Skechers Finds its Footing -- Stock Soars on Earnings
Going into Skechers U.S.A., Inc.'s (NYSE: SKX) quarterly financial report, investors didn't have high hopes for the footwear purveyor. Other athletic shoe companies and retailers have been pummeled by waning interest and the ever-growing march toward e-commerce. Just a year prior, the company had lost more than a third of its value as weak sales and even weaker guidance pounded the stock.
But when Skechers revealed its financial results after the market closed on Thursday, the company reported record sales that exceeded its own guidance as well as analysts expectations, and the stock jumped as much as 40% on the news. Let's see what's driving those gains.
Skechers performance had investors putting on their dancing shoes. Image source: Skechers.
Source: Fool.com
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