$1.29 Billion in Sales Expected for Skechers USA Inc (SKX) This Quarter

Wall Street brokerages predict that Skechers USA Inc (NYSE:SKX) will announce $1.29 billion in sales for the current quarter, Zacks reports. Four analysts have provided estimates for Skechers USA’s earnings. The highest sales estimate is $1.30 billion and the lowest is $1.28 billion. Skechers USA reported sales of $1.25 billion during the same quarter last year, which indicates a positive year over year growth rate of 3.2%. The company is expected to issue its next quarterly earnings results before the market opens on Thursday, April 18th.

On average, analysts expect that Skechers USA will report full-year sales of $5.01 billion for the current financial year, with estimates ranging from $4.95 billion to $5.11 billion. For the next financial year, analysts expect that the business will report sales of $5.45 billion, with estimates ranging from $5.32 billion to $5.70 billion. Zacks Investment Research’s sales averages are an average based on a survey of research firms that cover Skechers USA.

Skechers USA (NYSE:SKX) last posted its earnings results on Thursday, February 7th. The textile maker reported $0.31 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.23 by $0.08. Skechers USA had a net margin of 6.49% and a return on equity of 14.08%. The company had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.10 billion. During the same quarter in the prior year, the business posted $0.21 EPS. The firm’s revenue was up 11.4% compared to the same quarter last year.

A number of equities research analysts recently weighed in on SKX shares. Zacks Investment Research upgraded shares of Skechers USA from a “hold” rating to a “buy” rating and set a $26.00 target price on the stock in a report on Wednesday, December 19th. Wells Fargo & Co lowered their target price on shares of Skechers USA from $30.00 to $26.00 and set a “market perform” rating on the stock in a report on Wednesday, January 2nd. ValuEngine lowered shares of Skechers USA from a “hold” rating to a “sell” rating in a report on Saturday, January 5th. Monness Crespi & Hardt restated a “buy” rating and issued a $35.00 target price (up previously from $32.00) on shares of Skechers USA in a report on Friday, February 8th. Finally, Morgan Stanley set a $29.00 target price on shares of Skechers USA and gave the stock a “hold” rating in a report on Friday, February 8th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $32.33.

In other Skechers USA news, Director Jeffrey Greenberg sold 30,000 shares of the company’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $32.33, for a total value of $969,900.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Michael Greenberg sold 71,178 shares of the company’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $32.69, for a total transaction of $2,326,808.82. The disclosure for this sale can be found here. Insiders sold a total of 495,108 shares of company stock valued at $16,691,886 over the last ninety days. 27.88% of the stock is currently owned by insiders.

A number of hedge funds have recently modified their holdings of the business. Meeder Asset Management Inc. grew its position in Skechers USA by 1,569.0% in the 1st quarter. Meeder Asset Management Inc. now owns 3,338 shares of the textile maker’s stock worth $112,000 after purchasing an additional 3,138 shares in the last quarter. Polianta Ltd bought a new stake in Skechers USA in the 1st quarter worth about $1,693,000. Geode Capital Management LLC grew its position in shares of Skechers USA by 6.1% during the 4th quarter. Geode Capital Management LLC now owns 1,369,816 shares of the textile maker’s stock valued at $31,355,000 after acquiring an additional 79,002 shares during the period. Norges Bank bought a new position in shares of Skechers USA during the 4th quarter valued at approximately $29,796,000. Finally, Aurora Investment Counsel grew its position in shares of Skechers USA by 15.9% during the 4th quarter. Aurora Investment Counsel now owns 74,651 shares of the textile maker’s stock valued at $1,709,000 after acquiring an additional 10,245 shares during the period. 76.86% of the stock is owned by institutional investors and hedge funds.

SKX opened at $35.08 on Wednesday. The company has a current ratio of 2.91, a quick ratio of 1.89 and a debt-to-equity ratio of 0.04. Skechers USA has a fifty-two week low of $21.45 and a fifty-two week high of $43.08. The stock has a market capitalization of $5.48 billion, a P/E ratio of 18.27, a price-to-earnings-growth ratio of 2.41 and a beta of 0.62.

Skechers USA Company Profile

Skechers U.SA, Inc designs, develops, markets, and distributes footwear for men, women, and children; and performance footwear for men and women under the Skechers GO brand worldwide. It operates through three segments: Domestic Wholesale Sales, International Wholesale Sales, and Retail Sales. The company offers casual boots, shoes, and sandals for men; shoes, oxfords and slip-ons, lug outsole and fashion boots, and casual sandals for women; dress casuals, seasonal sandals and boots, classic and wide fit, and relaxed fit casuals for men and women; and casual athletic line for men and women under the Skechers USA brand.

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