The shoe maker posted earnings of 28 cents a share in the fourth quarter, beating analyst estimates of 16 cents a share. Skechers reported revenue of $450.7 million for the quarter, surpassing analyst estimates of $448.6 million.
Net sales increased by 13.9% year over year in the quarter, leading Skechers to its second-highest fourth-quarter sales in company history. In a press release company COO and CFO David Weinberg said "The growth is related to the strong product successes we are experiencing across our men's, women's, and kids' categories, which resulted in double-digit increases in our Company-owned retail and domestic wholesale businesses, and single-digit increases in our international and e-commerce businesses."
Skechers said it plans to open between 60 and 70 company-owned stores in 2014.
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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, impressive record of earnings per share growth, compelling growth in net income and good cash flow from operations. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."