Why Skechers USA Inc. Stock Skyrocketed Today
Shares of casual-shoe brand Skechers USA (NYSE: SKX) were surging today after the company posted blowout numbers in its third-quarter earnings report. As of 11:02 a.m. EDT, the stock was up 37.3%.
The global sneaker chain reported a new quarterly sales record as revenue increased 16.2% to $1.095 billion, ahead of estimates of $1.07 billion. Meanwhile, gross margin improved 190 basis points to 47.5%, driving earnings per share up from $0.42 to $0.59. That easily beat expectations of $0.43.
Image source: Skechers.
Source: Fool.com
Skechers U.s.a. Inc. Stock
€59.62
2.660%
With 27 Buy predictions and not a single Sell prediction Skechers U.s.a. Inc. is an absolute favorite of our community.
As a result the target price of 67 € shows a slightly positive potential of 12.38% compared to the current price of 59.62 € for Skechers U.s.a. Inc..
