3 Reasons Skechers Is a Buy on a Rebounding Global Economy
According to data compiled by the U.S. Census Bureau, apparel was one of the hardest hit industries by the COVID-19 pandemic. Average sales fell over 26% in the U.S., and a similar story can be told elsewhere around the globe. Shoe company Skechers (NYSE: SKX) wasn't exempt from the pain.
However, the shoemaker and retailer is rebounding quickly and is a top play on global economic recovery. Here are three reasons why.
Skechers sales took a massive hit at the onset of the economic lockdown last spring, falling 42% from 2019 levels. However, like some of its peers in the apparel and footwear space, Skechers has been building out a global e-commerce presence to reach consumers directly. That paid off in grand fashion and has been growing by triple-digit percentages ever since Q2 2020 -- including a 143% increase during the final months of the year.
Source Fool.com
