Some on Wall Street continue to see Hoka growth, with Ugg trailing somewhat, as Deckers Brands gears up for its third quarter earnings release on Thursday.

Analysts will want to know more in detail how wholesale orders shape up going forward, and how direct-to-consumer sales fared over the holiday season. And one interesting plus going forward for Ugg is its growth in men’s footwear. Meanwhile, high-income female earners could continue to help drive Hoka sales going forward. According to a TD Cowen study from October, women earning $150,000 per year have an 18 percent brand preference for Hoka in running shoes, behind Nike and ahead of On.

Telsey Advisory Group’s chief investment officer Dana Telsey has a “Market Perform,” similar to a “Hold,” rating on shares of Deckers. She’s expecting earnings per share (EPS) at $2.80, below last year’s EPS of $3.00 for the same time period but slightly ahead of the consensus estimate of $2.76, and net revenue to rise 3 percent year-over-year to $1.88 billion, also ahead of market expectations of $1.87 billion. Telsey is forecasting Hoka growth at up 10.9 percent, up 0.6 percent across Ugg and down 20 percent across other brands, primarily at Teva.

According to Telsey, men’s footwear for the Ugg brand is “growing at twice the pace of the overall brand.” She cited to the men’s franchises across sneakers, Chukka and Chelsea styles.

For Hoka, the chief investment officer noted consumer enthusiasm for Hoka’s core running franchises — Clifton, Bondi and Arahi — and how the expansion of trail offerings has helped to elevate brand relevance across performance and everyday wear.

“Looking ahead, Hoka’s order books for spring/summer 2026 are healthy, with retailers responding positively to upcoming updates across the Mach, Speedgoat and Gaviota franchises,” she said.

Although Williams Trading analyst Sam Poser trimmed estimates on Deckers, he does have a “Buy” rating on shares of the company. He expects third quarter revenue for Hoka to rise 9.9 percent as the brand liquidates its Bondi 8 and Clifton 9 inventory to make room for Bondi 9 and Clifton 10. The line only has one franchise update this year, the Clifton 11. He sees Hoka in the third or fourth spot within the running specialty channel, tied essentially with New Balance. Brooks and Asics are No. 1 and 2, respectively. He also said that the Clifton 11 will replace the Clifton 10 in July ’26, with the Clifton Pro — the replacement for of the Skyflow in the specialty running channel — introduced shortly thereafter.

“Hoka’s key franchises, the Clifton and the Bondi serve both as core performance running shoes at accessible price points as well core comfort lifestyle footwear. Hoka is also gaining traction with the young female consumer between the ages of 17 and 23,” Poser noted. “Hoka has managed its presence within athletic specialty channel very well, based on our checks, by being very selective as to how its product is allocated where it is distributed.”

Looking ahead, Poser predicted that most of Hoka’s growth in the near term will be driven via expansion in international markets, and said there are requests from retailers for Hoka to lean in on production of some lower-profile product, such as building upon the Solimar with more performance products having similar design profiles. Solimar is the lower profile running shoe with an opening price point of $125.

As for Ugg, Poser said sales were strong in traditional distribution channels that include department stores, teen retailers such as Journeys and the better independent specialty stores, but weak in athletic specialty and the fashion athletic channel. He expects Ugg orders for 2026 to increase mid-single digits, led by traditional retailers in North America and international retailers, with a partial offset from the athletic specialty and fashion athletic channels. His revenue forecast is up 0.3 percent, slightly below Wall Street’s consensus estimate.

Stifel’s Patrick McGoldrick upgraded Deckers to “Buy” from “Hold” in November, due in part of “greater confidence in the durability of Hoka growth.” Despite the perception of a revived Nike running shoe challenge, the analyst sees Hoka’s loyal fan base as a plus, one that gives it a multi-year opportunity for brand growth.

As for Ugg, he said its casual footwear relevance appears solid. “We believe the clean channel, constructive early commentary around boots and favorable supply/demand dynamics support Ugg near-term,” McGoldrick said. “Additionally, we’re encouraged by our checks that suggest increased Ugg popularity at Dick’s [Sporting Goods] across both men’s and women’s [for the third quarter].”

McGoldrick said guidance includes $150 million unmitigated impact to COGS (cost of goods sold) in Fiscal Year 2026, although management expects to recapture between $75 million to $95 million of those costs through mitigation efforts.

Separately, Deckers started 2026 with two fewer brands following its discontinuation of its Ahnu and Koolaburra brands. Deckers’ president and CEO Stefano Caroti had already told Wall Street analysts in January 2025 that it planned to shutter its Koolaburra brand to focus on its better-known Ugg brand. Ahnu was earmarked for closure in the fall, as disclosed in a regulatory filing with the Securities and Exchange Commission when Deckers filed its quarterly report in October.