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Shares of footwear, apparel and sporting goods companies including Skechers USA Inc (NYSE:SKX) are trading lower in sympathy with Nike Inc (NYSE:NKE), which reported worse-than-expected first-quarter fiscal 2022 financial results and cut its outlook amid supply chain issues.
Nike reported quarterly earnings of $1.16 per share, which beat the estimate of $1.11 per share. The company reported quarterly revenue of $12.2 billion, which came in below the estimate of $12.46 billion.
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Multiple analyst firms also lowered price targets on Nike following the company's financial results.
Skechers is a lifestyle footwear company under the Skechers GO brand name. Products offered include various styles of women's shoes, men's shoes, girl's shoes, boy's shoes, performance shoes and work shoes.
SKX Price Action: Skechers has traded as high as $55.87 and as low as $28.25 over a 52-week period.
The stock was down 4.6% at $44.05 at time of publication.
Photo: Jason Goh from Pixabay.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.