Why Skechers Stock Jumped 20.5% in July
Shares of Skechers (NYSE: SKX) climbed 20.5% in July, according to data from S&P Global Market Intelligence, after the footwear specialist released impressive second-quarter 2019 results and followed with an exciting new basketball-centric partnership.
On the former, Skechers stock popped 12% on July 19 alone -- the first trading day after its quarterly update hit the wires. It showed that revenue had increased 10.9% to $1.259 billion, translating to nearly 70% growth in net income per share to $0.49. Based on Skechers' latest guidance leading into the report, most investors were only looking for EPS of $0.30 to $0.35 on revenue of $1.2 billion to $1.225 billion.
Skechers' new basketball shoes for kids, designed with help from Shaq. Image source: Skechers.
Source Fool.com
