Benzinga - by Adam Eckert, Benzinga Staff Writer.
Skechers U.S.A. Inc (NYSE:SKX) shares are rising in Thursday’s after-hours session after the company reported better-than-expected financial results for the first quarter.
What Happened: Skechers first-quarter revenue increased 12.5% year-over-year to $2.251 billion, which beat the consensus estimate of $2.204 billion, according to Benzinga Pro. The lifestyle footwear company reported quarterly earnings of $1.33 per share, which beat analyst estimates of $1.10 per share.
Wholesale sales were up 9.8% in the quarter, while direct-to-consumer sales jumped 17.3%. Gross margins came in at 52.5%.
“We began the new year by setting a new sales record, delivering results above expectations, and further expanding the Skechers brand globally,” said Robert Greenberg, Skechers’ CEO.
“With our focus on evolving and innovating our extensive product offering, best-in-class partnerships with our distribution network, and exceptional global demand, we are confident that Skechers will have another record-breaking year.”
Outlook: Skechers sees second-quarter revenue in the range of $2.175 billion to $2.225 billion versus estimates of $2.202 billion. The company anticipates second-quarter earnings of 85 to 90 cents per share versus estimates of $1.09 per share.
Skechers raised its full-year 2024 revenue guidance from $8.6 billion to $8.8 billion to $8.725 billion to $8,875 billion versus estimates of $8.781 billion. The company also raised its full-year EPS outlook from $3.65 to $3.85 to $3.95 to $4.10 versus estimates of $3.90.
“We remain committed to our growth strategy, further expanding our global reach and helping shoppers around the world enjoy the comfort and value of our Skechers products, and we have continued confidence in our goal of achieving $10 billion in sales by 2026,” said John Vandemore, CFO of Skechers.
A conference call to discuss these results kicked off at 4:30 p.m. ET.
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SKX Price Action: Skechers shares were up 7.14% after hours at $63 at the time of publication, according to Benzinga Pro.
Photo: Jason Goh from Pixabay.
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