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