Skechers Sharply Higher After Q2 Earnings Beat

Skechers USA Inc SKX shares traded higher after reporting a second-quarter earnings beat.

Earnings came in at 49 cents per share, beating estimates by 15 cents. Sales came in at $1.26 billion, beating estimates by $40 million. The company also issued strong third-quarter earnings and sales guidance.

"As the world continues to become closer and digital becomes a critical means of communicating and embracing trends to tell your brand's story, it's no longer what is happening in one market that matters; it's what's happening across all markets. We're continuing to strategically view our business with a global lens as trends are traveling faster," said CEO Robert Greenberg.

Related Link: 2 Reasons Why Skechers Is No Longer A Buy At Citi

Highlights

• Sales increased 10.9%
• International sales increased 19.8%.
• Comp same store sales increased 4.9%
• International sales represented 55.7% of total sales

Skechers shares traded higher by 9% at $38 in Thursday's after-hours session.