Quarterly earnings results are a good time to check in on a company’s progress, especially compared to its peers in the same sector. Today we are looking at Caleres (NYSE:CAL) and the best and worst performers in the footwear industry.
Before the advent of the internet, styles changed, but consumers mainly bought shoes by visiting local brick-and-mortar shoe, department, and specialty stores. Today, not only do styles change more frequently as fads travel through social media and the internet but consumers are also shifting the way they buy their goods, favoring omnichannel and e-commerce experiences. Some footwear companies have made concerted efforts to adapt while those who are slower to move may fall behind.
The 8 footwear stocks we track reported a strong Q1; on average, revenues beat analyst consensus estimates by 4.1%. while next quarter's revenue guidance was in line with consensus. Inflation progressed towards the Fed's 2% goal at the end of 2023, leading to strong stock market performance. The start of 2024 has been a bumpier ride, as the market switches between optimism and pessimism around rate cuts due to mixed inflation data, but footwear stocks have shown resilience, with share prices up 7.8% on average since the previous earnings results.
Caleres (NYSE:CAL) The owner of Dr. Scholl's, Caleres (NYSE:CAL) is a footwear company offering a range of styles.
Caleres reported revenues of $659.2 million, down 0.5% year on year, falling short of analysts' expectations by 0.8%. It was a solid quarter for the company, with optimistic earnings guidance for the next quarter and a narrow beat of analysts' operating margin estimates .
“Caleres began 2024 in strong fashion, achieving earnings per share ahead of expectations, generating record first quarter consolidated gross margin, and making significant progress on our key strategic initiatives, all while investing for the long-term,” said Jay Schmidt, president and chief executive officer.
Caleres delivered the weakest performance against analyst estimates of the whole group. The stock is down 6.5% since the results and currently trades at $34.27.
Is now the time to buy Caleres? Find out by reading the original article on StockStory, it's free. Best Q1: Genesco (NYSE:GCO)Spanning a broad range of styles, brands, and prices, Genesco (NYSE:GCO) sells footwear, apparel, and accessories through multiple brands and banners.
Genesco reported revenues of $457.6 million, down 5.3% year on year, outperforming analysts' expectations by 2.7%. It was an impressive quarter for the company, with optimistic earnings guidance for the full year and a solid beat of analysts' earnings estimates.
The stock is down 10.8% since the results and currently trades at $24.34.
Slowest Q1: Wolverine Worldwide (NYSE:NYSE:WWW)Founded in 1883, Wolverine Worldwide (NYSE:WWW) is a global footwear company with a diverse portfolio of brands including Merrell, Hush Puppies, and Saucony.
Wolverine Worldwide reported revenues of $390.8 million, down 24.5% year on year, exceeding analysts' expectations by 8.1%. It was an ok quarter for the company, with an impressive beat of analysts' earnings estimates but a miss of analysts' operating margin estimates.
Wolverine Worldwide scored the biggest analyst estimates beat but had the slowest revenue growth and slowest revenue growth in the group. The stock is up 9.8% since the results and currently trades at $12.54.
Skechers (NYSE:SKX)Synonymous with "dad shoe", Skechers (NYSE:SKX) is a footwear company renowned for its comfortable, stylish, and affordable shoes for all ages.
Skechers reported revenues of $2.25 billion, up 12.5% year on year, surpassing analysts' expectations by 2.3%. It was a decent quarter for the company, with an impressive beat of analysts' constant currency revenue estimates.
Skechers delivered the highest full-year guidance raise among its peers. The stock is up 32.3% since the results and currently trades at $77.77.
Steven Madden (NASDAQ:SHOO)As seen in the infamous Wolf of Wall Street movie, Steven Madden (NASDAQ:SHOO) is a fashion brand famous for its trendy and innovative footwear, appealing to a young and style-conscious audience.
Steven Madden reported revenues of $552.4 million, up 19.1% year on year, surpassing analysts' expectations by 5.2%. It was a strong quarter for the company, with a solid beat of analysts' earnings estimates and a decent beat of analysts' operating margin estimates.
The stock is up 8.1% since the results and currently trades at $43.71.
