Why Skechers Stock Dropped Today
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Skechers' stock dropped 9.6% after the company reported weaker-than-expected sales in China during an industry conference. Despite the broader market rally, Skechers faced challenges in Asian markets, particularly in China, which accounts for 15% of its sales. Management indicated that consumer discretionary pressures were worse than anticipated, leading to investor concerns about second-half results. However, some analysts believe the reaction may be an overreaction, as Skechers has shown resilience with a 7% revenue increase in Q2.
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