Skechers topped Wall Street expectations in 4Q17
Skechers (SKX), which reported its fourth-quarter results on February 8, 2018, posted a 27% YoY (year-over-year) increase in total revenue to $971 million. The company cruised ahead of the consensus expectations by $89 million. Its performance also exceeded the upper end of management’s guidance of $860 million–$885 million.
“With three months of strong sales, a robust holiday selling season that included increased demand for our innovative lighted children’s footwear and comfortable adult styles, and double-digit growth in each of our three distribution channels, we achieved a new fourth quarter sales record of $970.6 million,” said David Weinberg, chief operating officer of Skechers.
Skechers had highest yearly sales in 25 years
In fiscal 2017, Skechers crossed the $4 billion mark in annual sales for the first time in its 25-year history. “Continued focus on efficiencies and infrastructure as well as innovation, comfort, and relevancy” drove the solid performance said Robert Greenberg, Skechers’s chief executive officer.
For fiscal 2017, sales increased 17% YoY to $4.2 billion, outpacing the top-line growth of most sportswear competitors that have been struggling to survive in the increasingly competitive market.
Columbia Sportswear (COLM), which reported its financial results along with Skechers, had a 3.7% growth in total yearly sales.
ETF investors seeking to add exposure to SKX can consider the Guggenheim S&P MidCap 400 Pure Growth ETF (RFG), which invests 1.9% of its portfolio in the company.