NEW YORK (TheStreet) -- Shares of Skechers (SKX) finished the day up by 3.58% to $105.65 on Tuesday, following a report from The Wall Street Journal saying the shoe maker is now in second place in the U.S. sports footwear market.
Skechers made up 5% of the sports footwear market for the quarter ended in March, data from retail tracker NPD Group shows, The Journal reported.
The company, which is responsible for the "Shape-Up" sneaker, is now second to Nike (NKE) and its popular Jordan brand, which accounted for 62% of athletic shoes sold in the U.S. during the most recent quarter.
The rise in Skechers sales highlights America's growing desire for less expensive shoes that may never actually be used for running, The Journal noted, adding that Skechers' sales grew by 29% last year to $2.4 billion.
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."