- Shares of Skechers (NYSE:SKX) are on a rocket ride after the company's earnings blasted right past estimates on the back of a 4.4% gain in comparable store sales.
- Many investment firm like Wedbush were caught off-guard. "While we felt there was opportunity developing in the story looking to FY18, key drivers inflected sooner than we expected, particularly around international growth and gross margin, which were the largest contributors to the upside and our revised estimates," admits the Wedbush analyst team.
- During the Skechers conference call (transcript), management said that they expect the momentum to continue into 2018 as the international business continues to add to the bottom line.
- Skechers is up 35% on huge volume, and taking up a number of shoe and apparel stocks with it. Wolverine World Wide (WWW +3.7%), Nike (NKE +1%), Crocs (CROX +8%), Steven Madden (SHOO +3.3%), Perry Ellis (PERY +4%), Under Armour (UAA +4.2%), Deckers Outdoor (DECK +3.1%), Caleres (CAL +3.9%), Columbia Sportswear (COLM +2.5%), Finish Line (FINL +4.4%), Shoe Carnival (LON:CCL) (SCVL +2.9%), Genesco (GCO +6.5%), Boot Barn (BOOT +2.2%), Dick's Sporting Goods (DKS +3.2%) and Hibbett Sports (HIBB +4.8%) all have party hats on.
- Previously: Skechers beats by $0.15, beats on revenue (Oct. 19)
- Previously: Skechers soars after jogging past profit estimates (Oct. 19)
- Now read: Nike After Earnings - A Look At The Future
Original article