Wed, Sep. 21, 1:36 PM
- Skechers (SKX -9.5%) falls hard after Morgan Stanley forecasts a slow pace of sales for the retailer. A shift in consumer tastes toward more fashionable lines is cited as a concern.
- The investment firm sees FY17 sales increasing 1%. Quarterly sales comparables have been tough for Skechers after a blazing run of sales growth.
- MS rates Skechers at Equalweight and lowers its price target to $25 from $41.
- Shares of Skechers fell to a 52-week low of $20.90 earlier.
Wed, Sep. 21, 12:48 PM
Wed, Sep. 21, 12:00 PM
Wed, Sep. 14, 9:22 AM
- Skechers (NYSE:SKX) announces it signed a new joint venture partnership with regional distributor MGS Sports Trading to cover Israel.
- The compoany says its retail network in Israel will be run as joint venture stores, and currently includes six destinations, including locations in Tel Aviv and Jerusalem.
- Source: Press Release
Fri, Aug. 19, 11:14 AM
- Foot Locker (FL +10%) rips higher after posting strong sales growth. The company cited strength in basketball, running, and classic footwear during the quarter.
- Under Armour (NYSE:UA) is up 1.6% and Nike (NYSE:NKE) is 2.7% higher off the strong read on athletic shoe sales.
- Other notable gainers include Skechers (SKX +1%), Wolverine World Wide (WWW +3.4%), Rocky Brands (RCKY +1.5%), Steven Madden (SHOO +1.4%), Caleres (CAL +1%), and Crocs (CROX +1%) -- all ahead of broad market averages.
- An underlying theme continuing to emerge in the shoe sector is that discretionary spending by millennials on the category is stronger than what is being seen in other areas of retail. Also of note, the millennial group has shown loyalty to power brands.
- Previously: Foot Locker beats by $0.04, beats on revenue (Aug. 19)
- Previously: Foot Locker higher on earnings beat and positive comp (Aug. 19)
Fri, Jul. 22, 12:40 PM
Fri, Jul. 22, 12:00 PM
Fri, Jul. 22, 10:13 AM
- A weak earnings report from Skechers (SKX -22%) and a warning from VF Corp (VFC -2.8%) is taking down a number of peers of the apparel sellers.
- Soft demand in Asia, disruption in Europe, and continued F/X headwinds were cited by both companies.
- Oxford Industries (OXM -2.1%), Wolverine World Wide (WWW -2.6%), Crocs (CROX -2.9%), Steven Madden (SHOO -1.8%), and G-III Apparel Group (GIII -2.3%) are all lower.
- The negative start to the earnings season for the apparel/footwear sector appears to be impacting Nike (NKE -0.8%) and Under Armour (UA -0.9%) as well.
- Previously: Skechers -8% after missing Q2 expectations (July 21)
- Previously: V.F. beats by $0.01, misses on revenue (July 22)
Fri, Jul. 22, 9:11 AM
Thu, Jul. 21, 5:34 PM
Thu, Jul. 21, 4:11 PM
- Skechers (NYSE:SKX) reports its gross profit rate improved 60 bps to 47.4% in Q2. Operating earnings fell to 11.4% of total sales from 14.0% a year ago.
- Total inventories decreased 5% from December 31, 2015, and increased 26% June 30, 2015
- Company-owned Skechers retail sales increased 15.4%. Strong growth was recorded in the international business, +35% for the international subsidiary and +41% for international company-owned stores.
- The effective tax rate in Q2 fell due to a higher mix of sales from China.
- Previously: Skechers misses by $0.04, misses on revenue (July 21)
- SKX -8.33% AH to $29.50
Thu, Jul. 21, 4:03 PM
Wed, Jul. 20, 5:35 PM
Tue, Jul. 12, 8:01 AM
- Adidas (OTCQX:ADDYY) filed a lawsuit against Skechers (NYSE:SKX) over the design of the company's Mega Flex shoe. The legal action maintains the shoes infringes on the Springblade concept from Adidas.
- It's not the first legal tussle between the two shoe sellers. Last year, Adidas sued Skechers over stealing the design of the retro Stan Smith tennis shoes.
Mon, Jul. 11, 7:17 AM
- Skechers (NYSE:SKX) completed the 4th phase of an expansion to its European Distribution Center in Belgium.
- “To meet the increased demand, we are investing in our infrastructure, including improved efficiencies in our European Distribution Center, which allowed us to achieve a record 3 million pairs shipped in a month during February and 8.1 million pairs for the first quarter of 2016,” began David Weinberg, chief operating officer and chief financial officer of SKECHERS. “With the completion of our European Distribution Center expansion and with the automation to be fully completed later this year, we expect to be even more efficient in our largest market outside of the United States and prepared for continued growth in Europe.”
- “After outgrowing our storage capacity, we had to manage overflow beyond our facility and this new building will allow us to consolidate storage into the EDC and stabilize our logistics to meet growing needs of the European market over the longer term,” began Sophie Houtmeyers, SKECHERS EDC Vice President of Distribution Operations. “This added storage capacity also opens up space in one of our adjoining buildings for the installation of new automation technologies that have improved efficiency elsewhere in our facility. We expect these upgrades to be online by November of this year and when combined with the expansion will prepare us for the future.”
- Press Release
Wed, Jun. 29, 7:24 AM