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Stock Alert: Skechers Spikes

Shares of footwear company Skechers U.S.A., Inc. (SKX) are climbing more than 3% Friday morning. The company's first-quarter earnings met the view amidst coronavirus pandemic.

Net income in the first quarter fell to $49.1 million or $0.32 per share from $108.8 million or $0.71 per share in the same quarter a year ago. Excluding items, earnings of $0.39 per share met average estimate of 9 analysts polled by Thomson Reuters.

Sales for the first quarter, hit by Covid-19 impact, decreased 2.7% year-over-year to $1.24 billion.

In January and February the company had the highest shipments ever from its North American and European distribution centers and worldwide comparable same store sales increased 9.8 percent in the company-owned direct-to-consumer business.

"We believe that our quarterly performance prior to the disruption is a testament to the strength of our product and brand, all of which leads us to believe that when markets reopen, people return to work and customers get back to shopping, Skechers will continue in its position as a leading footwear brand," commented David Weinberg, chief operating officer of Skechers.

SKX is currently trading at 25.60. It has traded in the range of $17.06- $44.5 in the past one year.

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