When Skechers USA Inc. (NYSE: SKX) released its most recent quarterly results after the markets closed on Thursday, the company posted $0.58 in earnings per share (EPS) and $1.18 billion in revenue. That compares with consensus estimates of $0.51 in EPS and $1.21 billion in revenue, as well as the $0.59 per share and $1.09 billion posted in the third quarter of last year.
During the latest quarter, sales grew 7.5% as a result of an 11.8% increase in the company’s international wholesale business, and a 10.6% increase in its company-owned global retail business. However, domestic wholesale decreased 3.0%.
At the same time, third-quarter comparable same-store sales in company-owned retail stores worldwide increased 1.9%, including an increase of 3.0% in the United States, offset by a decrease of 0.8% in its international stores.
Looking ahead to the fourth quarter, the company expects to see EPS in the range of $0.20 to $0.25 and revenues between $1.100 billion and $1.125 billion. Consensus estimates call for $0.18 in EPS and $1.08 billion in revenue for the quarter.
David Weinberg, chief operating officer of Skechers, commented:
With three record sales quarters in 2018 and brand acceptance around the globe, we achieved a new record for the first nine months of $3.56 billion, an 11.5 percent increase over last year. In the third quarter, our international distributor business returned to growth, increasing 11.6 percent over the same period last year, and combined with our international joint venture and subsidiary business, our total international wholesale sales increased 11.8 percent for the period. International wholesale along with international retail now represents 55.5 percent of our total business. We expect our business in the United States—both wholesale and retail—to grow in the fourth quarter. We remain committed to efficiently and profitably growing our global footwear business.
Shares of Skechers were last seen up about 14% at $29.74 on Friday, in a 52-week range of $23.80 to $43.08 and with a consensus analyst price target of $31.36.
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