Skechers Stock Falls On Q1 Revenue Miss: Details
Skechers U.S.A., Inc. (NYSE:SKX) released its first-quarter results after Thursday's closing bell. Here's a look at the key figures from the quarter.
The Details: Skechers reported quarterly earnings of $1.34 per share, which beat the analyst consensus estimate of $1.17. Quarterly revenue came in at $2.41 billion, which missed the consensus estimate of $2.43 billion.
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For the first quarter, Skechers reported:
- First quarter sales increased 7.1%, as a result of a 7.2% increase internationally and a 6.9% increase domestically.
- Wholesale increased 7.8%.
- Direct-to-Consumer increased 6%.
- On a constant currency basis, sales increased 9%.
- Gross margin was 52%, a decrease of 50 basis points, due to lower average selling prices.
“For the first quarter, we delivered record quarterly sales of $2.41 billion, reflecting strong global demand across both our wholesale and direct-to-consumer segments with international sales representing 65% of our business,” said David Weinberg, COO of Skechers.
SKX Price Action: According to data from Benzinga Pro, Skechers stock was down 7.41% after hours at $46.75 on Thursday.
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