Skechers Shares Rise 5% on Strong Q3 Earnings and Upgraded Outlook

Skechers USA (NYSE:SKX) saw its shares soar 5% intra-day today after posting third-quarter earnings that surpassed Wall Street expectations and raising its full-year outlook. The footwear company’s impressive performance highlighted strong demand across global markets.

For the third quarter, Skechers reported adjusted earnings per share of $1.20, exceeding Wall Street estimates of $1.16. Revenue reached a record $2.35 billion, up 15.9% year-over-year and topping the Street forecast of $2.31 billion. This growth was fueled by a 20.6% increase in wholesale sales and a 9.6% rise in direct-to-consumer sales.

Looking ahead, Skechers raised its full-year 2024 revenue forecast to a range of $8.925 billion to $8.975 billion, exceeding its previous guidance and the Street consensus of $8.93 billion. The company also lifted its earnings per share projection to $4.20-$4.25, surpassing Wall Street’s expectation of $4.17.