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Skechers USA Inc. SKX reported its second-quarter financial results Thursday. Here's a look at the key <a href="https://www.benzinga.com/pressreleases/24/07/b39969451/skechers-announces-second-quarter-2024-financial-results-and-board-authorized-1-billion-share-repu">figures from the report. </a>



The Details: Skechers reported quarterly earnings of 91 cents per share, which missed the analyst consensus estimate of 94 cents by 3.19%. The company reported quarterly sales of $2.16 billion, missing the analyst consensus estimate of $2.23 billion by 3.26% and representing a 7.2% increase over sales from the same period last year.



Inventory was $1.51 billion, a decrease of $10.9 million or 0.7% from December 31, 2023. Direct-to-Consumer sales grew $86 million, or 9.2%, and wholesale sales grew $59.1 million, or 5.5%. The company reported its gross margin increased 290 basis points to 53.7%.



The company&#8217;s board of directors authorized a $1 billion share repurchase program.



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&#8220;Skechers achieved a new second-quarter sales record of $2.16 billion driven by the strong demand for our diverse portfolio of comfortable and innovative footwear,&#8221; said David Weinberg, COO of Skechers. &#8220;The growth resulted from sales increases of 9% in Direct-to-Consumer and 6% in Wholesale, as well as increases of 7% internationally and 8% domestically.&#8221;



SKX Price Action: According to <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, Skechers shares are up 1.99% after-hours at $64.98  at the time of publication Thursday.



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Image: Courtesy of Skechers U.S.A., Inc.

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Skechers reported its second-quarter financial results Thursday. Here's a look at the key figures from the report.

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