Caleres Declares Regular Quarterly Dividend

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 .

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 satisfactory Q3. As a group, revenues beat analysts’ consensus estimates by 1.5% while next quarter’s revenue guidance was 7.9% above.

While some footwear stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 1.3% since the latest earnings results.

Wolverine Worldwide

Founded in 1883, Wolverine Worldwide is a global footwear company with a diverse portfolio of brands including Merrell, Hush Puppies, and Saucony.

Wolverine Worldwide reported revenues of $470.3 million, up 6.9% year on year. This print exceeded analysts’ expectations by 1.3%. Despite the top-line beat, it was still a mixed quarter for the company with a decent beat of analysts’ EBITDA estimates but full-year revenue guidance meeting analysts’ expectations.

"We delivered a solid quarter with Merrell, Saucony, and Sweaty Betty all exceeding expectations. Our disciplined execution, coupled with another record gross margin quarter, delivered better-than-anticipated earnings per share," said Chris Hufnagel, President and Chief Executive Officer of Wolverine Worldwide.

Wolverine Worldwide pulled off the highest full-year guidance raise of the whole group. Still, the market seems discontent with the results. The stock is down 2.6% since reporting and currently trades at $18.50.

Is now the time to buy Wolverine Worldwide? Access our full analysis of the earnings results here, it’s free for active Edge members.

Best Q3: Nike

Originally selling Japanese Onitsuka Tiger sneakers as Blue Ribbon Sports, Nike is a global titan in athletic footwear, apparel, equipment, and accessories.

Nike reported revenues of $11.72 billion, up 1.1% year on year, outperforming analysts’ expectations by 6.5%. The business had an incredible quarter with a solid beat of analysts’ constant currency revenue estimates and a beat of analysts’ EPS estimates.

Nike scored the biggest analyst estimates beat among its peers. Although it had a fine quarter compared its peers, the market seems unhappy with the results as the stock is down 2.6% since reporting. It currently trades at $67.94.

Is now the time to buy Nike? Access our full analysis of the earnings results here, it’s free for active Edge members.

Weakest Q3: Caleres

The owner of Dr. Scholl's, Caleres is a footwear company offering a range of styles.

Caleres reported revenues of $790.1 million, up 6.6% year on year, exceeding analysts’ expectations by 2.8%. Still, it was a disappointing quarter as it posted full-year EPS guidance missing analysts’ expectations significantly and a significant miss of analysts’ adjusted operating income estimates.

The stock is flat since the results and currently trades at $13.53.

Read our full analysis of Caleres’s results here.

Crocs

Founded in 2002, Crocs sells casual footwear and is known for its iconic clog shoe.

Crocs reported revenues of $996.3 million, down 6.2% year on year. This result beat analysts’ expectations by 3.3%. Overall, it was an exceptional quarter as it also recorded a solid beat of analysts’ constant currency revenue estimates and EPS guidance for next quarter exceeding analysts’ expectations.

Crocs had the slowest revenue growth among its peers. The stock is up 3.8% since reporting and currently trades at $87.94.

Read our full, actionable report on Crocs here, it’s free for active Edge members.

Steven Madden

As seen in the infamous Wolf of Wall Street movie, Steven Madden is a fashion brand famous for its trendy and innovative footwear, appealing to a young and style-conscious audience.

Steven Madden reported revenues of $667.9 million, up 6.9% year on year. This print lagged analysts' expectations by 4%. Zooming out, it was actually a strong quarter as it logged EPS guidance for next quarter exceeding analysts’ expectations and revenue guidance for next quarter exceeding analysts’ expectations.

Steven Madden had the weakest performance against analyst estimates among its peers. The stock is up 37% since reporting and currently trades at $44.99.

Read our full, actionable report on Steven Madden here, it’s free for active Edge members.

Let’s dig into the relative performance of Genesco and its peers as we unravel the now-completed Q3 footwear earnings season.

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 satisfactory Q3. As a group, revenues beat analysts’ consensus estimates by 1.5% while next quarter’s revenue guidance was 7.9% above.

While some footwear stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 3.4% since the latest earnings results.

Genesco

Spanning a broad range of styles, brands, and prices, Genesco sells footwear, apparel, and accessories through multiple brands and banners.

Genesco reported revenues of $616.2 million, up 3.3% year on year. This print was in line with analysts’ expectations, but overall, it was a softer quarter for the company with full-year EPS guidance missing analysts’ expectations significantly and a significant miss of analysts’ EPS estimates.

Mimi E. Vaughn, Genesco's Board Chair, President and Chief Executive Officer, said, “We delivered another quarter of top and bottom-line growth, marking our fifth consecutive quarter of positive comparable sales increases. The third quarter demonstrated the power of our strategic initiatives, with Journeys delivering strong double-digit comp growth during back-to-school on top of double-digit growth last year. This performance reinforces that when consumers shop for footwear, they are increasingly choosing Journeys, underscoring the momentum of our product elevation and diversification strategy as we continue to gain market share and establish ourselves as the destination for the style-led teen.”

Unsurprisingly, the stock is down 31.7% since reporting and currently trades at $24.01.

Read our full report on Genesco here, it’s free for active Edge members.

Best Q3: Nike

Originally selling Japanese Onitsuka Tiger sneakers as Blue Ribbon Sports, Nike is a global titan in athletic footwear, apparel, equipment, and accessories.

Nike reported revenues of $11.72 billion, up 1.1% year on year, outperforming analysts’ expectations by 6.5%. The business had an incredible quarter with an impressive beat of analysts’ constant currency revenue estimates and a beat of analysts’ EPS estimates.

Nike delivered the biggest analyst estimates beat among its peers. Although it had a fine quarter compared its peers, the market seems unhappy with the results as the stock is down 5.6% since reporting. It currently trades at $65.84.

Is now the time to buy Nike? Access our full analysis of the earnings results here, it’s free for active Edge members.

Weakest Q3: Caleres

The owner of Dr. Scholl's, Caleres is a footwear company offering a range of styles.

Caleres reported revenues of $790.1 million, up 6.6% year on year, exceeding analysts’ expectations by 2.8%. Still, it was a disappointing quarter as it posted full-year EPS guidance missing analysts’ expectations significantly and a significant miss of analysts’ adjusted operating income estimates.

As expected, the stock is down 2.9% since the results and currently trades at $13.12.

Read our full analysis of Caleres’s results here.

Crocs

Founded in 2002, Crocs sells casual footwear and is known for its iconic clog shoe.

Crocs reported revenues of $996.3 million, down 6.2% year on year. This number topped analysts’ expectations by 3.3%. It was an exceptional quarter as it also logged an impressive beat of analysts’ constant currency revenue estimates and EPS guidance for next quarter exceeding analysts’ expectations.

Crocs had the slowest revenue growth among its peers. The stock is up 2.4% since reporting and currently trades at $86.75.

Read our full, actionable report on Crocs here, it’s free for active Edge members.

Steven Madden

As seen in the infamous Wolf of Wall Street movie, Steven Madden is a fashion brand famous for its trendy and innovative footwear, appealing to a young and style-conscious audience.

Steven Madden reported revenues of $667.9 million, up 6.9% year on year. This result missed analysts’ expectations by 4%. Zooming out, it was actually a strong quarter as it produced EPS guidance for next quarter exceeding analysts’ expectations and revenue guidance for next quarter exceeding analysts’ expectations.

Steven Madden had the weakest performance against analyst estimates among its peers. The stock is up 33.2% since reporting and currently trades at $43.73.

Read our full, actionable report on Steven Madden here, it’s free for active Edge members.

Footwear company Caleres announced better-than-expected revenue in Q3 CY2025, with sales up 6.6% year on year to $790.1 million. Its non-GAAP profit of $0.38 per share was 55.5% below analysts’ consensus estimates.

Is now the time to buy CAL? Find out in our full research report (it’s free for active Edge members).

Caleres (CAL) Q3 CY2025 Highlights:

• Revenue: $790.1 million vs analyst estimates of $768.6 million (6.6% year-on-year growth, 2.8% beat)
• Adjusted EPS: $0.38 vs analyst expectations of $0.85 (55.5% miss)
• Adjusted EBITDA: $30.04 million vs analyst estimates of $61.2 million (3.8% margin, 50.9% miss)
• Adjusted EPS guidance for the full year is $0.58 at the midpoint, missing analyst estimates by 66.7%
• Operating Margin: 2.4%, down from 8% in the same quarter last year
• Market Capitalization: $431.2 million

StockStory’s Take

Caleres’ third quarter results were met with a negative reaction from the market, largely due to a significant shortfall in non-GAAP earnings per share despite stronger-than-expected revenue. Management identified ongoing margin pressures stemming from elevated tariffs and additional costs linked to the integration of Stuart Weitzman, which diluted profitability. CEO Jay Schmidt acknowledged these issues, noting, “We are taking decisive action in the back half of 2025 to bring Stuart Weitzman along with the rest of our portfolio into 2026 as clean, productive, and efficient as possible.”

Looking forward, Caleres’ guidance reflects the continued burden of integration expenses and a cautious approach to cost savings as the company absorbs Stuart Weitzman. Management expects to drive future improvement through structural cost reductions and restoring gross margins, but near-term visibility remains limited. CFO Jack Calandra noted that while tariff mitigation efforts are progressing, the company has “not offset all of that through the actions we’re taking on gross margin alone,” emphasizing the need for further SG&A (selling, general, and administrative expense) discipline. The company aims for breakeven performance at Stuart Weitzman in 2026, with further profitability improvements tied to realizing planned synergies.

Key Insights from Management’s Remarks

Management attributed the quarter’s underperformance primarily to higher-than-anticipated integration and inventory costs, continued tariff impacts, and uneven performance between premium and value-oriented brands.

• Stuart Weitzman integration challenges: Early integration of Stuart Weitzman introduced duplicative costs and inventory overhang, which management stated were temporarily dilutive to earnings. CEO Jay Schmidt emphasized that most synergies and cost savings will not be realized until 2026, once system integration completes and duplicative functions are eliminated.

• Tariff headwinds persist: Elevated U.S. tariffs on imported footwear continued to impact margins. Management estimated a 175 basis point drag on brand portfolio gross margin, partially offset by price increases and supplier negotiations. These impacts are expected to lessen in 2026 as mitigation efforts progress.

• Premium brands and DTC momentum: Organic growth was concentrated in Caleres’ premium brands and direct-to-consumer (DTC) channels, with Sam Edelman delivering double-digit growth and record e-commerce sales. In contrast, value-priced brands lagged, and the Famous Footwear segment saw softer traffic, offset by increased average retail prices.

• International and wholesale strength: International sales outperformed, notably in women’s fashion segments and through expansion in key markets. Wholesale demand for boots and premium offerings bolstered portfolio performance.

• Inventory cleanup underway: Excess inventory, especially at Stuart Weitzman, required aggressive liquidation measures. Management indicated that the majority of this inventory should be worked through by early 2026, with anticipated improvement in gross margins as aged stock is cleared.

Drivers of Future Performance

Management’s outlook for the next year centers on restoring profitability by reducing integration costs, stabilizing tariffs, and refocusing on growth in premium brands and international markets.

• Stuart Weitzman cost synergies: Management sees the largest future earnings lever in achieving cost savings through consolidating back-office functions, logistics, and marketing as Stuart Weitzman is fully integrated. CEO Jay Schmidt said the company plans to reach breakeven for the brand in 2026, with further margin improvements tied to these synergies.

• Tariff mitigation and SG&A control: While tariff-related pressures are expected to persist in the near term, management is pursuing additional factory negotiations and operational efficiencies to blunt their impact. CFO Jack Calandra stated that SG&A reductions across the portfolio are needed to fully neutralize tariff effects on operating margins.

• Premium and international growth focus: Caleres aims to drive organic growth by investing in its strongest brands and expanding internationally, particularly through direct-to-consumer channels and targeted marketing. Management believes these areas offer the greatest potential for sustainable revenue and margin improvement.

Catalysts in Upcoming Quarters

In the quarters ahead, our analysts will closely monitor (1) progress on Stuart Weitzman’s inventory liquidation and the pace of cost synergies, (2) stabilization of gross margins as tariff mitigation and SG&A reductions take effect, and (3) continued strength in premium brands and international markets. Execution on these priorities will determine Caleres’ ability to restore profitability and achieve its integration goals.

Caleres currently trades at $12.80, down from $13.52 just before the earnings. In the wake of this quarter, is it a buy or sell? See for yourself in our full research report (it’s free for active Edge members).

Stocks That Trumped Tariffs

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The names generating the next wave of massive growth are right here in our Top 9 Market-Beating Stocks. This is a curated list of our High Quality stocks that have generated a market-beating return of 244% over the last five years (as of June 30, 2025).

Stocks that have made our list include now familiar names such as Nvidia (+1,326% between June 2020 and June 2025) as well as under-the-radar businesses like the once-small-cap company Comfort Systems (+782% five-year return).