Skechers (NYSE:SKX) earnings for the shoe company’s third quarter of 2019 have SKX stock taking a hit on Tuesday. This comes despite its adjusted diluted earnings per share of 71 cents. That’s better than Wall Street’s estimate of 70 cents. Revenue of $1.35 billion is also above analysts’ estimates of $1.34 billion for the quarter.
Let’s take a more in-depth look at the most recent Skechers earnings report.
- Adjusted diluted EPS is up 22.41% YoY from 58 cents.
- Revenue comes in 15.10% higher than $1.18 billion in the third quarter of 2018.
- Gross profit of $653.10 million is 15.80% better than the $563.90 million reported in the same period of the year prior.
- Gross margin for the quarter is up to 48.20% from 47.90% from the same time last year.
- Operating income of $147.40 million is a 19.00% increase over $123.90 million in the third quarter of the previous year.
- The Skechers earnings report also sees net income coming in at $103.10 million.
- That’s a 13.70% improvement over net income of $90.70 million in Q3 2018.
David Weinberg, COO of Skechers, says this about the earnings for SKX stock.
“Skechers achieved a new quarterly sales record as our international business continued to drive growth with wholesale sales increases of 21.7 percent and direct-to-consumer sales increases of 22.3 percent.”
It’s likely that the Skechers earnings report is dragging SKX stock down with its weak outlook for Q4. The company is expecting earnings per share between 35 cents and 40 cents on revenue ranging from $1.225 billion to $1.250 billion. Wall Street is looking for EPS and revenue of 39 cents and $1.22 billion for the upcoming quarter.
SKX stock was down 4.61% in after-hours trading on Tuesday. The stock finished out the day up 1.33%. It’s also up 61.71% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.
