Skechers Reports Huge 3rd Quarter Earnings

Skechers Shares Soar More Than 30% After Big Earnings Beat On Record Sales


Skechers-Game-Kick-2-virtual-gaming-wearable-technology.jpgSkechers shares soared in trading Friday after the company posted third-quarter earnings that blew past analysts’ estimates on record sales.

The company’s shares jumped more than 30 percent just after the opening bell.

The sports footwear maker reported earnings excluding items of 59 cents a share, well above the 43 cents a share Wall Street had expected.

Skechers logo_1.pngSkechers said profit was helped by sales growth in its international wholesale business, its company-owned global retail business, as well as a lower effective tax rate.

“Third quarter net sales of $1.095 billion set a new quarterly record for the company, surpassing our previous record in the first quarter earlier this year by $22 million, and resulted in a new nine-month record with sales exceeding $3 billion,” Chief Financial Officer David Weinberg said in a statement.

He added: “We believe the momentum we are experiencing will continue this year and in the coming year.”

Skechers_Ontario_Mills_Exterior.jpgAnalysts expected revenue of $1.07 billion, according to Thomson Reuters I/B/E/S.

Skechers also saw a 4.4 percent increase in comparable-store sales.

A slew of analysts upgraded their price targets on the stock in the wake of the report. Wedbush raised its target to $35 from $25, Cowen and Co. boosted its target to $36 from $35, and Morgan Stanley increased its target to $31 from $28.50.

CNBC-LogoFor more information:

Disclaimer/ Disclosure: The Investors News Magazine is a third party publisher of news and research as well as creates original content as a news source. Original content created by Investors News Magazine is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site may be compensated by featured companies for news submissions and content marketing. Contact each company directly for press release questions. Disclosure is posted on each release if required but otherwise the news was not compensated for and is published for the sole interest of our readers.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s