Skechers reported earnings of $1.57 a share for the second quarter, above analysts' estimates of $1.01 a share for the quarter. Revenue grew 36.4% year over year to $800.46 million for the quarter, above analysts' estimates of $736.37 million for the quarter.
COO and CFO David Weinberg said, "the second quarter benefitted from both pent up demand resulting from U.S. port issues in the first quarter as well as a shift in back-to-school shipments due to increased demand in both domestic and international markets. Our international subsidiary business also remained strong with double-digit increases despite currency headwinds in several key markets."
About 1.6 million shares of Skechers were traded by 10:36 a.m. Thursday, above the daily average of of 1.1 million shares a day.
TheStreet Ratings team rates SKECHERS U S A INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate SKECHERS U S A INC (SKX) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. 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. We feel its strengths outweigh the fact that the company shows weak operating cash flow."
You can view the full analysis from the report here: SKX Ratings Report