The clothing company has seen strong sales of Hoka running shoes and UGG sheepskin boots.
Deckers Outdoor shares jumped as much as 17% on Friday, after multiple brokerages raised their price targets following the company’s bet on full-price sales of its hot-selling Hoka running shoes and UGG boots to raise its annual profit forecast.Deckers shares rose as high as $961 a share – but gave up some of those gains before closing up 6.5%, at $894.70.
Rivals On Holding – backed by tennis star Roger Federer – and Nike also saw a boost in shares. On Holding shares were up 6.2% and Nike shares were up 1.7%. Shoe manufacturers have seen a boost in running shoe sales, though Oregon-based Nike has struggled to keep with its competitors’ innovation. Goldman Sachs CEO jets off to Paris after 'banning' staff from OlympicsHoka and On have grabbed customers with new running shoe designs that offer extra “cloud-like” cushions.
Hoka has even developed a following of returning customers who want to buy running shoes in the latest colors – like Apple fanatics who line up for the latest iPhone.And Deckers’ UGG boots have come back in style. Though the fuzzy winter boots first peaked in the early 2000s, they againWedbush analyst Tom Nikic wrote in a note that there has been less discounting from the UGG brand and the brand seems to be expanding its share in the sandal market, as well.
“Even in a choppier macro environment people are spending money on things they care about and these two are products that people care about,”Meanwhile, retailers like Dicks Sporting Goods and Nordstrom have been fanning the flames, giving more shelf space to Hoka and UGG shoes while cutting back on Nike.
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