Core Insights - Deckers Outdoor Corporation's wholesale business significantly contributed to revenue growth in Q4 of fiscal 2025, with HOKA and UGG performing strongly [1][10] - Total revenues reached $1.02 billion in Q4, marking a 6% increase year over year, despite modest pressure on direct-to-consumer sales [3][10] Wholesale Performance - Wholesale revenues increased by 12.3% year over year to $611.6 million, showcasing the channel's strength in generating incremental sales [1][10] - HOKA's growth was driven by an expanded retail presence and the successful launch of the Bondi 9, while UGG's gains were attributed to strong demand for seasonal products [2][10] Strategic Initiatives - U.S. wholesale efforts included a pilot program with Journeys aimed at attracting younger consumers, while international growth was supported by partnerships with Intersport, Sport Check, and the JD Group [4] - Deckers aims for a balanced 50-50 split between wholesale and direct-to-consumer sales, with expectations for wholesale to continue outpacing DTC in fiscal 2026 [5][10] Competitive Landscape - Key competitors in the wholesale channel include Steven Madden, Ltd. and Urban Outfitters Inc., both of which reported revenue growth in their respective wholesale segments [6][8] - Steven Madden's wholesale channel generated $439.3 million in Q1 2025, while Urban Outfitters achieved a 24% revenue increase in its wholesale channel for Q1 fiscal 2026 [7][8] Financial Metrics - Deckers shares have declined by 45.4% year to date, compared to a 13.1% decline in the industry [9] - The company trades at a forward price-to-earnings ratio of 17.82X, slightly above the industry average of 17.77X [12]