-time wholesale timing shifts, not a change in underlying demand . But investors are asking whether a brand approaching $3 billion in annual sales can sustain the low-double-digit growth that management's multi-year framework promises through 2030 . If HOKA settles into high-single-digit territory, the company's valuation premium evaporates.

An EPS Beat Couldn't Overcome the Growth Anxiety

The $0.94 EPS topped the Street's $0.87–$0.88 consensus by roughly 7%, yet the stock dropped sharply — underscoring that this is a growth story, not an earnings story. Sales rose 5.7% year on year to $1.02 billion, while full-year revenue was guided to $5.89 billion at the midpoint . Tariff headwinds remain real: gross margin guidance sits at 56.5%, pressured by higher freight and input costs . The modest EPS guidance bump signals management's confidence in cost control, but it can't paper over top-line deceleration.

U.S. Saturation and Buybacks Tell a Deeper Story

U.S. revenue was nearly flat at +0.3% in Q4 , and this quarter's results reinforce the domestic challenge. Deckers repurchased $338 million of shares in the quarter alone , supported by $1.9 billion in cash and zero debt . That buyback pace — annualized at over $1.3 billion — is propping up EPS growth as revenue growth cools. At roughly 12x the raised EPS guidance, the stock isn't expensive in absolute terms. But if HOKA's deceleration persists, even aggressive buybacks won't be enough to sustain the premium narrative that shareholders bought into.