Skechers USA Inc (SKX) Releases Earnings Results, Misses Expectations By $0.06 EPS
Skechers USA Inc (NYSE:SKX) released its quarterly earnings data on Wednesday. The textile maker reported $0.38 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.44 by $0.06, Briefing.com reports. The firm had revenue of $1.03 billion during the quarter, compared to analyst estimates of $966.46 million. Skechers USA had a return on equity of 22.77% and a net margin of 9.94%. The firm’s revenue was up 16.9% on a year-over-year basis. During the same period last year, the business earned $0.48 EPS.
Skechers USA (NYSE SKX) traded down 0.91% during trading on Thursday, hitting $28.31. 4,759,047 shares of the stock traded hands. Skechers USA has a 52 week low of $18.81 and a 52 week high of $30.00. The firm’s 50-day moving average is $28.04 and its 200 day moving average is $26.15. The stock has a market cap of $4.48 billion, a P/E ratio of 18.36 and a beta of 0.19.
Several equities analysts have commented on the stock. Citigroup Inc. lowered their target price on shares of Skechers USA from $30.00 to $25.00 and set a “positive” rating on the stock in a research note on Wednesday, March 29th. B. Riley raised shares of Skechers USA from a “neutral” rating to a “buy” rating and set a $32.00 target price on the stock in a research note on Friday, April 21st. UBS AG raised shares of Skechers USA from a “neutral” rating to a “positive” rating in a research note on Monday, June 5th. Susquehanna Bancshares Inc reissued a “neutral” rating and set a $25.00 target price on shares of Skechers USA in a research note on Monday, April 24th. Finally, Zacks Investment Research cut shares of Skechers USA from a “hold” rating to a “sell” rating in a research note on Wednesday, April 12th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and ten have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $29.93.
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In other Skechers USA news, Director Richard Rappaport sold 1,500 shares of the business’s stock in a transaction dated Friday, June 23rd. The stock was sold at an average price of $28.38, for a total transaction of $42,570.00. Following the completion of the sale, the director now directly owns 20,000 shares of the company’s stock, valued at approximately $567,600. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO David Weinberg sold 23,502 shares of the business’s stock in a transaction dated Tuesday, May 2nd. The stock was sold at an average price of $25.08, for a total value of $589,430.16. Following the sale, the chief operating officer now directly owns 193,502 shares of the company’s stock, valued at $4,853,030.16. The disclosure for this sale can be found here. Insiders own 21.73% of the company’s stock.
About Skechers USA
Skechers U.SA, Inc is a designer and marketer of Skechers-branded lifestyle footwear for men, women and children, and performance footwear for men and women under the Skechers GO brand name. The Company operates through three segments: domestic wholesale sales, international wholesale sales, and retail sales, which includes e-commerce sales.
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