Market Overview - The market opened mixed, with the Dow dropping -316 points (-0.70%) after a +500-point gain the previous day, while the S&P 500 and Nasdaq saw modest increases of +0.07% and +0.18% respectively [1] - The small-cap Russell 2000 index fell -1.3% [1] Services & Manufacturing PMI - The S&P Services PMI for July was reported at 55.2, exceeding expectations of 53.2 and the previous month's 52.9, marking the highest level in 2025 [2] - In contrast, the S&P Manufacturing PMI fell to 49.5, below the anticipated 52.7 and the previous month's 52.9, indicating a decline in new orders for the first time this year [3] Earnings Results - Intel reported Q2 earnings with a loss of -$0.10 per share, missing the expected +$0.01, while revenues were $12.9 billion, surpassing the consensus of $11.87 billion [4] - Intel's guidance for Q3 includes revenue expectations of $12.6-13.6 billion but forecasts earnings of $0.00 per share, down from the expected 2 cents, and announced a further -15% workforce reduction [5] - Deckers Outdoor exceeded earnings expectations with 93 cents per share against estimates of 68 cents, and revenues of $965 million, a +17% increase year-over-year [6] - Despite a +20% surge in shares post-announcement, Deckers' stock is still down approximately -40% year-to-date [7] Upcoming Economic Indicators - Durable Goods Orders for June are anticipated to show a negative swing, with estimates at -11%, following erratic behavior influenced by tariff policies [8] - Q2 earnings reports are expected from Phillips 66 and AutoNation, with major companies like Microsoft, Apple, and Amazon set to report next week [9][10]

Financial Data and Key Metrics Changes - The company reported total revenue of $965 million, a 17% increase compared to the previous year [9][33] - Diluted earnings per share rose 24% to $0.93, up from $0.75 in the prior year [33] - Gross margin for the quarter was 55.8%, down 110 basis points from last year's 56.9% [33] Business Line Data and Key Metrics Changes - HOKA's global revenue increased 20% to $653 million, with wholesale up 30% and DTC up 3% [11][24] - UGG's global revenue rose 19% to $265 million, with wholesale increasing 30% while DTC decreased by 1% [24][33] Market Data and Key Metrics Changes - International revenue increased by 50%, with significant contributions from both HOKA and UGG [9] - EMEA and China were highlighted as key regions for growth, particularly for HOKA [12][25] Company Strategy and Development Direction - The company aims to build premium brands focused on authenticity, innovation, and purpose, with a disciplined investment strategy [10] - HOKA is expected to continue as the fastest-growing brand, while UGG is anticipated to grow internationally at a faster rate than in the U.S. [38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating current uncertainties, citing strong brand performance and consumer engagement [43] - The company is cautious about macroeconomic factors, particularly regarding tariffs and their impact on consumer behavior [37][39] Other Important Information - The company repurchased approximately $183 million worth of shares during the first quarter [36] - The tax rate for the quarter was 24%, slightly higher than the previous year's 22.5% [34] Q&A Session Summary Question: HOKA's second quarter guidance and inventory status - Management indicated that HOKA is expected to grow 10% in Q2, with improvements in both wholesale and DTC channels [49][50] - Inventory for older models like Bondi Eight and Clifton Nine is largely cleared, with positive performance for new models [52] Question: DTC growth and retail strategy - Management confirmed expectations for balanced growth between wholesale and DTC, with improvements anticipated in the U.S. market [60][62] - The company plans to expand its retail footprint, with new stores opening in key locations [64] Question: Price increase strategy - Price increases have been implemented selectively, with expectations for further adjustments based on tariff impacts [73][76] - The company is evaluating price increases across various product lines, including both new and existing models [76] Question: HOKA's international performance - International growth is driven by strong sell-through rates and increased distribution, particularly in Europe and China [92] - Management noted healthy order books for the upcoming seasons, indicating robust demand [93] Question: SG&A outlook - SG&A expenses are expected to increase as the company invests in brand building and marketing efforts [95][98] - Management emphasized a disciplined approach to spending while maintaining efficiency [95]

Financial Data and Key Metrics Changes - The company reported total revenue of $965 million, a 17% increase compared to the previous year [8][31] - Diluted earnings per share rose 24% to $0.93 from $0.75 in the prior year [8][31] - Gross margin decreased to 55.8%, down 110 basis points from 56.9% last year [31] Business Line Data and Key Metrics Changes - HOKA's global revenue increased 20% to $653 million, with wholesale up 30% and DTC up 3% [10][23] - UGG's global revenue rose 19% to $265 million, with wholesale increasing 30% while DTC decreased by 1% [23][24] Market Data and Key Metrics Changes - International revenue for Deckers increased by 50%, significantly contributing to overall growth [8] - EMEA and China were the largest contributors to international growth for both HOKA and UGG [11][24] Company Strategy and Development Direction - The company focuses on building premium brands through authenticity, innovation, and purpose [9] - HOKA aims to enhance its market presence through strategic retail expansions and improved consumer experiences [15][63] - UGG is leveraging its three sixty-five initiative to drive year-round sales, particularly in men's footwear and sandals [27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating macroeconomic uncertainties and emphasized the importance of brand strength [30][42] - The company is cautious about consumer reactions to price increases and tariffs but remains optimistic about brand momentum [42][66] Other Important Information - The company repurchased approximately $183 million worth of shares during the first quarter [35] - The company ended the quarter with $1.7 billion in cash and equivalents, with no outstanding borrowings [35] Q&A Session Summary Question: HOKA's second quarter guidance and inventory status - Management indicated that HOKA is expected to grow 10% in Q2, with improvements in both wholesale and DTC channels [48][50] - Inventory for older models like Bondi Eight and Clifton Nine is largely cleared, with positive performance for Arahi Eight [51] Question: DTC growth and retail strategy - Management confirmed expectations for balanced growth between wholesale and DTC, with improvements anticipated in the U.S. market [60][62] - The company plans to expand its retail footprint, with new stores opening in key international markets [63] Question: Price increase strategy - The company is implementing selective price increases, with some products seeing increases of around $5 [71][75] - Price adjustments will be evaluated based on tariff impacts and consumer response [75] Question: HOKA's international performance and growth drivers - International growth is driven by strong sell-through rates and new distribution partnerships [91] - Management remains optimistic about healthy order books for the upcoming seasons [92] Question: SG&A outlook and spending control - SG&A expenses are expected to increase due to investments in brand building and marketing [94] - The company will manage expenses efficiently while continuing to invest in growth initiatives [96]

Exhibit 99.1 • Net sales increased 16.9% to $964.5 million compared to $825.3 million. On a constant currency basis, net sales increased 16.3%. ◦ Brand ▪ HOKA® brand net sales increased 19.8% to $653.1 million compared to $545.2 million. ▪ UGG® brand net sales increased 18.9% to $265.1 million compared to $223.0 million. ▪ Other brands net sales decreased 19.0% to $46.3 million compared to $57.2 million. ◦ Channel ▪ Wholesale net sales increased 26.7% to $652.4 million compared to $514.8 million. ▪ DTC net ...

Core Viewpoint - Analysts forecast a quarterly earnings per share (EPS) of $0.68 for Deckers, indicating a year-over-year decline of 9.3%, while revenues are expected to reach $899.11 million, reflecting an increase of 8.9% compared to the previous year [1]. Earnings Projections - The consensus EPS estimate has been revised downward by 0.7% in the last 30 days, indicating a reassessment by covering analysts [2]. - Changes in earnings projections are crucial for predicting investor reactions, with empirical studies showing a strong correlation between earnings estimate trends and short-term stock price movements [3]. Revenue Estimates - Analysts estimate 'Net sales by brand and channel- HOKA brand wholesale- Total' at $610.77 million, representing a 12% increase year-over-year [5]. - 'Net sales by brand and channel- UGG brand wholesale- Total' is projected to reach $236.92 million, indicating a 6.2% year-over-year change [5]. - 'Net sales by brand and channel- HOKA brand wholesale- Direct-to-Consumer' is expected to be $225.11 million, reflecting a 6% increase from the previous year [6]. - 'Net sales by brand and channel- Other brands wholesale- Total' is projected to surge to $51.48 million, indicating a significant year-over-year change of 1187.1% [6]. - 'Net sales by brand and channel- UGG brand wholesale- Wholesale' is estimated at $152.66 million, showing a 7.1% increase from the prior year [7]. - 'Net sales by brand and channel- HOKA brand wholesale- Wholesale' is expected to reach $384.48 million, reflecting a 15.6% increase year-over-year [7]. - 'Net sales by brand and channel- UGG brand wholesale- Direct-to-Consumer' is projected at $84.80 million, indicating a 5.5% increase from the previous year [8]. - 'Net sales by location- International' is expected to be $349.04 million, reflecting a 12.8% year-over-year change [8]. - 'Net sales by location- Domestic' is projected to reach $551.15 million, indicating a 6.8% increase from the prior year [9]. Stock Performance - Over the past month, Deckers shares have recorded a return of 0.2%, compared to a 5.4% change in the Zacks S&P 500 composite [9]. - Based on its Zacks Rank 4 (Sell), Deckers is expected to underperform the overall market in the upcoming period [9].

Group 1 - Seeking Alpha welcomes Joon Jeon as a new contributing analyst, encouraging others to share investment ideas for publication and potential earnings [1] Group 2 - The article emphasizes that past performance does not guarantee future results and that no specific investment recommendations are provided [3]

Core Viewpoint - Wall Street anticipates a year-over-year decline in earnings for Deckers despite higher revenues, with a focus on how actual results will compare to estimates impacting stock price [1][2]. Earnings Expectations - Deckers is expected to report quarterly earnings of $0.68 per share, reflecting a year-over-year decrease of 9.3%, while revenues are projected to be $899.21 million, an increase of 9% from the previous year [3]. - The consensus EPS estimate has been revised down by 0.15% over the last 30 days, indicating a reassessment by analysts [4]. Earnings Surprise Prediction - The Zacks Earnings ESP model shows a positive Earnings ESP of +6.45% for Deckers, suggesting analysts have recently become more optimistic about the company's earnings prospects [12]. - However, Deckers currently holds a Zacks Rank of 4, complicating predictions of an earnings beat [12]. Historical Performance - In the last reported quarter, Deckers exceeded expectations by delivering earnings of $1.00 per share against an expected $0.57, resulting in a surprise of +75.44% [13]. - Over the past four quarters, Deckers has consistently beaten consensus EPS estimates [14]. Conclusion - While Deckers may not appear to be a strong candidate for an earnings beat, it is essential to consider other factors influencing stock performance ahead of the earnings release [17].

Group 1: Industry Trends - The global fashion and luxury goods industry is experiencing diverse development, with intense capital market competition and deep brand strategy adjustments [1] - Hermes is accelerating the expansion of its Swiss watchmaking workshop to strengthen its vertical integration strategy [1][10] - Gucci has postponed its Spring/Summer 2026 women's fashion show, indicating a shift in brand strategy under new creative director Demna [1][3] Group 2: Corporate Developments - The CEO of Galeries Lafayette Group has changed, with Arthur Lemoine taking over from Nicolas Houzé [1][7] - Dynamic Treasure Group has been ordered by the Singapore High Court to return 15.5% of SMCP's shares to its parent company [1][10] - Le Coq Sportif has a new owner, with a consortium led by Swiss businessman Dan Mamane acquiring the brand [1][12] Group 3: Financial Performance - Hoka's brand popularity is declining, with a 10% growth in Q4 2025, significantly lower than previous quarters [1][8] - Hermes family has surpassed the Arnault family as the richest in France, with a wealth of €163 billion [1][5] - SMCP reported a 3.4% year-on-year increase in sales for Q1 2025, reaching €297 million [1][10] Group 4: Market Insights - The auction of Hermes' first Birkin bag prototype for €8.6 million highlights the strong growth of the luxury second-hand market [1][4] - Decathlon's acquisition of the French professional cycling team AG2R La Mondiale aims to deepen its involvement in cycling sports [1][9]

Group 1: Lululemon Athletica - Lululemon is experiencing a significant decline in stock price, down 54% from a high of $516 to $235, despite a 19% annualized revenue growth over the last decade [5][6] - The stock is currently trading at 16 times forward earnings estimates, indicating a potential undervaluation given the brand's future growth prospects [6][9] - Lululemon's trailing-12-month revenue stands at $10.8 billion, which is considerably lower than competitors Nike and Adidas, who collectively generate $72 billion in annual sales [6][7] - The company has shown resilience with a 7% year-over-year revenue increase in the most recent quarter, contrasting with declines at Nike [7] - Increased search interest for Lululemon on Google suggests that the market may be underestimating its long-term growth potential, particularly in international markets [8] Group 2: Deckers Outdoor - Deckers Outdoor, known for brands like Hoka and Ugg, has seen its stock drop 52% from its peak earlier this year, attributed to slowing growth and market uncertainties [10][11] - The company anticipates a $150 million increase in costs due to tariffs, impacting its projected revenue of around $5 billion [12] - Despite short-term challenges, Deckers expects 9% revenue growth in the first quarter and double-digit growth for Hoka throughout the year [13] - The stock is currently trading at a price-to-earnings ratio of 16, suggesting it may be oversold and could rebound if growth resumes [14] Group 3: Roku - Roku has faced challenges post-pandemic, leading to slowing growth and losses, but maintains a dominant position in ad-supported streaming [15] - In the first quarter of 2025, Roku reported a 16% year-over-year revenue increase, primarily driven by its advertising segment, which constitutes 86% of total revenue [16] - The company has enhanced user engagement through its Roku channel, which became the second-most watched channel in the U.S., with an 84% increase in viewing hours year-over-year [17] - A partnership with Amazon aims to expand advertising reach, leveraging AI for targeted exposure, while Roku's stock is currently 82% off its all-time highs but has risen 40% over the past year [19]

Group 1: Market Overview - The S&P 500 index was up 5.5% by the midway point of 2025 and recently hit a new all-time high, raising questions about future growth amid uncertainties surrounding tariffs and trade policies [1] Group 2: UnitedHealth - UnitedHealth shares were down 38% as of the end of June, with a market cap reduced to around $275 billion from over $500 billion [4] - The stock is trading at 13 times trailing earnings, significantly lower than the S&P 500 average P/E of 24, suggesting potential undervaluation [5] - The company has withdrawn its guidance for the year due to rising costs, but there is potential for a positive earnings surprise in the latter half of the year [6][7] Group 3: Marvell Technology - Marvell Technology shares were down 30% at the half-year mark, with high growth expectations due to its application-specific integrated circuits (ASICs) used by hyperscalers [9] - The company reported $1.9 billion in revenue for the most recent quarter, a 63% year-over-year increase, indicating strong growth potential [10] - Marvell's forward P/E multiple of 27 is considered attractive compared to its historical averages, positioning it well in the AI market [11] Group 4: Deckers Outdoor - Deckers Outdoor shares were down 49% through the first six months of the year, impacted by exposure to China and economic challenges [12] - The company reported over $1 billion in quarterly sales, a 6% year-over-year increase, with net income rising by 19% to $151 million [13] - Trading at 17 times trailing earnings, Deckers is viewed as attractively priced for a growing business, with potential to outperform the S&P 500 in the second half [14]