Skechers (SKX) Q1 Earnings: What To Expect
Stock Story
Published Apr 24, 2024 03:04
Updated Apr 24, 2024 06:48
Skechers (SKX) Q1 Earnings: What To Expect
Stock Story -
Footwear company Skechers (NYSE:SKX) will be announcing earnings results tomorrow after market hours. Here's what investors should know.
Last quarter Skechers reported revenues of $1.96 billion, up 4.4% year on year, missing analyst expectations by 3.7%. It was a weak quarter for the company, with a miss of analysts' revenue estimates.
Is Skechers buy or sell heading into the earnings? Find out by reading the original article on StockStory, it's free.
This quarter analysts are expecting Skechers's revenue to grow 9.9% year on year to $2.2 billion, in line with the 10% year-over-year increase in revenue the company had recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.11 per share.
The analysts covering the company have been growing increasingly bearish about the business heading into the earnings, with revenue estimates seeing three downward revisions over the last thirty days.The company missed Wall St's revenue estimates twice over the last two years.
Looking at Skechers's peers in the consumer discretionary segment, some of them have already reported Q1 earnings results, giving us a hint of what we can expect. Nike (NYSE:NKE) delivered top-line growth of 0.3% year on year, beating analyst estimates by 1.1% and Carnival (NYSE:CCL) reported revenues up 22% year on year, inline with analysts' estimates. Nike traded down 7% on the results, Carnival was down 4.1%.
Read the full analysis of Nike's and Carnival's results on StockStory.
Technology stocks have been hit hard on fears of higher interest rates and while some of the consumer discretionary stocks have fared somewhat better, they have not been spared, with share price declining 4.1% over the last month. Skechers is down 1.6% during the same time, and is heading into the earnings with analyst price target of $69.9, compared to share price of $59.04.
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Written By: Stock Story
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