Shares of Deckers Outdoor (DECK) plunged 23.10% in pre-market trading on Friday following the company's disappointing fiscal first-quarter guidance and decision to withhold full-year projections due to tariff-related uncertainties.

The maker of UGG boots and Hoka running shoes forecasts first-quarter net sales between $890 million and $910 million, falling short of analysts' expectations of $925.9 million. Deckers also projects diluted earnings per share of $0.62 to $0.67 for Q1, significantly below the consensus estimate of $0.79 per share. The company cited macroeconomic uncertainty related to evolving global trade policies as the reason for not providing fiscal year 2026 guidance.

Chief Financial Officer Steven Fasching stated that Deckers expects an increase of "up to $150 million" in production costs for fiscal 2026 due to current tariff levels. The company sources approximately 20% of its products from China, raising concerns about potential impacts from tariffs. Additionally, Deckers reported slowing growth for its popular Hoka brand, which has been a key driver of sales in recent years. Analysts at KeyBanc Capital Markets downgraded the stock to Sector Weight from Overweight, noting that Hoka "no longer feels as competitively positioned vs. other disruptive running brands."