Shares of Deckers Outdoor (NYSE: DECK), the maker of popular footwear brands like Hoka and Ugg, were surging today after the company leapfrogged past estimates in its fiscal second-quarter earnings report.

As of 11:56 a.m. ET, the stock was up 11.2% on the news.

Deckers shines again

Deckers stock has been a winner for years, riding the strength of its Hoka running shoe, and that momentum continued in the second quarter.

Overall revenue jumped 20% to $1.31 billion in the quarter ended Sept. 30, easily beating estimates at $1.2 billion. Hoka sales soared once again, accelerating from the previous quarter to grow 34.7% to $570.9 million. The performance from Ugg, which is still Deckers' biggest brand, was also strong, rising 13% to $689 million.

Deckers also posted strong margin expansion as gross margin improved from 53.4% to 55.9% as it benefited from a mix shift toward its highest-margin brand, Hoka, and higher-margin products within Ugg and Hoka. It also reduced closeouts in the wholesale channel. On the bottom line, Deckers' earnings per share (EPS) rose 39% to $1.59, well ahead of the consensus at $1.24.

New CEO Stefano Caroti said, "Hoka and Ugg produced outstanding second-quarter results driven by strong consumer demand for our innovative and unique products."

Can Deckers keep climbing?

Deckers did raise its guidance for the full year, but it seems to be taking a conservative approach ahead of the key holiday season.

The company is calling for 12% revenue growth to $4.8 billion, but that was short of the consensus at $4.82 billion. On the bottom line, it called for EPS of $5.15 to $5.25, which was below expectations at $5.35.

Given the fact that revenue grew 21% in the first half of the year, Deckers shouldn't have a problem beating that guidance. Trading at a reasonable valuation, the stock still looks like a good buy.

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