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Why Skechers (SKX) Stock Hit a Lifetime High Today

NEW YORK (TheStreet) -- Skechers (SKX - Get Report) was gaining 6.9% to $51.74, hitting a lifetime high of $53.00 Thursday after posting record results for the second quarter.

The shoemaker reported earnings of 68 cents a share for the quarter, up from 14 cents a share in the year-ago quarter, and well above analysts' estimates of 40 cents a share. Revenue grew 37.1% year-over-year to $587.1 million for the quarter. Analysts polled by FactSet expected revenue of $509 million for the quarter.

"These results followed a record first quarter, resulting in a 28.8 percent net sales increase for the first six months of 2014," Skechers COO and CEO David Weinberg said in a press release. "The strong sales are attributable to fresh styles across our lifestyle, performance and kids' categories, and the demand for our product resulted in a positive shift of our Back-to-School domestic wholesale and international subsidiary shipments originally scheduled for July into June."

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TheStreet Ratings team rates SKECHERS U S A INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

"We rate SKECHERS U S A INC (SKX) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance, impressive record of earnings per share growth and compelling growth in net income. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."

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Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.

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