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Saturday, Mar 2, 2024

Skechers Stock Jumps 41 Percent on Record Sales Numbers

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 snarayan@labusinessjournal.com or 323-556-8351. Follow her on Twitter @shwanika.

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