Skechers Q1 Results Beat Street View

(RTTNews) - Shares of Skechers U.S.A. Inc. (SKX) jumped nearly 9% in extended trading session on Thursday after the sports footwear and apparel maker reported a first-quarter results that trounced Wall Street estimates.

First-quarter profit surged to $98.6 million or $0.63 per share, up from $49.1 million or $0.32 per share last year. First-quarter sales jumped 15% to $1.43 billion from $1.24 billion last year.

Analysts polled by Thomson Reuters expected earnings of $0.46 per share on revenues of $1.34 billion for the quarter. Analysts' estimates typically exclude special items.

Sales growth was driven by 20.2% increase in the company's international sales and an 8.5% increase in domestic sales. Increases in international sales were driven by wholesale. Domestic sales increases were driven by direct-to-consumer, including e-commerce growth of 143.0%.

Gross margin increased 350 basis points to 47.6% as a result of increased margins in both the International Wholesale and Direct-to-Consumer segments.

Looking forward to the second quarter, the company expects revenues of $1.45 billion to $1.50 billion and earnings of between $0.40 and $0.50 per share. Analysts currently estimate earnings of $0.30 per share on revenues of $1.24 billion.

For the fiscal year 2021, the company expects revenues of $5.8 billion to $5.9 billion and earnings of between $1.80 and $2.00 per share. Analysts currently estimate earnings of $1.92 per share on revenues of $5.57 billion.

SKX closed Thursday's trading at $44.51, up $0.34 or 0.77%, on the NYSE. The stock further gained $3.93 or 8.83% in the after-hours trade.