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liquidity, including inflationary pressures, increased tariffs, tariff refunds received and the recoverability of remaining
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Tariff Refunds. In February 2026, the US Supreme Court invalidated tariffs imposed under the International
Read in the filing ↗ Also in 10-Q of Oct 29, 2026
liquidity, including inflationary pressures, increased tariffs, the potential for refunds of previously paid tariffs, rising
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Tariffs and Related Refunds. Evolving trade policies, including tariffs and other import restrictions, continue to
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recognized any IEEPA tariff refunds or related interest in our condensed consolidated financial statements. If tariff
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• United States (US) and international trade policies, tariffs and retaliatory measures, including the impact of tariffs, the
Read in the filing ↗ Also in 10-K of May 22, 2026, 10-Q of Jul 30, 2026
incremental tariff costs we expect to incur during the current fiscal year, excluding any future IEEPA tariff refunds.
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amount, timing, and realization of certain tariff refunds, and the net impact of such tariff refunds, after cost-sharing
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manufacturing. Recent judicial, regulatory, and administrative developments regarding tariffs
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• Macroeconomic factors, including inflationary pressures, increased tariffs, rising supply chain costs,
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Quarterly Report for further information on tariff refunds, including related accounting treatment.
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accommodations provided under cost-sharing arrangements with independent manufacturers for IEEPA tariff
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• We are exposed to risks from evolving trade policies, including higher tariffs and restrictions
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negotiating cost-sharing arrangements; however, we may be unable to offset tariff-related cost
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liquidity, including inflationary pressures, increased tariffs, rising supply chain costs, high interest rates, foreign
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operations, including inflationary pressures, increased tariffs, rising supply chain costs, high interest rates, foreign
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pricing actions and potential governmental tariff reimbursements. The Company intends to defend these matters
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related pricing actions and governmental tariff reimbursements. The Company intends to defend these matters
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from IEEPA tariff net refunds after accommodations provided under cost-sharing arrangements with our
Read in the filing ↗ Also in 10-Q of Oct 29, 2026
• Inventories, including the impact of incremental tariffs, were $633.5 million compared to $576.7
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relationships (including the imposition of new or increased tariffs), political and social instability, armed conflict,
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results of operations, including inflationary pressures, increased tariffs, the potential for refunds of previously paid
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tariffs, rising supply chain costs, high interest rates, foreign currency exchange rate volatility, escalating global
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including existing and proposed tariffs, and other restrictions, affecting goods imported from certain regions where
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The Company accounts for potential refunds of previously paid tariffs as gain contingencies under Accounting
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• Inventories, including the impact of incremental tariffs, were $487.0 million compared to $495.2 million.
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tariffs, and public health issues such as a pandemic. During periods of economic uncertainty, consumers may
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designated suppliers, and tariffs, duties, or other trade restrictions may be imposed, modified, or expanded with
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tariffs imposed under the International Emergency Economic Powers Act have been invalidated by a recent US
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tariff amounts previously paid or partially reflected in selective pricing actions or cost-sharing arrangements. These
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incremental tariffs on domestic goods and a slightly unfavorable channel mix; partially offset by cost‑sharing
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timing, and realization of any tariff refunds, is unknown, management believes it has made appropriate accounting
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related to any unreceived IEEPA tariff refunds or related interest in its condensed consolidated financial statements.
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Subsequent to September 30, 2026, through October 8, 2026, the Company received additional IEEPA tariff net
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tariff refund claims, rising supply chain costs, high interest rates, foreign currency exchange rate volatility, escalating
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our tariff classifications or treatment of certain products, resulting in additional costs or penalties. In addition, certain
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of March 31, 2026, we have not recognized any amounts related to potential tariff refunds or other
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an order directing US Customs and Border Protection (CBP) to refund IEEPA tariffs that were previously collected.
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facilitate a phased approach to process IEEPA tariff refunds. Subsequent to June 30, 2026, the Company began
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filing for refunds of previously paid IEEPA tariffs pursuant to the CAPE Phase 2 administrative refund process
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potential changes in the CBP claims process, and further legal challenges to current and proposed tariff regimes.
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recognized in the condensed consolidated financial statements until the gain is realized or realizable. If tariff refunds
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1, Note 6, “Commitments and Contingencies,” within this Quarterly Report for further information on the IEEPA tariff
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of product close-outs; partially offset by the net impact of incremental tariffs on domestic goods sold.
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Customs and Border Protection (CBP) to refund previously collected IEEPA tariffs. In April 2026, CBP released the
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including the amount, timing, and realization of certain tariff refunds, is unknown, management believes it has made
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Supreme Court decision, and additional tariffs may be invalidated, modified, or refunded in the future. As a result,
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we may face uncertainty regarding the treatment of tariff-related costs, including the potential recovery or refund of
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offset by lower gross margins driven by tariffs, as well as higher SG&A expenses as a percentage
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offset by slightly lower gross margins driven by tariffs, as well as higher SG&A expenses as a
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from lower net sales and gross margins due to tariffs, along with higher SG&A expenses as a
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the amount, timing, and realization of any tariff refunds, is unknown, the Company believes it has made appropriate
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The Company previously paid an aggregate gross amount of approximately $ 120,000 in IEEPA tariffs. The net effect
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that any tariff refunds may have on the Company’s condensed consolidated financial statements may be less than
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Contingencies, to account for potential refunds of previously paid tariffs. Under this model, a gain contingency is not
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The Company was named as a defendant in two purported consumer class actions relating to alleged tariff-related
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We previously paid an aggregate gross amount of approximately $120,000 in IEEPA tariffs, for which we have
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begun filing for refunds. The net effect that any tariff refunds may have on our condensed consolidated financial
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The Company previously paid an aggregate of approximately $ 119,000 in gross IEEPA tariffs. As of September 30,
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The Company has been named as a defendant in two purported consumer class actions relating to alleged tariff-
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tariffs remain uncertain. We continue to pursue mitigation strategies but do not expect these efforts to fully offset
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through October 8, 2026, we received additional IEEPA tariff net refunds that will be recognized in our condensed
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with higher gross margins, including the benefits of IEEPA tariff net refunds, partially offset by higher SG&A
Read in the filing ↗ Also in 10-Q of Oct 29, 2026
the gross amount of IEEPA tariffs as a result of a number of factors, including accommodations provided under cost-
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and corresponding reduction to cost of sales related to any IEEPA tariff refunds or related interest in its condensed
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paid IEEPA tariffs. While we continue to pursue mitigation strategies, we do not expect these efforts to fully offset
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the incremental impact of tariffs we expect to incur during the current fiscal year, excluding the impact of any
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current and proposed tariff regimes, as well as the amount and timing of future refunds of previously paid IEEPA
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We previously paid an aggregate of approximately $119,000 in gross IEEPA tariffs. During the three and six months
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$35,088 of favorable net income after non-cash adjustments that included the impact from IEEPA tariff net refunds
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scope of current and proposed tariff regimes, as well as the amount and timing of receipt of refunds of previously
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statements may be less than the gross amount of IEEPA tariffs as a result of a number of factors, including
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IEEPA tariff net refunds as a reduction to cost of sales and approximately $ 3,000 of related interest as interest
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ended September 30, 2026, we recorded approximately $46,000 of IEEPA tariff net refunds as a reduction to cost of
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• global geopolitical tensions and conflicts, including the impact of economic sanctions on our supply chain costs, such as those related to United States (US) and foreign trade policies and the enactment of tariffs and retaliatory tariffs;
Read in the filing ↗ Also in 10-Q of Jul 31, 2025, 10-Q of Oct 31, 2025, 10-Q of Feb 3, 2026
SECOND QUARTER FY 2027 DILUTED EPS INCREASED 27% TO $2.31, INCLUDING A $0.28 BENEFIT RELATED TO IEEPA TARIFF NET REFUNDS RECEIVED IN THE QUARTER (1)
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FULL YEAR FY 2027 DILUTED EPS GUIDANCE RAISED TO RANGE OF $7.80-$7.95, INCLUDING AN APPROXIMATE $0.52 BENEFIT RELATED TO IEEPA TARIFF NET REFUNDS RECEIVED (2)
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Gross Profit. Gross margin increased to 56.2% from 55.9%, compared to the prior period, primarily due to benefits from price increases, favorable product mix shifts, favorable foreign currency exchange rate fluctuations, and tariff-related cost sharing arrangements, partially offset by incremental tariffs on US goods and unfavorable channel mix as wholesale revenue growth outpaced DTC revenue growth. The net impact of tariff-related variables was not material in the current period due to the timing of the implementation of our mitigation strategies, including price increases and earlier inventory shipments in advance of the incremental tariffs.
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Gross Profit. Gross margin decreased to 56.0% from 56.3% compared to the prior period, primarily due to unfavorable channel mix as wholesale revenue growth outpaced DTC revenue growth, higher promotional activity for the HOKA brand, as well as incremental tariffs on US goods impacting the current fiscal quarter, partially offset by favorable product mix shifts, benefits from price increases, and favorable foreign currency exchange rate fluctuations. The net impact of tariff-related variables was not material in the current period due to the timing of the implementation of our mitigation strategies, including price increases and earlier inventory shipments in advance of the incremental tariffs.
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Gross Profit. Gross margin decreased to 59.8% from 60.3%, compared to the prior period, primarily due to incremental tariffs on US goods net of cost sharing arrangements and higher promotional activity compared to exceptionally low levels in the prior period; partially offset by benefits from strategic price increases, product mix shifts, and lower freight-related costs.
Read in the filing ↗ Also in 10-Q of Feb 3, 2026
• Macroeconomic factors, including inflationary pressures, increased tariffs, geopolitical unrest, and escalating global conflicts, are creating a complex and challenging environment for our business and industry. While these factors did not materially impact our business or results of operations during fiscal year 2025, the full impact of these factors is difficult to quantify and could negatively impact us in future periods.
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The Company’s outlook is forward-looking in nature, reflecting our expectations as of October 22, 2026, and is subject to significant risks and uncertainties that limit our ability to accurately forecast results. This outlook assumes no meaningful changes to the Company’s business prospects or risks and uncertainties identified by management that could impact future results, which include but are not limited to: changes in macroeconomic and geopolitical conditions, including escalating global conflicts, shifts in consumer confidence and discretionary spending, inflationary pressures, and foreign currency exchange rate fluctuations; changes to global trade policy, including tariffs and trade restrictions; and supply chain disruption. This outlook includes the benefit of IEEPA tariff net refunds received through October 8, 2026 (2) , but does not assume any further collection of tariff refunds.
Read in the filing ↗ Also in 8-K of Oct 23, 2025
• We are exposed to risks resulting from evolving US trade policy that has introduced uncertainty and volatility in global trade relations, including higher tariffs and greater restrictions on goods imported from certain regions. While we pursue mitigation strategies, including through selective, staggered, and strategic price increases on our products sold in the US and by negotiating cost-sharing arrangements with our independent manufacturers, we may be unable to offset all resulting
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The Company’s outlook is forward-looking in nature, reflecting our expectations as of July 23, 2026, and is subject to significant risks and uncertainties that limit our ability to accurately forecast results. This outlook assumes no meaningful changes to the Company’s business prospects or risks and uncertainties identified by management that could impact future results, which include but are not limited to: changes in macroeconomic and geopolitical conditions, including escalating global conflicts, shifts in consumer confidence and discretionary spending, inflationary pressures, and foreign currency exchange rate fluctuations; changes to global trade policy, including tariffs and trade restrictions; and supply chain disruption. This outlook does not assume the collection of refunds for tariffs previously paid.
Read in the filing ↗ Also in 8-K of Jul 24, 2025
(1) During the second quarter of fiscal year 2027, the Company received International Emergency Economic Powers Act ("IEEPA") tariff net refunds totaling $46.0 million, plus associated interest of $3.0 million, which were recognized as a reduction of cost of sales and an increase to total other income, respectively. The net benefit to both gross margin and operating margin was approximately 310 basis points. Net of tax, this resulted in an approximate $0.28 benefit to second quarter fiscal year 2027 diluted earnings per share.
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(2) Through October 8, 2026, the Company has received IEEPA tariff net refunds totaling $87.9 million, plus associated interest of $4.7 million, which have been factored into our updated outlook as a reduction of cost of sales and an increase to total other income, respectively. The net benefit to both gross margin and operating margin is approximately 150 basis points. Net of tax, this resulted in an approximate $0.52 benefit to the Company's projected full fiscal year 2027 diluted earnings per share.
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The Company’s outlook for fiscal year 2027 and multi-year financial framework for fiscal years 2028 through 2030 are forward-looking in nature, reflecting our expectations as of May 21, 2026, and are subject to significant risks and uncertainties that limit our ability to accurately forecast results. These outlooks assume no meaningful changes to the Company’s business prospects or the risks and uncertainties identified by management that could impact future results, which include but are not limited to: changes in macroeconomic and geopolitical conditions, including escalating global conflicts, shifts in consumer confidence and discretionary spending, inflationary pressures, and foreign currency exchange rate fluctuations; changes to global trade policy, including tariffs and trade restrictions; and supply chain disruption. These outlooks do not assume the collection of refunds for tariffs previously paid.
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The Company's outlook is forward-looking in nature, reflecting our expectations as of May 22, 2025, and is subject to significant risks and uncertainties that limit our ability to accurately forecast results. This outlook assumes no meaningful changes to the Company's business prospects or risks and uncertainties identified by management that could impact future results, which include but are not limited to: changes in macroeconomic conditions, including consumer confidence, discretionary spending, inflationary pressures, and foreign currency fluctuations; changes to global trade policy, including tariffs and trade restrictions; geopolitical tensions; and supply chain disruption.
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The Company’s outlook is forward-looking in nature, reflecting our expectations as of January 29, 2026, and is subject to significant risks and uncertainties that limit our ability to accurately forecast results. This outlook assumes no meaningful changes to the Company’s business prospects or risks and uncertainties identified by management that could impact future results, which include but are not limited to: changes in macroeconomic conditions, including consumer confidence, discretionary spending, inflationary pressures, and foreign currency fluctuations; changes to global trade policy, including tariffs and trade restrictions; geopolitical tensions; and supply chain disruption.
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