Skechers USA

SKX · NYSE

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The case for and against

Updated Jul 25, 2025

Bull case

Skechers USA Inc. reported a substantial sales increase of 12.8% year-over-year, reaching $2,212.4 million, with particularly strong performance in the Wholesale segment, which bolstered overall growth with an impressive 31% increase. Additionally, the company's gross margin expanded by 20 basis points year-over-year to 53.3%, exceeding prior estimates, demonstrating effective cost management and pricing strategies. The balance sheet remains solid with a net cash per share of $4.35, reinforcing a robust financial position while benefiting from a positive shift towards in-store shopping during the holiday period.

Bear case

Skechers USA Inc. has reported a mixed performance in its latest quarter, with a revenue increase of 13% that matched guidance, yet earnings per share (EPS) of $0.65 fell short of the anticipated range due to an unexpected foreign exchange (FX) impact of $0.21. The company's revenue from China has continued to decline, with a 12% decrease marking the fourth consecutive quarter of slowing growth and contributing to further negative guidance for 1Q25, which is below market expectations. Additionally, the ongoing FX headwinds, a higher effective tax rate, and a lack of profit flow-through due to lower revenues have led to reduced revenue and earnings estimates, resulting in a significant drop in share prices in the aftermarket.

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