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Shares of footwear maker Deckers Brands plunged 15% Friday after the company trimmed its sales guidance for Hoka and Ugg — the two brands driving its growth — over concerns that tariffs are leading to a slide in demand.

Hoka, an up-and-coming running shoe brand, is now expected to grow by a low-teens percentage in fiscal 2026 after growing 24% in the year-ago period, while Boots brand Ugg is expected to grow in the range of a low to mid single-digit percentage, after growing 13% in the year-ago period.

In May, the company said Hoka and Ugg were expected to grow in the mid-teens and mid-single digits, respectively, in fiscal 2026 but it caveated that forecast by saying it was conceived prior to the i

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