The company’s shares jumped more than 35 percent in early trading to a new 52-week high. The sports footwear maker reported earnings excluding items of 59 cents a share, well above the 43 cents a share Wall Street had expected. Skechers said profit was helped by sales growth in its international wholesale business, its company-owned global retail business, as well as a lower effective tax rate. “Third quarter net sales of $1.095 billion set a new quarterly record for the company, surpassing our previous record in the first quarter earlier this year by $22 million, and resulted in a new nine-month record with sales exceeding $3 billion,” Chief Financial Officer David Weinberg said in a statement. He added: “We believe the momentum we are experiencing will continue this year and in the coming year.” Analysts expected revenue of $1.07 billion, according to Thomson Reuters I/B/E/S. Skechers also saw a 4.4 percent increase in comparable-store sales. A slew of analysts upgraded their price targets on the stock in the wake of the report. Wedbush raised its target to $35 from $25, Cowen and Co. boosted its target to $36 from $35, and Morgan Stanley increased its target to $31 from $28.50…. Read full this story
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