Skechers (NYSE: SKX) is taking a big step up this earnings season, fittingly enough since footwear is what it does for a living. Shares of Skechers moved sharply higher in Thursday's after-hours trading after posting record sales for the third quarter.
Net sales rose 16.2% to $1.095 billion for the quarter, well ahead of the $1.05 billion to $1.075 billion it was targeting back in July that would've represented just 11% to 14% in top-line growth. This is in line with the 16.9% surge in net sales it posted during the second quarter that also topped its earlier forecast, but this time, it also followed through with a blowout on the bottom line.
Net earnings soared 41.8% to $92.3 million, or $0.59 a share. It was gunning for a profit-per-share of between $0.42 and $0.47. A favorably low tax rate helped pad its bottom-line results, but this still snaps an unwelcome streak of five consecutive quarters of year-over-year declines in net income.
Source: Fool.com