MANHATTAN BEACH, CA - Skechers U.S.A., Inc. (NYSE:SKX) reported a robust first quarter, with earnings and revenue surpassing analyst expectations, propelling the stock to an 8% increase.
The company announced a record $2.25 billion in sales, a 12.5% rise compared to the same quarter last year, and a significant beat over the $2.2 billion analyst consensus. Adjusted EPS for the quarter stood at $1.33, outperforming the analyst estimate of $1.10 by $0.23.
The positive market reaction follows Skechers' announcement of a better-than-expected outlook for the full year. The company forecasts an adjusted EPS range of $3.95 to $4.10 for FY2024, with the midpoint of $4.025 exceeding the consensus estimate of $3.90.
Revenue guidance for the year is projected to be between $8.73 billion and $8.88 billion, closely aligning with the analyst consensus of $8.78 billion.
Chief Operating Officer David Weinberg highlighted the company's success across its segments, with Direct-to-Consumer sales climbing 17.3% and Wholesale sales increasing by 9.8%. International growth was particularly strong, with sales up 15%, while domestic sales saw an 8% uptick.
CEO Robert Greenberg attributed the quarter's success to the team's dedication and innovative product offerings, including the popular Skechers Hands Free Slip-ins.
The company's confidence in continued growth is supported by a healthy inventory of proven sellers and new product categories. With a strategic focus on global brand expansion and product innovation, Skechers anticipates another record-breaking year ahead.
Investors cheered the news, sending Skechers' shares soaring in response to the company's upbeat guidance and first-quarter performance.
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