:max_bytes(150000):strip_icc()/GettyImages-2154174757-d9d7da97b180439f986014a5fad7cbe6.jpg "Skechers Sales Climb to Record High")
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Key Takeaways
- Skechers’ third-quarter profit and sales topped estimates as demand for its shoes boosted revenue to a record high.
- International sales were up 16.4% from a year ago, and domestic sales added 15.3%.
- Skechers lifted its full-year outlook for revenue and earnings per share.
Skechers (SKX) on Friday reported better-than-expected quarterly results and raised its outlook for the year.
The footwear company posted third-quarter earnings per share of $1.26, with revenue up 15.9% year-on-year to a quarterly record of $2.35 billion. Both figures topped analysts’ estimates compiled by Visible Alpha.
COO David Weinberg cited growing awareness and appreciation for the company’s “comfort technology products,” such as its “slip-in” shoes, adding “raising awareness of our technologies, such as Skechers Hands Free Slip-ins, has been integral to our global growth.”
Skechers Raises Full-Year Sales Outlook
The company projected full-year sales of $8.925 billion to $8.975 billion and full-year earnings per share of $4.20 to $4.25, higher than its previous forecasts from July. Both were roughly in line with analysts’ estimates.
Skechers shares pared back early gains and were 2% lower in intraday trading Friday. They’ve lost about 3% of their value since the start of the year.
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