NEW YORK (TheStreet) -- Shares of Skechers USA Inc. (SKX) are lower by 9.98% to $52.29 on heavy volume in mid-afternoon trading on Wednesday, after analysts noted the shoe retailer's sales are falling, as the back-to-school shopping season finishes up, Bloomberg reports.
Sales dropped almost 3% for the week ended Sept. 20, as the company's offerings for children have started to slow down, a Sterne Agee analyst said in a note today, Bloomberg added.
So far, 3.93 million shares of Skechers have exchanged hands as compared to its average daily volume of 849,000 shares.
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Almost 8% of Skechers' revenue is driven by the sale of children's shoes, which dropped 42% last week, Bloomberg said.
Separately, 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. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."