Hoka’s growth is expected to be driven by expanded distribution. However, the weaker-than-expected sales guidance for Hoka for the fiscal second quarter means Hoka is heavily reliant on seeing sales growth accelerate in its fiscal second half. Lejuez said, “While the market fears a slowdown in Hoka growth in F26, we believe fears are overblown, and Hoka should continue to be a market share winner.” He also said Ugg’s sales growth is “planned to be consistent” throughout the year, with slightly slower growth in the fourth quarter, reflecting tough comparisons. This gives us visibility into HSD-LDD sales growth over the coming years.”