Skechers USA Inc. has found the light.
The Manhattan Beach. Calif.-based casual sneaker maker today reported fourth-quarter results that significantly surpassed market watchers’ forecasts — sending shares climbing nearly 4 percent to $39.60 in after-hours trading.
The firm said its Q4 sales advanced 27 percent year-over-year, to $970.6 million — that’s $90 million higher than the $881.4 million analysts were expecting.
Adjusted profits, at 21 cents per share, also blew past estimates calling for diluted earning per share of 13 cents. On a reported basis, Skechers posted a net loss of $66.7 million, or 43 cents per diluted share.
A Skechers store in China.
The brand, which has enjoyed solid momentum in recent years, has seen growth accelerate further kick in recent months as interest in its children’s light up sneakers explodes — this was particularly true during the all-important gift-giving December holiday season.
Skechers’ ability to tap buzzy ambassadors — more recently popular singer Camila Cabello — is also reaping dividends, CEO Robert Greenberg noted. “[Skecehers’] growth is due to our continued focus on efficiencies and infrastructure as well as innovation, comfort, and relevancy within our product design,” Greenberg said in a release. “Our team of legendary athletes and international celebrities, including [Cabello] drove worldwide