Shares of Skechers USA Inc. jumped 5 percent Wednesday after the Manhattan Beach shoe company announced first quarter earnings that soared above expectations.
After markets closed on Tuesday, Skechers reported net income of $31 million (61 cents a share) for the quarter, up from $6.7 million (13 cents a share) the same period a year earlier. Revenue rose 21 percent to $547 million. Analysts had expected earnings of 33 cents a share on revenue of $503 million.
David Weinberg, chief operating officer and chief financial officer at Skechers, said the company’s performance surged in both its wholesale and retail environments.
“The demand for Skechers footwear from both our customers and consumers has been above and beyond our expectations,” Weinberg said in a statement. “The result was … the second highest quarterly revenue in the company’s 22-year history. The improvements were achieved despite Easter falling late in April and the extreme cold weather experienced in most of the United States throughout the quarter.”
Skechers shares closed at $38.63 in Wednesday trading on the New York Stock Exchange.
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