Four of seven footwear brands tracked by BTIG ran more advertised promotions in September than a year earlier, while three reduced promotional activity, according to the firm's monthly promotional review led by analyst Janine Stichter.

The split signals diverging margin strategies heading into the fall selling season. Birkenstock, Hoka, Vans and Boot Barn increased advertised promotions year over year; On Running, Steve Madden and Ugg ran fewer. UBS, in a separate Monday release, corroborated the trend: softgoods "out-the-door" prices rose 3.5 percent year over year in September, a slight slowdown from 3.9 percent in August.

Which brands discounted harder?

Birkenstock offered an extra 10 percent to 15 percent off sale styles for the full month. "We believe this is partially a strategic effort to support growth in the DTC (direct-to-consumer) business," Stichter said. She expects Birkenstock's gross margin to rise 50 basis points year over year for the fourth quarter ended September, helped by channel mix and DTC growing faster than wholesale.

Hoka layered on incentives: rewards members received $20 off purchases of $150 or more for five days around Labor Day; from Sept. 17 to 23 the brand offered 20 percent off after purchasing more than two items; and a free gift with purchases over $200 was valued at $45 over five days this year, versus $33 over three days last year. Despite the activity, Stichter projects second-quarter gross margin down 120 basis points on net tariff headwinds and rising freight.

Vans, still mid-turnaround, went broader and deeper: Labor Day discounts reached 60 percent off sale styles and 30 percent off select full-price styles, plus BOGO 50 percent off select shoes, apparel and accessories — against 40 percent off sale styles and select backpacks a year ago. Stichter still projects second-quarter gross margin up 150 basis points.

Boot Barn pushed women's western boots, with select styles at $99 and up to $75 off, reflecting ongoing category softness, while discounting less across the rest of its business. She projects gross margin up 20 basis points, driven by freight improvement, tariff refunds and product margin expansion.

Who tightened promotions?

On was slightly less promotional: a one-day, 40-percent-off sale-page event from the year-ago September was not repeated. Stichter forecasts third-quarter gross margin, for the period ended Sept. 26, 2026, down 100 basis points.

Steve Madden's Labor Day sale ran seven days in both years but at 30 percent off select styles this year, versus up to 60 percent a year ago. Stichter expects third-quarter gross margin up 100 basis points.

Ugg skipped a $20 reward on certain styles it ran over seven days in September 2025. Its Labor Day sale — up to 50 percent off plus an extra 10 percent for Ugg Rewards members — was comparable year over year apart from timing and one extra day. Stichter projects gross margin down 120 basis points on tariffs and freight.

What does the pricing data show?

UBS's Tracker report draws on thousands of websites covering more than 65 fashion brands, 35 luxury brands and 30 sportswear brands across seven categories and over 26 countries, measuring average price, discount, inventory age and SKU count.

"The monthly year-over-year price change has been positive for 13 consecutive months, and 52 out of the last 55," said UBS softlines analyst Jay Sole. Sole singled out Birkenstock for the largest year-over-year increase in promotions in September.

The combined picture — rising average prices alongside targeted discounting at growth-challenged brands — points to a promotional environment that is selective rather than broad-based heading into the holiday quarter.