Why Skechers Stock Soared Today
Shares of footwear company Skechers (NYSE: SKX) soared on Friday following the release of the company's financial results for the first quarter of 2021. To summarize, it generated record revenue, margins rebounded, and Wall Street loved it. As of noon EDT, the stock was up more than 16%.
With the COVID-19 pandemic hurting physical retail, Skechers' sales fell 12% in 2020. While sales in the fourth quarter were down less than 1% (showing marked improvement), investors didn't really know what to expect going into this first quarter because management hadn't provided guidance. Therefore, it was a pleasant surprise to see Q1 sales were up 15% year over year to over $1.4 billion -- a record quarter.
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Source Fool.com
