Skechers USA Inc. (NYSE: SKX) released its second-quarter financial results after the markets closed on Thursday. It didn’t help the company that analysts piled on, sending shares down even further.
The company said that it had $0.29 in EPS and $1.13 billion in revenue, compared with consensus estimates that called for $0.40 in EPS and revenue of $1.13 billion. In the same period of last year, Sketchers said it had EPS of $0.38 on $1.03 billion.
During the most recent quarter, sales grew 10.6% as a result of a 24.9% increase in the international wholesale business and 12.8% increase in its global retail business.
Second-quarter same-store sales in company-owned stores worldwide increased 4.0%, including 2.2% in the United States and 11.3% internationally.
[nativounit]
Looking ahead to the third quarter, the company expects to see EPS in the range of $0.50 to $0.55 and revenues between $1.2 billion and $1.225 billion. The consensus estimates call for $0.68 in EPS and $1.26 billion in revenue.
Here’s what analysts had to say after the fact:
- Wedbush has a Neutral rating but lowered its price target to $28 from $33.
- Buckingham Research has a Buy rating but lowered its target to $31 from $42.
- Susquehanna Bancshares has a Neutral rating.
- Monness Crespi & Hardt has a Buy rating but lowered its target to $32 from $45.
- UBS Group downgraded the stock to Neutral from Positive.
- Wells Fargo downgraded it to Market Perform from Outperform with a $36 target.
Shares of Skechers were last seen down about 26% at $24.45, with a consensus price target of $42.10 and a 52-week trading range of $23.80 to $43.08.
[recirclink id=478680]
[wallst_email_signup]
Top Gaining Stocks
Top Losing Stocks