Skechers Picks Up the Pace
Skechers (NYSE: SKX) is lacing up early this earnings season, and Thursday afternoon's report is shaping up to be a mixed bag. The footwear maker saw net sales in its second quarter climb 16.9% to $1.026 billion, well ahead of the $950 million to $975 million that it was targeting back in April. It's Skechers' headiest top-line gain in more than a year. Net sales had climbed in the single digits in three of the four previous periods.
The news wasn't as promising on the bottom line. Net earnings plunged 19.7% to $59.5 million, or $0.38 a share. This is the walking and athletic footwear giant's fifth consecutive quarter of posting a year-over-year decline in net income, but this time, Skechers fell woefully short of its earnings-per-share guidance of $0.42 to $0.47.
Image source: Skechers.
Source: Fool.com
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