Q4 Earnings Recap: Deckers (NYSE:DECK) Tops Footwear Stocks
As the Q4 earnings season comes to a close, it’s time to take stock of this quarter's best and worst performers in the footwear industry, including Deckers (NYSE:DECK) and its peers.
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 7 footwear stocks we track reported a mixed Q4; on average, revenues beat analyst consensus estimates by 2.2%. 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, and while some of the footwear stocks have fared somewhat better than others, they collectively declined, with share prices flat on average since the previous earnings results.
Best Q4: Deckers (NYSE:DECK)
Established in 1973, Deckers (NYSE:DECK) is a footwear and apparel conglomerate with a portfolio of lifestyle and performance brands.
Deckers reported revenues of $1.56 billion, up 16% year on year, topping analyst expectations by 7.3%. It was an exceptional quarter for the company, with an impressive beat of analysts' constant currency revenue estimates. Icing on the cake was the company raising its revenue and EPS guidance in a backdrop where some companies selling discretionary consumer goods have stumbled.
Deckers achieved the biggest analyst estimates beat, fastest revenue growth, and highest full-year guidance raise of the whole group. The stock is up 11.1% since the results and currently trades at $856.08.
Is now the time to buy Deckers? Access our full analysis of the earnings results here, it's free.
Nike (NYSE:NKE)
Originally selling Japanese Onitsuka Tiger sneakers as Blue Ribbon Sports, Nike (NYSE:NKE) is a global titan in athletic footwear, apparel, equipment, and accessories.
Nike reported revenues of $12.43 billion, flat year on year, outperforming analyst expectations by 1.1%. It was a strong quarter for the company, with an impressive beat of analysts' earnings estimates and a narrow beat of analysts' revenue estimates.
The stock is down 8.5% since the results and currently trades at $92.25.
Is now the time to buy Nike? Access our full analysis of the earnings results here, it's free.
Slowest Q4: Wolverine Worldwide (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 $521.2 million, down 17.9% year on year, in line with analyst expectations. It was a weak quarter for the company, with full-year revenue guidance missing analysts' expectations.
Wolverine Worldwide had the slowest revenue growth and weakest full-year guidance update in the group. The stock is up 3.7% since the results and currently trades at $9.49.
Read our full analysis of Wolverine Worldwide's results here.
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 $519.7 million, up 10.4% year on year, surpassing analyst expectations by 1.2%. It was a weak quarter for the company, with a miss of analysts' earnings estimates.
The stock is down 10.1% since the results and currently trades at $39.22.
Read our full, actionable report on Steven Madden here, it's free.
Crocs (NASDAQ:CROX)
Founded in 2002, Crocs (NASDAQ:CROX) sells casual footwear and is known for its iconic clog shoe.
Crocs reported revenues of $960.1 million, up 1.6% year on year, in line with analyst expectations. It was a mixed quarter for the company, with a decent beat of analysts' earnings estimates but underwhelming earnings guidance for the next quarter.
Crocs had the weakest performance against analyst estimates among its peers. The stock is up 20.2% since the results and currently trades at $130.24.
Read our full, actionable report on Crocs here, it's free.
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