$Skechers USA (SKX.US)$ gained some 8% in Thursday's after-hours session after the popular shoemaker reported better-than-expected financial results for the first quarter.
SKX rose 8.8% to trade at $64 as of 5:30 p.m. ET after the company said Q1 revenue increased 12.5% year over year to $2.251 billion, which beat the consensus estimate of $2.204 billion.
The footwear firm also reported quarterly earnings of $1.33 per share, which beat analyst estimates of $1.10 per share.
Wholesale sales were up 9.8% in the quarter, while direct-to-consumer sales jumped 17.3%. Gross margins came in at 52.5%.
"We began the new year by setting a new sales record, delivering results above expectations, and further expanding the Skechers brand globally," CEO Robert Greenberg said in a statement announcing the results.
"With our focus on evolving and innovating our extensive product offering, best-in-class partnerships with our distribution network, and exceptional global demand, we are confident that Skechers will have another record-breaking year," he said.
Skechers sees Q2 revenue in the range of $2.175 billion to $2.225 billion vs, analysts' prior estimates of $2.202 billion. The company added that it anticipates Q2 earnings to come in at 85 to 90 cents per share vs. analysts' previous consensus estimate of $1.09 per share.
Additionally, Skechers raised its full-year 2024 revenue guidance from an $8.6 billion-to-$8.8 billion range to $8.725 billion to $8,875 billion. Analysts had previously expected $8.781 billion.
The company also raised its full-year EPS outlook from an earlier $3.65-to-$3.85 range to $3.95 to $4.10. That exceeds analysts' earlier $3.90 consensus.
"We remain committed to our growth strategy, further expanding our global reach and helping shoppers around the world enjoy the comfort and value of our Skechers products, and we have continued confidence in our goal of achieving $10 billion in sales by 2026," CFO John Vandemore said.