Here's Why Skechers Stock Crashed on Friday

Sales for Skechers (NYSE: SKX) came roaring back to life in the third quarter of 2020, according to the company's newly released earnings report. But it wasn't enough to keep the stock from falling. Perhaps the broader market decline helped pull it down, but it was down 9% on Friday nonetheless.

Skechers reported sales of $1.3 billion in Q3, which was only down 4% from the year ago. That's a stark improvement from the previous quarter, in which it reported a sales decline of 42% year over year. Like many successful retail companies, Skechers' results were assisted by strong e-commerce sales. Management noted that its direct-to-consumer business fell 17% during the quarter, but e-commerce sales in U.S. soared 172% higher.

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Source Fool.com