CAL▼2
Deckers leads footwear stocks with strong Q1 revenue beat and highest guidance raise
Consumer discretionary footwear stocks posted a strong first quarter, with aggregate revenues beating analyst consensus estimates by 1.7%. Deckers reported revenues of $1.12 billion, up 9.6% year on year and exceeding expectations by 2.9%, while also delivering the highest full-year guidance raise among the seven companies tracked. Genesco recorded revenues of $487 million, up 2.8% and beating estimates by 2.9%, marking the biggest analyst estimate beat in the peer group. Caleres saw revenues of $666.6 million, up 8.5% and surpassing estimates by 1.3%, but its next-quarter EPS guidance missed expectations, sending shares down 11.1%. Crocs posted revenues of $921.5 million, down 1.7% yet beating estimates by 2.1%, though its next-quarter EPS guidance slightly missed, and its stock rose 24.8%. Nike reported revenues of $11.28 billion, flat year on year and in line with estimates, but its stock fell 14.4% as it had the weakest performance against analyst estimates among peers. On average, share prices of the group have held steady, up 4.7% since the latest earnings results.