Skechers stock gains more than 3% on Q1 beat
Shares of Skechers USA Inc. rose more than 4% in the extended session Wednesday after the footwear retailer reported first-quarter earnings and sales above expectations, saying its wholesale business was strong. Skechers said it earned $121.2 million, or 77 cents a share, in the quarter, compared with $98.6 million, or 63 cents a share, in the year-ago period. Sales rose more than 25% to $1.82 billion, with increases in both domestic and international sales thanks to "strength in wholesale sales," it said. FactSet consensus called for earnings of 73 cents a share on sales of $1.69 billion. Skechers guided for second-quarter sales between $1.75 billion and $1.80 billion, and diluted EPS between 50 cents and 55 cents. Fiscal-year 2022 sales were seen between $7.2 billion and $7.4 billion, and EPS between $2.75 and $2.95. Skechers ended the regular trading day down 4.7%.
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