61.98
0.99%
-0.62
After Hours:
62.90
0.92
+1.48%
Why is Skechers U S A Inc (SKX) Stock down?
We've noticed a 9.62% decline in Skechers U S A Inc (SKX) stock during the 2024-09-19 trading session. While this could be attributed to normal volatility or various internal and external factors, please be aware that we are actively monitoring the situation, and we'll provide timely updates as soon as possible!
02 Feb, 2024:
Skechers U S A, Inc. (SKX) stock declined by 10.31% due to mixed fourth-quarter 2023 results. The company's bottom line exceeded the Zacks Consensus Estimate, but its top line fell short. Key details below:
- In Q4, Skechers reported earnings of 56 cents per share, surpassing the Zacks Consensus Estimate by 4 cents and marking a 16.7% increase year-over-year. However, its sales of $1,960.9 million missed the consensus estimate of $2,017 million, despite a 4.4% YoY growth. Strong international and domestic direct-to-consumer (DTC) sales drove this growth.
- Gross profit increased 14.5% YoY to $1,041.4 million, with a gross margin of 53.1%. Total operating expenses grew 10.7% YoY to $911.1 million. Selling expenses rose by 15.8%, while general and administrative expenses increased by 9.5%.
- As of December 31, 2023, Skechers held $1,189.9 million in cash and cash equivalents and $72.6 million in short-term investments. The company had long-term borrowings of $242.9 million and shareholders' equity of $4,019.3 million, excluding non-controlling interests. Total inventory decreased by 16.1% YoY to $1,525.4 million. Skechers also repurchased shares and had $265.7 million available for buybacks as of December 31, 2023.
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