The shoe company said that its bookings for the third quarter are up 50% from the year-ago quarter. "This is already the biggest booking third quarter in the history of the company," Skechers COO and CFO David Weinberg said in a statement.
"Given channel checks, SKECHERS retail performance, our incoming order rate which leads us to an increased backlog worldwide, we remain confident that our domestic and international business is strong," Weinberg said.
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The comments are in response to a report from The Buckingham Research Group based on SportScan numbers that said Skechers' sales were down 3% for the week that ended Sept. 30.
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."