SKX - Why Skechers Stock Skyrocketed to an All-Time High Today
2024-04-26 11:43:32 ET
Shares of shoe company Skechers (NYSE: SKX) skyrocketed to an all-time high Friday after the company announced record financial results for the first quarter. As of 10:20 a.m. ET, Skechers stock was up almost 17%.
In Q1, Skechers' sales surged by nearly 13% to $2.25 billion. The bigger growth driver was its direct-to-consumer sales channel. That's significant because direct-to-consumer sales are considerably higher-margin than wholesale.
Boosted by the combination of a higher-margin sales mix and operational discipline, Skechers earned roughly $300 million in operating income in the quarter, up a little more than 13% from the prior-year period.
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Why Skechers Stock Skyrocketed to an All-Time High Today