Even if, SKX were to return to pre-Shape-Up revenues and earnings of say 2008 and 2009, it would still enjoy about $55 million in earnings, or about $1.10 per share. That makes for a PE of about 11. Not a screaming high multiple, especially if placing it on 2012 earnings and comparing to 2011 earnings. Thoughts?
Naturally, I expect SKX to continue on an upward path, but just for the sake of showing a what if scenario, I'm conservatively using 2008 and 2009 data. Thanks.