Skechers U.S.A., Inc. (NYSE:SKX) reported its Q1 results, with EPS of $0.77 coming in above the Street estimate of $0.72. Revenue was $1.82 billion, beating the Street estimate of $1.69 billion.

Analysts at Berenberg Bank believe the recently increased geographical sales disclosures would show how other markets helped "picked up the slack" for expected macro-driven weakness in markets such as China and Europe. Given recent lockdowns, China weakness was expected, but 9% growth in Q1 is quite impressive for the analysts given the circumstances.

While the company did not give specific numbers, the analysts suspect March and April were particularly weak. Elsewhere, sales grew 31% in the Americas, with a strong performance in the U.S., and 49% in EMEA, driven by strong growth in Europe.

The company provided its outlook for Q2, expecting EPS of $0.50-$0.55, compared to the consensus of $0.75, and revenue of $1.75-1.8 billion, compared to the consensus of $1.74 billion.

For the full 2022-year, the company expects EPS of $2.75-$2.95, compared to the consensus of $2.90, and revenue of $7.2-7.4 billion, compared to the consensus of $7.13 billion.