Skechers (NYSE: SKX), an American lifestyle and performance footwear company and a global footwear leader, announced its Q1 results exceeding Wall Street expectations and increased projected sales for Financial year 21’ as the economy starts to recover. Skechers stock price surged adjacent to the news.
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At last check in premarket trading, shares of Skechers U.S.A. Inc. (SKX) increased 0.29% at $52.05. SKX’s stock closed the last session at $51.90, increasing 16.60% or $7.39. For the last six months, the stock has gained a total of 51.31%, and over the last three months, the stock has increased by 41.96%
Skechers First Quarter Numbers
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Shares of Skechers moved higher by 16% after the announcement of its financial report on Friday and SKX stock has increased 0.29% at last check as the company has induced investor interest due to a strong financial report. Sales surged by 15% and made a quarterly record for the company at $1.4B.Skechers also doubled its net income year over year, depicting huge success in cost-cutting measures and increase in margins.
The company has projected $5.8 billion to $5.9 billion in revenue and earnings of between $1.80 and $2 per share for the year 2021. In accordance to The Fly, Morgan Stanley analysts believe that Skecher stock will continue outperforming the whole year as gross profit and operating margin rebounded with the business making full recovery.
As the severity of the pandemic reduces and people are getting comfortable shopping, traffic is climbing across SKX retail stores. Furthermore, the company’s growth through digital marketing has seen success with its international business increasing sales substantially. Most increase in the international wholesale segment were seen in China, which recorded a 174.4% surge in sales.
At end of the quarter, Skechers consisted of cash equivalents and investments worth $1.51 billion. Overall, direct-to-consumer comps increased 10.2%, soaring 25.7% domestically however declining 27.4% on a global scale.
In accordance to the global footwear leading company, the 8.5% rise in domestic sales was due to SKX direct-to-consumer business, with e-commerce growth by 143%abating the 0.9% decrease in wholesale.
SKX offered a better-than-expected outlook for the current quarter and anticipates sales and profits to grow for the full year due to economic recovery after the pandemic. Furthermore, a substantial increase in sales combined with a surge in net income has investor expectations high for the company.