Why Skechers Stock Popped Today
Shares of Skechers (NYSE: SKX) climbed as much as 17.2% early Friday, then settled to trade up around 7% as of 1:30 p.m. EST after the casual footwear specialist announced strong fourth-quarter 2019 results.
IMAGE SOURCE: SKECHERS.
More specifically, Skechers' quarterly sales climbed 23.1% year over year to $1.33 billion, driven by a combination of new locations and 9.9% same-store sales growth. On the bottom line, that translated to net earnings of $59.5 million, or $0.39 per share, up more than 25% from $0.31 per share in the same year-ago period. These results compared favorably to Skechers' most recent guidance, which called for sales of $1.225 billion to $1.25 billion, and earnings of $0.35 to $0.40 per share.
Source Fool.com
