Skechers USA Inc Shares Volatile Following Buckingham Comments
Shares of Skechers USA Inc (NYSE: SKX) are down sharply in Wednesday’s session following Buckingham comments on sales data from SportScan.
According to Buckingham's Scott Krasik via SportScan, sales at Skechers were indicated down three percent for the week ended September 20 while overall shoe sales were up two percent on a year-over-year basis. Within the casual athletic shoe category, sales fell five percent.
Subsequent to the comments, shares of Skechers fell to a low of $51 and have rebounded to $52.75, down 9.2 percent.
Amid the comments, Sterne Agee's Sam Poser defended Skechers USA by pointing out the company's average selling price was up 16 percent over the last week, something which could suggest retailers sold out of inventory. Poser called the back-to-school season strong.
Sterne Agee has a Buy rating and $70 price target on Skechers USA Inc.
Latest Ratings for SKX
|Dec 2016||Monness Crespi Hardt||Upgrades||Neutral||Buy|
|Dec 2016||Wells Fargo||Initiates Coverage On||Outperform|
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