RTTNews | Jul 23, 2021 10:01AM EDT

10:01 Friday, July 23, 2021 (RTTNews.com) - Shares of Skechers U.S.A. Inc. (SKX) reached a 52-week high of $54.31 Friday morning, and are currently trading at $53.41, up $2.20 or 4.30%, with trading volume of over 1.24 million versus an average volume of 1.48 million shares.

The Manhattan Beach, California-based footwear company reported Q2 net income of $137.4 million or $0.88 per share compared to a loss of $68.1 million or $0.44 per share last year.

Excluding special items, the earnings for the company were $124.7 million or $0.80 per share. Nine analysts polled by Thomson Reuters expected earnings of $0.49 earnings per share. Analysts estimate typically exclude certain special items.

Sales for the quarter jumped 127.3% to $1.66 billion from $729 million in the previous year. On an adjusted basis the revenue was $1.58 billion. Seven analysts estimated revenue of $1.48 billion.

For the fiscal year 2021, the company expects sales between $6.15 billion and $6.25 billion, and earnings in the range of $2.55 - $2.65 per share. Eleven analysts view the revenue to be $5.92 billion with earnings of $2.1 per share.

For the third quarter, the company estimates sales to be in the range of $1.60 billion - $1.65 billion with earnings between $0.70 and $0.75. Wall Street analysts look for revenue of $1.48 billion and earnings of $0.49 per share for the quarter.

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