Reflecting On Footwear Stocks’ Q3 Earnings: Wolverine Worldwide (NYSE:WWW)

As the craze of earnings season draws to a close, here’s a look back at some of the most exciting (and some less so) results from Q3. Today, we are looking at footwear stocks, starting with Wolverine Worldwide (NYSE:WWW).

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 Q3. As a group, revenues beat analysts’ consensus estimates by 2.7% while next quarter’s revenue guidance was 1.2% below.

Thankfully, share prices of the companies have been resilient as they are up 5.4% on average since the latest earnings results.

Wolverine Worldwide (NYSE:WWW)

Wolverine Worldwide reported revenues of $440.1 million, down 7% year on year. This print exceeded analysts’ expectations by 4.4%. Overall, it was a strong quarter for the company with a solid beat of analysts’ EPS estimates and an impressive beat of analysts’ adjusted operating income estimates.

“In the third quarter, we delivered better-than-expected revenue and earnings – led by Merrell and Saucony outpacing our forecast – as we continue to make progress on our plan to turnaround and transform the Company for the future,” said Chris Hufnagel, President and Chief Executive Officer of Wolverine Worldwide.

Wolverine Worldwide achieved the highest full-year guidance raise of the whole group. Unsurprisingly, the stock is up 44.6% since reporting and currently trades at $23.22.

Is now the time to buy Wolverine Worldwide? Find out by reading the original article on StockStory, it’s free.

Best Q3: Genesco (NYSE:GCO)

Genesco reported revenues of $596.3 million, up 2.9% year on year, outperforming analysts’ expectations by 3.2%. The business had a stunning quarter with an impressive beat of analysts’ EPS estimates and a solid beat of analysts’ adjusted operating income estimates.

The market seems happy with the results as the stock is up 12.4% since reporting. It currently trades at $42.10.

Weakest Q3: Caleres (NYSE:CAL)

Caleres reported revenues of $740.9 million, down 2.8% year on year, falling short of analysts’ expectations by 1.4%. It was a softer quarter as it posted full-year EPS guidance missing analysts’ expectations.

Caleres delivered the weakest performance against analyst estimates in the group. As expected, the stock is down 40.4% since the results and currently trades at $19.78.

Nike (NYSE:NKE)

Nike reported revenues of $12.35 billion, down 7.7% year on year. This print surpassed analysts’ expectations by 2%. Overall, it was an exceptional quarter as it also recorded an impressive beat of analysts’ adjusted operating income estimates and a solid beat of analysts’ EPS estimates.

Nike had the slowest revenue growth among its peers. The stock is down 2.3% since reporting and currently trades at $75.32.

Skechers (NYSE:SKX)

Skechers reported revenues of $2.35 billion, up 15.9% year on year. This number topped analysts’ expectations by 1.8%. Aside from that, it was a mixed quarter as it also logged an impressive beat of analysts’ constant currency revenue estimates but a miss of analysts’ adjusted operating income estimates.

The stock is up 21.7% since reporting and currently trades at $75.04.

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This content was originally published on Stock Story