19 Oct Overheard On Wall Street: Skechers, Genesco & Under Armour
Analysts say the firm — whose three-for-one stock split kicked in before market open today — is off to a solid start as it enters Q4.
“Skechers is [the number two] brand in the U.S. – Skechers’ U.S. [point-of-sale] sales rebounded to a robust 27 percent [increase] year-on-year in the [first week of October],” wrote Citi Research analyst Kate McShane. “The Skechers brand continued to take market share, making it the third largest brand by sales in the U.S. (behind Nike and Nike’s Jordan) and the second largest brand by units behind Nike.”
Sterne Agee CRT analyst Sam Poser reinforced his expectations, on Friday, for a solid Q3 showing from the firm — which confirmed that it will release third quarter results on Oct. 22.