$1.11 Billion in Sales Expected for Skechers USA Inc (SKX) This Quarter

Wall Street analysts forecast that Skechers USA Inc (NYSE:SKX) will announce $1.11 billion in sales for the current quarter, according to Zacks. Two analysts have made estimates for Skechers USA’s earnings. The highest sales estimate is $1.11 billion and the lowest is $1.10 billion. Skechers USA posted sales of $970.59 million during the same quarter last year, which suggests a positive year-over-year growth rate of 14.4%. The business is scheduled to issue its next quarterly earnings report on Monday, January 1st.

On average, analysts expect that Skechers USA will report full-year sales of $4.68 billion for the current fiscal year, with estimates ranging from $4.66 billion to $4.70 billion. For the next financial year, analysts anticipate that the company will report sales of $5.14 billion, with estimates ranging from $5.05 billion to $5.27 billion. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that that provide coverage for Skechers USA.

Skechers USA (NYSE:SKX) last released its earnings results on Thursday, October 18th. The textile maker reported $0.58 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.51 by $0.07. Skechers USA had a net margin of 4.13% and a return on equity of 13.81%. The company had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.22 billion. During the same quarter last year, the business earned $0.59 EPS. The business’s revenue was up 7.5% on a year-over-year basis.

Several research firms have recently commented on SKX. Zacks Investment Research upgraded shares of Skechers USA from a “sell” rating to a “hold” rating in a research note on Friday, July 20th. ValuEngine upgraded shares of Skechers USA from a “hold” rating to a “buy” rating in a research note on Friday, October 19th. Standpoint Research upgraded shares of Skechers USA from a “hold” rating to a “buy” rating in a research note on Friday, July 20th. B. Riley set a $50.00 price objective on shares of Skechers USA and gave the company a “buy” rating in a research note on Tuesday, July 17th. Finally, Cowen cut shares of Skechers USA from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $32.00 to $28.00 in a research note on Thursday, September 20th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and six have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $34.79.

In related news, President Michael Greenberg sold 75,630 shares of the firm’s stock in a transaction dated Friday, November 2nd. The shares were sold at an average price of $29.28, for a total value of $2,214,446.40. Following the completion of the sale, the president now owns 593,309 shares in the company, valued at $17,372,087.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 27.88% of the stock is owned by company insiders.

Large investors have recently bought and sold shares of the business. US Bancorp DE increased its holdings in Skechers USA by 169.5% during the 2nd quarter. US Bancorp DE now owns 4,069 shares of the textile maker’s stock valued at $122,000 after acquiring an additional 2,559 shares in the last quarter. NumerixS Investment Technologies Inc purchased a new position in Skechers USA during the 2nd quarter valued at about $141,000. First Mercantile Trust Co. purchased a new position in Skechers USA during the 3rd quarter valued at about $139,000. NuWave Investment Management LLC increased its holdings in Skechers USA by 92.2% during the 3rd quarter. NuWave Investment Management LLC now owns 5,011 shares of the textile maker’s stock valued at $140,000 after acquiring an additional 2,404 shares in the last quarter. Finally, Cornerstone Wealth Management LLC purchased a new position in Skechers USA during the 3rd quarter valued at about $201,000. Hedge funds and other institutional investors own 69.55% of the company’s stock.

SKX stock opened at $28.95 on Wednesday. Skechers USA has a one year low of $23.80 and a one year high of $43.08. The firm has a market capitalization of $4.66 billion, a PE ratio of 16.26, a PEG ratio of 2.28 and a beta of 0.39. The company has a quick ratio of 2.29, a current ratio of 3.43 and a debt-to-equity ratio of 0.03.

About Skechers USA

Skechers U.SA, Inc designs, develops, markets, and distributes footwear for men, women, and children; and performance footwear for men and women under the Skechers GO brand worldwide. It operates through three segments: Domestic Wholesale Sales, International Wholesale Sales, and Retail Sales. The company offers casual boots, shoes, and sandals for men; shoes, oxfords and slip-ons, lug outsole and fashion boots, and casual sandals for women; dress casuals, seasonal sandals and boots, classic and wide fit, and relaxed fit casuals for men and women; and casual athletic line for men and women under the Skechers USA brand.

Recommended Story: Why do companies engage in swaps?

Get a free copy of the Zacks research report on Skechers USA (SKX)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Skechers USA (NYSE:SKX)

Receive News & Ratings for Skechers USA Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Skechers USA and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply