Skechers USA Inc. (NYSE:SKX) reported its second-quarter financial results Thursday. Here's a look at the key figures from the report.
The Details: Skechers reported quarterly earnings of 91 cents per share, which missed the analyst consensus estimate of 94 cents by 3.19%. The company reported quarterly sales of $2.16 billion, missing the analyst consensus estimate of $2.23 billion by 3.26% and representing a 7.2% increase over sales from the same period last year.
Inventory was $1.51 billion, a decrease of $10.9 million or 0.7% from December 31, 2023. Direct-to-Consumer sales grew $86 million, or 9.2%, and wholesale sales grew $59.1 million, or 5.5%. The company reported its gross margin increased 290 basis points to 53.7%.
The company's board of directors authorized a $1 billion share repurchase program.
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"Skechers achieved a new second-quarter sales record of $2.16 billion driven by the strong demand for our diverse portfolio of comfortable and innovative footwear," said David Weinberg, COO of Skechers. "The growth resulted from sales increases of 9% in Direct-to-Consumer and 6% in Wholesale, as well as increases of 7% internationally and 8% domestically."
SKX Price Action: According to Benzinga Pro, Skechers shares are up 1.99% after-hours at $64.98 at the time of publication Thursday.
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Image: Courtesy of Skechers U.S.A., Inc.