Skechers Corporate site

"A lot of specialty stores won't carry Skechers due to brand baggage and since they already have plenty of options on the shelves. And, many won't touch them unless they raise prices and stop discounting because it kills their margins"


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Latest Financial News for SKX

The footwear company saw a rebound in revenue from the second quarter, with pronounced strength in e-commerce.
Posted: November 2, 2020, 8:39 pm
Shares of footwear maker Skechers USA plunged 9.2% on Oct. 30 even as the company delivered better-than-feared sales and earnings for the third quarter.Skechers’ (SKX) sales declined 3.9% year-over-year to $1.30 billion in 3Q, marking a significant improvement from the 42% sales slump in the second quarter. The company exceeded analysts’ sales expectations of $1.20 billion. Domestic sales declined 3.7% as a 172% rise in e-commerce sales and higher domestic wholesale business was not enough to offset the weakness in retail store sales.International revenue fell 4.1% due to lower distributor and retail sales. However, the company experienced an improvement in key international markets, with China, Germany and Australia generating double-digit sales growth.The company’s 3Q adjusted EPS fell 20.9% to $0.53, but came ahead of analysts’ forecast of $0.36. Higher warehouse and distribution expenses coupled with lower sales dragged down the earnings.Commenting on the 3Q results, Skechers’ CFO John Vandemore said “Skechers third quarter results illustrate the strength and resilience of our brand, as business across the globe began to recover from the effects of the global pandemic. There were many bright spots, from a return to growth in our domestic wholesale channel and continued strength in e-commerce to resurgent growth in China and Europe.”The CFO further stated, “We continue to invest for growth, including increased penetration in our direct-to-consumer channel, evident in new stores and an enhanced digital presence, as well as improved global distribution infrastructure.”Skechers did not provide any 4Q outlook due to the business disruption and continued uncertainty amid the COVID-19 pandemic. (See SKX stock analysis on TipRanks)Talking about the decline in Skechers stock price following the earnings release, Berenberg analyst Brian McNamara opined “Weakness after hours is likely a combination of inventory concerns and weaker gross margins; we do not share these concerns. On the former, the company was arguably a bit light on inventories heading into 11/11 last year, despite a strong Q4 sales result in China a year ago. Retail businesses also naturally require more inventory per pair sold relative to wholesale. On the latter, gross margin was broadly flat yoy despite some natural promotional activity as some markets work back into balance.”McNamara reiterated a Buy rating with a price target of $52.The Street is also bullish about Skechers with a Strong Buy analyst consensus based on 4 Buys and 1 Hold. With shares down 26.6% so far this year, the $42.75 average analyst price target indicates an upside potential of 34.8% over the coming months.Related News: Under Armour’s 3Q EPS Top Estimates On Footwear Demand; Street Says Hold Dunkin’ To Be Taken Private By Inspire Brands In $8.8B DealStarbucks Tops 4Q Estimates, Sees Strong Global Comps In FY21 More recent articles from Smarter Analyst: * Sanofi Inks Deal To Snap Up Kiadis For $359M; Street Bullish * Mohawk Surges 11% On 3Q Results; Street Says Hold * Newell Brands Rises 5% After Reinstating Guidance * J&J; Strikes Covid-19 Vaccine Manufacturing Deal With Aspen
Posted: November 2, 2020, 8:19 am
Sales came back in the third quarter, but management didn't give any guidance for the rest of the year.
Posted: October 30, 2020, 8:39 pm
Certain statements contained herein, including without limitation, statements addressing the beliefs, plans, objectives, estimates or expectations of the company or future results or events may constitute forward-looking statements that involve risks and uncertainties. Such forward-looking statements with respect to the COVID-19 pandemic include, without limitation, the company's plans in response to this pandemic.
Posted: October 30, 2020, 4:30 pm
Skechers (SKX) witnesses sequential top-line growth in Q3, owing to recovery in many markets and domestic wholesale business. However, decline in domestic and international sales hurt overall sales.
Posted: October 30, 2020, 4:11 pm
The broader market is back up from the March crash, but these solid companies are still underperforming.
Posted: October 30, 2020, 11:44 am
Skechers (SKX) delivered earnings and revenue surprises of 51.43% and 7.82%, respectively, for the quarter ended September 2020. Do the numbers hold clues to what lies ahead for the stock?
Posted: October 29, 2020, 11:15 pm
"Our third-quarter sales were a significant accomplishment during a challenging period," COO David Weinberg said.
Posted: October 29, 2020, 9:18 pm
Shares of Skechers USA Inc. dropped 5.5% in after-hours trading Thursday, even as the shoe seller reported a third-quarter profit and revenue that fell less than expected, as direct-to-consumer same-stores sales dropped 22%. Net income fell to $64.3 million, or 41 cents a share, from $103.1 million, or 67 cents a share, in the year-ago period, as the COVID-19 pandemic continued to impact results worldwide. Excluding non-recurring items, adjusted earnings per share declined to 53 cents from 67 cents, but topped the FactSet consensus of 36 cents. Sales slipped 3.9% to $1.30 billion, above the FactSet consensus of $1.20 billion, as domestic wholesale sales rose 6.3%, while international wholesale sales eased 0.5% and direct-to-consumer sales dropped 16.9%. The company did not provide financial guidance given the ongoing uncertainties resulting from the COVID-19 pandemic. The stock, which closed Thursday's regular session up 4.4%, has lost 19.2% year to date, while the S&P 500 has gained 2.5%.
Posted: October 29, 2020, 8:58 pm
SKECHERS USA, Inc. (NYSE:SKX), a global footwear leader, today announced financial results for the third quarter ended September 30, 2020.
Posted: October 29, 2020, 8:05 pm
Skechers Pier to Pier Friendship Walk Raises Over $1.8 Million for Kids in Its First-ever Virtual Event
Posted: October 28, 2020, 4:00 pm
Skechers (NYSE: SKX) reports earnings soon, presenting investors with a potential opportunity. COVID-19 won't change why customers buy shoes, suggesting that Skechers's long-term growth prospects haven't changed.
Posted: October 27, 2020, 11:37 am
Skechers (SKX) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Posted: October 22, 2020, 4:34 pm
This article will reflect on the compensation paid to Robert Greenberg who has served as CEO of Skechers U.S.A., Inc...
Posted: October 21, 2020, 3:20 pm
Skechers' international business remains a considerable sales growth driver for the company with Europe and China being the significant markets outside the United States.
Posted: October 19, 2020, 5:29 pm
The advent of videoconferencing this year due to the coronavirus pandemic has led to "business up top but party below" becoming an official fashion trend, but it's also a trend that spells disaster for many apparel companies. Three that are worth buying right now are Skechers (NYSE: SKX), lululemon athletica (NASDAQ: LULU), and Target (NYSE: TGT). Skechers has been a serious test of investor patience over the years.
Posted: October 15, 2020, 11:45 am
12th Annual Skechers Pier to Pier Friendship Walk Announces Star-studded Virtual Event to Raise $2 Million for Kids
Posted: October 14, 2020, 5:30 pm
SKECHERS USA, Inc. (NYSE: SKX), a global leader in lifestyle and performance footwear, today announced that it will release its third quarter 2020 financial results after market close on Thursday, October 29, 2020. A conference call will be held the same day at 4:30 p.m. ET / 1:30 p.m. PT. Participating on the call will be David Weinberg, Chief Operating Officer, and John Vandemore, Chief Financial Officer.
Posted: October 8, 2020, 8:05 pm
Levi's takes steps to get its business back to pre-COVID-19 levels...and beyond. CFO Harmit Singh chats with Yahoo Finance.
Posted: October 7, 2020, 5:08 pm
Skechers Footwear Donations Surpass 16 Million Pairs Through Its BOBS From Skechers Philanthropic Program
Posted: October 6, 2020, 1:00 pm
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