Skip to content
Upgrade to Intel
Subscribe and gain unlimited access to exclusive features and content

Skechers shares tumble on China sales warning

Skechers USA Inc shares dropped 9.6% on Thursday last week, marking their worst daily performance since February, after CFO John Vandemore warned at an industry conference that China sales will remain under pressure for the rest of the year. The stock closed at $61.56, its lowest since early August, while competitors Nike and Under Armour saw brief dips before recovering. Vandemore highlighted worsening conditions in China, a key market that accounts for over a quarter of Skechers’ sales. Despite the setback, Wall Street remains optimistic, with 17 buy ratings and an average price target of $81, representing more than a 30% upside.

Get more news based on your interests