Footwear Stocks Earnings: Madden Leads the Way Amidst Sector Woes

The Consumer Discretionary sector, which includes companies selling non-essential goods and services, saw strong Q2 earnings from footwear stocks. Steven Madden (SHOO) led the way with a 19.1% year-on-year revenue increase to $665.9 million, beating analysts' expectations by 4.8%. The company's stock is down 4.3% since reporting.

Nike (NKE), on the other hand, reported revenues of $10.97 billion, down 1.1% year-on-year, but still outperforming analysts' estimates by 1.1%. Despite its strong quarter, Nike's stock is down 12.2% since reporting.

Caleres (CAL) had the weakest performance among the group, with revenues of $695.5 million, up 5.6% year-on-year, but falling short of analysts' expectations by 1%. Genesco (GCO) reported a slower revenue growth rate at 3%, meeting analysts' estimates.

The sector as a whole saw an average decline of 6% in share prices since the latest earnings results.