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Skechers Puts its Best Foot Forward with Record Quarterly Sales

Streetwise Reports, Streetwise Reports
0 Comments| July 22, 2019

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Skechers USA reported record global sales for the second quarter. International sales led the way in the quarter with an increase of 19.8% over the same period last year.

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Lifestyle and performance footwear company Skechers USA Inc. (SKX:NYSE)reported record sales for its second quarter ending June 30, 2019. The company indicated that sales increased by 10.9% (or 13.7% on a constant currency basis) to $1.259 billion with its international sales increasing by 19.8% (or 25.2% on a constant currency basis). Same store comparable sales increased 4.9% overall, registering a 4.2% increase domestically and 6.7% internationally. The company advised that international sales account for 55.7% of all sales.

Fully diluted earnings per share (EPS) in Q2/19 were stated at $0.49, up 69% over $0.29 in the comparable Q2/18 quarter.

Sketchers' CEO Mr. Robert Greenberg explained, "Many of our key product styles are introduced at virtually the same time around the world, with nuances in certain markets, giving us the ability to replicate our success around the globe. . .In the second quarter, we saw this with the broad acceptance of our women's and men's sport and streetwear lines, as well as with the resurgence of our GOwalk collection and our fresh new Skech-Air styles."

Mr. David Weinberg, Chief Operating Officer at Skechers, added, "Record second quarter sales are a testament to the demand and strength for our brand and products. . .We experienced growth in every region, with the biggest dollar increases coming from India, the Middle East and China, as well as in Mexico with the conversion of the business to a joint venture."

The firm also provided sales guidance for the next quarter. "For Q3/19, Sketchers believes it will achieve sales in the range of $1.325 billion to $1.350 billion, and diluted EPS of $0.65 to $0.70. The guidance is based on expected growth in each of the Company's three segments."

Skechers is based in Manhattan Beach, Calif., and describes its business as a designer, developer and marketer of a diverse range of lifestyle footwear for men, women and children, and performance footwear for men and women. The company's products are available in the U.S. and over 170 countries and territories worldwide via department and specialty stores, more than 3,170 Skechers company-owned and third-party-owned retail stores, and the company's e-commerce websites. International business is managed through a network of global distributors, joint venture partners in Asia, Israel and Mexico, and wholly owned subsidiaries in Canada, Japan, India and throughout Europe and Latin America.

The company's shares opened up today at $39.52 (+4.68, +13.72%) over yesterday's closing price of $34.84. Since then, shares have traded between $38.52 to $40.50 with the firm reaching a new 52-week intraday high in early market activity.

1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

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