{
  "report_rows": [
    {
      "kpi": "Total Net Sales (Q1 FY27, quarter ended 6/30/26)",
      "prediction": "BEAT",
      "answer": "pred ~$1.035B vs. cons ~$1.020B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Diluted EPS (Q1 FY27)",
      "prediction": "BEAT",
      "answer": "pred ~$0.90 vs. cons ~$0.875",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "HOKA brand net sales (Q1 FY27)",
      "prediction": "IN-LINE",
      "answer": "pred ~$706M vs. cons ~$712M",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2027 full-year revenue guidance (reaffirm/raise)",
      "prediction": "UNCHANGED",
      "answer": "guide ~$5.885B midpoint vs. cons ~$5.90B (FY2027, ending 3/31/27)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2027 full-year diluted EPS guidance (reaffirm/raise)",
      "prediction": "UNCHANGED",
      "answer": "guide ~$7.375 midpoint vs. cons ~$7.40 (FY2027, ending 3/31/27)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q2 FY2027 (Sept-quarter) revenue guide",
      "prediction": "BETTER",
      "answer": "guide ~$1.49B vs. cons ~$1.48B (Q2 FY2027, quarter ending 9/30/26)",
      "confidence": "LOW"
    },
    {
      "kpi": "Gross margin trajectory / tariff commentary",
      "prediction": "UNCHANGED",
      "answer": "guide ~56.5% FY27 GM reaffirmed vs. cons ~56.4% (FY2027 full year)",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": 3.0,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 1.0,
  "day5_path": "FADE",
  "day5_rationale": "Consensus already sits at the top of management's own $0.82-0.87 EPS guide and revenue is bid up near guidance ceiling, so the 'beat' is largely priced in versus last year's much larger surprise (actual $0.93 vs. depressed prior-year comp). Analyst estimate revisions drifted lower over the trailing 90 days (only stabilizing in the last 30), and full-year FY27 guidance/framework was already laid out in detail two months ago with no fresh raise expected -- limiting incremental upside to numbers. Historical precedent (last year's Q1 print) saw an outsized initial pop fade roughly 10%+ over the following week as investors reset to the next quarter's more modest guide; this year's smaller initial surprise combined with tariff-driven gross-margin wraparound and 2x SG&A growth vs. revenue growth (flagged explicitly by CFO) gives bears ammunition to fade the initial reaction once the Clifton 11 launch/APAC shipment-timing explanations are digested and out-quarter margin math is modeled through.",
  "day5_confidence": "MEDIUM"
}