Athletic and casual footwear brand Skechers U.S.A Inc.’s stock has skyrocketed following the company’s announcement last week that it reached record net sales in the third quarter and a jump in earnings.
The Manhattan Beach-based company’s stock rose more than 41 percent to close at $33.99 Friday from $24.03 a share the day before following the late Thursday announcement. It was the highest price the stock had reached in two years.
Skechers stock stayed high Monday, closing at $33.97 a share.
The company said its net sales increased by 16.2 percent to $1.09 billion in the third quarter compared to the same period a year ago, which was $22 million above its previous sales record achieved in the first quarter. Net income rose 41.8 percent to $92.3 million, or 59 cents a share, the company said.
Chief operating officer David Weinberg attributed the growth to the international market.
“The growth came across our three distribution channels … with double-digit increases in our company-owned Skechers retail business worldwide and our international subsidiary and joint venture businesses, as well as a single-digit increase in our international distributor and domestic wholesale businesses,” Weinberg said in a statement.
Manufacturing and trade reporter Shwanika Narayan can be reached at email@example.com or 323-556-8351. Follow her on Twitter @shwanika.