Even though the brand is not discounting, Hoka is finally feeling pressure from the promotional activity hitting the athletic shoe market.

According to Stefano Caroti, president and chief executive officer of Hoka parent Deckers Brands , promotional activity increased throughout the second quarter, particularly in athletic footwear. This weighed on the company’s U.S. e-commerce performance as it worked to maintain its full-price selling strategy, the CEO noted.

“We also observed two shifts in consumer behavior,” Caroti told analysts on the company’s second quarter 2027 earnings call on Thursday. “Consumers increasingly seeking discounts, concentrating traffic around promotional events, and consumers becoming more purposeful in their spending and prioritizing products with immediate relevance and utility.”

Across the business, Hoka’s core franchises performed well, led by Bondi, Caroti noted on the call.…