Footwear conglomerate Wolverine Worldwide (NYSE:WWW) will be announcing earnings results tomorrow morning. Here’s what to expect.
Wolverine Worldwide beat analysts’ revenue expectations by 3.4% last quarter, reporting revenues of $424.8 million, down 18.4% year on year. It was a strong quarter for the company, with an impressive beat of analysts’ earnings estimates.
Is Wolverine Worldwide a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting Wolverine Worldwide’s revenue to decline 11% year on year to $421.4 million, improving from the 27.2% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.22 per share.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Wolverine Worldwide has missed Wall Street’s revenue estimates six times over the last two years.
Looking at Wolverine Worldwide’s peers in the footwear segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Nike’s revenues decreased 10.4% year on year, meeting analysts’ expectations, and Deckers reported revenues up 20.1%, topping estimates by 9%. Nike traded down 6.8% following the results while Deckers was up 10.6%.
Read our full analysis of Nike’s results here and Deckers’s results here.
There has been positive sentiment among investors in the footwear segment, with share prices up 3.3% on average over the last month. Wolverine Worldwide is down 7.2% during the same time and is heading into earnings with an average analyst price target of $18.22 (compared to the current share price of $15.80).
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