U.S. Markets open in 3 hrs 39 mins
  • Crude Oil

    71.31
    +1.02 (+1.45%)
     
  • Gold

    1,766.40
    +2.60 (+0.15%)
     
  • Silver

    22.22
    +0.05 (+0.23%)
     
  • EUR/USD

    1.1737
    +0.0010 (+0.0822%)
     
  • 10-Yr Bond

    1.3090
    0.0000 (0.00%)
     
  • Vix

    23.01
    +2.20 (+10.57%)
     
  • GBP/USD

    1.3690
    +0.0031 (+0.2273%)
     
  • USD/JPY

    109.5710
    +0.1510 (+0.1380%)
     
  • BTC-USD

    44,590.88
    -3,435.44 (-7.15%)
     
  • CMC Crypto 200

    1,085.90
    -48.48 (-4.27%)
     
  • FTSE 100

    6,975.36
    +71.45 (+1.03%)
     
  • Nikkei 225

    29,839.71
    -660.34 (-2.17%)
     

Skechers Hits Record as Robust Earnings Prompt Upgrade

  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

By Dhirendra Tripathi

Investing.com – Skechers (NYSE:SKX) hit a record after a solid March quarter performance led Morgan Stanley (NYSE:MS) to upgrade the stock to overweight.

The footwear maker said warmer weather and increased Covid-19 vaccination rates around the world were bringing traffic back to its retail stores, while the “digital business continues to be a very strong growth driver.”

Analyst Kimberly Greenberger had an equal-weight earlier and a target of $44 for the stock.

The shares eased off a bit later and traded 13% higher.

In the quarter ended March, Skechers nearly doubled its profit to 63 cents per share compared to 32 cents a year ago. Revenue was up 15% to $1.43 billion.

U.S. sales rose 8.5% while internationally sales were up as much as 20.2%. Sales from China saw a triple-digit growth, the company said.

Skechers expects 2021 revenues to come between $5.8 billion and $5.9 billion, while EPS is projected to be between $1.80 and $2.

Related Articles

Skechers Hits Record as Robust Earnings Prompt Upgrade

Breakout in the Charts for Analog Devices?

Clean Energy Fuels: Buy, Sell, and Hold?