Why Are Skechers Shares Soaring Today?
Portfolio Pulse from Shivani Kumaresan
Skechers USA Inc (NYSE:SKX) shares surged after reporting better-than-expected Q1 FY24 earnings, with a 12.5% sales growth to $2.251 billion, surpassing estimates. The growth was driven by increases in both international and domestic sales, with significant marketing campaigns and an expanded product roster. Gross profit and operating income saw substantial rises, and the company has raised its FY24 sales and EPS outlook. Skechers also repurchased 1.0 million shares and ended the quarter with $946.4 million in cash.
April 26, 2024 | 1:45 pm
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Skechers reported a significant Q1 FY24 earnings beat with sales growth of 12.5%, leading to a 14.30% increase in stock price. The company raised its FY24 sales and EPS outlook, indicating strong future performance.
The positive earnings report and upward revision of the FY24 outlook reflect strong operational performance and growth prospects, likely leading to increased investor confidence and a higher stock price in the short term.
CONFIDENCE 90
IMPORTANCE 95
RELEVANCE 100