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$SKX Sketchers $37 Target on earnings beat

NYSE:SKX   SKECHERS USA INC
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Skechers (NYSE:SKX) reports sales in the domestic wholesale business fell 47.3% in Q2 and sales in the international wholesale business decreased 37.8% during the quarter.

Comparable same store sales in the direct-to-consumer business were off 45.6%, including a decrease of 35.9% in the U.S. and 66.9% internationally.

Sales in China rose 11.5% during the quarter.

Gross margin improved 210 bps from a year ago as a result of a favorable mix of online and international sales. A net loss of $68.1M was recorded.

CFO update: "Despite the challenges of the second quarter, we are optimistic about the early-stage recovery we are seeing in much of our business, including a return to growth in China and the explosive growth of our e-commerce channel... We ended the second quarter in a position of significant financial strength, having grown our cash balances sequentially by more than $175 million through prudent inventory, working capital and operating expense management."

Full-year guidance was withheld by Skechers due to the pandemic.
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