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Why the Upgrade?
Skechers has been witnessing rising earnings estimates on the back of better-than-expected fourth-quarter 2012 results reported on Feb 13, 2013. The quarterly earnings came in at 8 cents a share that fared significantly better than a loss of 54 cents delivered in the prior-year quarter and the Zacks Consensus Estimate of a loss of 11 cents on the back of growth witnessed across domestic wholesale, international, and company-operated retail businesses.
Including the recent concluded quarter, this designer, developer and distributor of footwear and apparel has delivered positive earnings surprises in 5 of the last 7 quarters with an average beat of 110.8%.
Skechers is now showing signs of stability as evident from its fourth quarter results. With more emphasis on a new line of products, increased backlog, cost containment efforts, inventory management and margin improvement, the company anticipates sustaining growth momentum in 2013. We believe Skechers, through its distribution networks, subsidiaries and joint ventures is poised to enhance its global reach in the footwear market.
Following the sturdy results, the Zacks Consensus Estimates for 2013 and 2014 increased by 14.1% and 8.1% to 97 cents and $1.34, respectively, in the last 30 days.
Other Stocks to Consider
The stock worth considering in the apparel industry is Michael Kors Holdings Limited ( KORS - Snapshot Report ) , which holds a Zacks Rank #1 (Strong Buy). Other stocks that should be merited include Guess' Inc. ( GES - Analyst Report ) and Adidas AG ( ADDYY ) , both of which carry a Zacks Rank #2 (Buy).
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