REPORTABLE OPERATING SEGMENTS (Tables)

6 Months Ended

Sep. 30, 2025

Schedule of Operating Segment Information

Reportable operating segment information, with a reconciliation to the condensed consolidated statements of comprehensive income, was as follows:


Three Months Ended September 30, 2025	HOKA			UGG			Other Brands			Total
Net sales	$	634,086		$	759,587		$	37,167		$	1,430,840
Less: Cost of sales (1)	269,332			338,048			19,638			627,018
Segment gross profit	364,754			421,539			17,529			803,822
Segment gross margin	57.5		%	55.5		%	47.2		%	56.2		%
Less: (1)
Payroll and related costs	32,436			38,886			4,453			75,775
Advertising, marketing, and promotion expenses	71,581			55,704			4,910			132,195
Rent and occupancy	10,433			18,449			18			28,900
Depreciation and other related costs (2)	1,610			3,117			6			4,733
Other segment items (3)	27,397			33,110			5,439			65,946
Segment SG&A expenses	143,457			149,266			14,826			307,549
Segment income from operations	$	221,297		$	272,273		$	2,703		$	496,273
Segment operating margin (4)	34.9		%	35.8		%	7.3		%	34.7		%



Three Months Ended September 30, 2024	HOKA			UGG			Other Brands			Total
Net sales	$	570,896		$	689,865		$	50,559		$	1,311,320
Less: Cost of sales (1)	237,135			311,305			29,608			578,048
Segment gross profit	333,761			378,560			20,951			733,272
Segment gross margin	58.5		%	54.9		%	41.4		%	55.9		%
Less: (1)
Payroll and related costs	25,356			35,103			4,740			65,199
Advertising, marketing, and promotion expenses	66,576			47,592			6,893			121,061
Rent and occupancy	6,750			16,474			83			23,307
Depreciation and other related costs (2)	1,352			2,484			3,901			7,737
Other segment items (3)	19,166			24,560			4,500			48,226
Segment SG&A expenses	119,200			126,213			20,117			265,530
Segment income from operations	$	214,561		$	252,347		$	834		$	467,742
Segment operating margin (4)	37.6		%	36.6		%	1.6		%	35.7		%


Six Months Ended September 30, 2025	HOKA			UGG			Other Brands			Total
Net sales	$	1,287,205		$	1,024,679		$	83,494		$	2,395,378
Less: Cost of sales (1)	545,504			463,816			44,330			1,053,650
Segment gross profit	741,701			560,863			39,164			1,341,728
Segment gross margin	57.6		%	54.7		%	46.9		%	56.0		%
Less: (1)
Payroll and related costs	60,944			71,751			8,985			141,680
Advertising, marketing, and promotion expenses	127,569			75,272			11,118			213,959
Rent and occupancy	19,479			35,666			56			55,201


Six Months Ended September 30, 2025	HOKA			UGG			Other Brands			Total
Depreciation and other related costs (2)	3,083			6,074			45			9,202
Other segment items (3)	55,801			45,844			8,504			110,149
Segment SG&A expenses	266,876			234,607			28,708			530,191
Segment income from operations	$	474,825		$	326,256		$	10,456		$	811,537
Segment operating margin (4)	36.9		%	31.8		%	12.5		%	33.9		%


Six Months Ended September 30, 2024	HOKA			UGG			Other Brands			Total
Net sales	$	1,116,074		$	912,816		$	107,777		$	2,136,667
Less: Cost of sales (1)	458,648			414,997			59,750			933,395
Segment gross profit	657,426			497,819			48,027			1,203,272
Segment gross margin	58.9		%	54.5		%	44.6		%	56.3		%
Less: (1)
Payroll and related costs	46,085			63,523			8,934			118,542
Advertising, marketing, and promotion expenses	111,879			63,452			14,216			189,547
Rent and occupancy	12,517			31,660			272			44,449
Depreciation and other related costs (2)	2,407			4,888			4,209			11,504
Other segment items (3)	39,059			36,063			6,876			81,998
Segment SG&A expenses	211,947			199,586			34,507			446,040
Segment income from operations	$	445,479		$	298,233		$	13,520		$	757,232
Segment operating margin (4)	39.9		%	32.7		%	12.5		%	35.4		%

(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(2) Depreciation and other related costs generally include depreciation of property and equipment, amortization and impairment of intangible assets or other long-lived assets, accretion, and loss on disposal of assets.

(3) Other segment items are comprised of other SG&A expenses, which generally include credit card fees, commissions, materials and supplies, travel, certain 3PL service fees, and other miscellaneous expenses.

(4) Operating margin is defined as income from operations divided by net sales.

Schedule of Reconciliation of Reportable Segment Income from Segments to Consolidated

A reconciliation of reportable segment income from operations to condensed consolidated statements of comprehensive income was as follows:


	Three Months Ended September 30,				Six Months Ended September 30,
	2025		2024		2025		2024
Segment income from operations	$	496,273	$	467,742	$	811,537	$	757,232
Unallocated enterprise and shared brand expenses (1)	(169,752)		(162,656)		(319,729)		(319,339)
Total other income, net	15,835		13,826		33,614		30,172
Consolidated income before income taxes	$	342,356	$	318,912	$	525,422	$	468,065

(1) The change in reportable operating segments had an impact on segment income from operations, a measure of segment profitability, and a clarification was made that certain prior unallocated overhead costs are defined as unallocated enterprise and shared brand expenses and are excluded from the measure of segment profitability.