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Here is why Skechers U.S.A. Inc. (SKX) stock performed well on Thursday?

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Skechers U.S.A. Inc. (SKX) shares gained 7.46% in after-hours on Thursday, July 22, 2021, and closed at $55.03 per share. Earlier in the morning session, SKX’s stock gained 1.89% to close Thursday’s morning session at $51.21. SKX shares have risen  66.37% over the last 12 months, and they have moved up 5.35% in the past week. Over the past three months, the stock has gained 15.05%, while over the past six months, it has declined 39.50%.

Let’s see what are the latest news about Skechers?

Financial results announcement

On July 22, 2021, SKECHERS U.S.A., Inc released its financial results for the second quarter ended June 30, 2021.

Q2 2021 financial highlights

  • SKECHERS U.S.A. sales were $1.6 billion in Q2 2021 compared to $729.5 million in Q2 2020.
  • The gross profit was $849.5 million in Q2 2021 compared to $368.6 million in Q2 2020.
  • Selling, general and administrative expenses were $652.4 million in Q2 2021 compared to $432.1 million in Q2 2020.
  • Net earnings were $137.4 million and diluted earnings per share were $0.88 in Q2 2021 compared to $68.1 million and diluted earnings per share of $0.44 in Q2 2020.
  • As of June 30, 2021, the company had cash, cash equivalents and investments totalled $1.32 billion.

Skechers collaboration with kansaïyamamoto

On July 21, 2021, The new variety of footwear will arrive soon on Skechers which is inspired by the late iconic Japanese designer Kansai Yamamoto.

The limited-edition Skechers x kansaïyamamoto collection of four fashion sneakers for men and women embrace Kansai’s aesthetic and will launch on the first anniversary of his passing, July 21, in Japan, North America, and Europe.

Official Team Footwear Supplier of the 2021 Solheim Cup

On June 29, 2021, Skechers was named as the official footwear supplier of both the European and United States Solheim Cup Teams for the 2021 tournament, for the first time. The footwear company has designed exclusive Skechers GO GOLF Elite 3™ styles in unique colours for the United States and European teams, to be provided to players with Skechers also providing footwear to caddies and support staff during the September event at Inverness Club in Toledo, Ohio.

Skechers crossed 80-Plus RS Rating Benchmark

On June 28, 2021, Skechers cleared the 80-plus RS Rating Benchmark, with a jump from 78 to 81 on Monday.

This exclusive rating from Investor’s Business Daily identifies market leadership with a 1 (worst) to 99 (best) score. The grade shows how a stock’s price performance over the trailing 52 weeks stacks up against all the other stocks in our database.

Conclusion

The announcement of improved Q2 2021 financial results was the reason behind its good performance on Thursday. the SKX stock can close the weekly trading by continuing its momentum on Friday as well.

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