Skechers USA Inc (NYSE:SKX) unveiled its latest quarterly results, which set a record for the company in terms of sales for a singles quarter.
The footwear retailer’s record sales came in at $1.25 billion, which marked an increase of 16.5% compared to the year-ago quarter. The figure was also ahead of the Wall Street consensus estimate of $1.2 billion, while domestic wholesale sales increased by 8.5% compared to the year-ago quarter.
Earnings from operations for Skechers USA came in at $148.8 million, gaining 19.6% compared to the year-ago quarter. The company’s net earnings came in at $117.7 million, rising 25.2% compared to the year-ago quarter.
On an adjusted basis, earnings were 75 cents per share, which were in line with the Wall Street consensus estimate of 75 cents per share. Skechers USA’s international wholesale sales were up by 17.9% compared to the year-ago quarter.
The retailer’s total international wholesale and retail sales combined to represent 54% of total sales. Its company-owned global retail sales were up by 26.4% compared to the year-ago quarter, while the company experienced a comparable same-store sales surge of 9.5% worldwide compared to the year-ago quarter.
For the second quarter of 2018, Skechers USA believes its sales will be in the range of $1.12 billion to $1.45 billion, while diluted earnings will be in the range of 38 cents to 43 cents per share.
The company also sees its quarterly sales as including a shift in shipments from the second quarter to the back half of the year for a number of international distributors and domestic accounts.
SKX stock plummeted about 17.8% after the bell Thursday despite the company’s quarterly record.