Skechers Stock Falls On Q1 Revenue Miss: Details

Skechers U.S.A., Inc. 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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