Skechers shares soar more than 35% after big earnings beat on record sales

Skechers shares soar more than 35% after big earnings beat on record sales

Skechers shares soared in trading Friday after the company posted third-quarter earnings that blew past analysts' estimates on record sales.

The company's shares jumped more than 35 percent in early trading to a new 52-week high.

The sports footwear maker reported earnings excluding items of 59 cents a share, well above the 43 cents a share Wall Street had expected.

Skechers said profit was helped by sales growth in its international wholesale business, its company-owned global retail business, as well as a lower effective tax rate.

"Third quarter net sales of $1.095 billion set a new quarterly record for the company, surpassing our previous record in the first quarter earlier this year by $22 million, and resulted in a new nine-month record with sales exceeding $3 billion," Chief Financial Officer David Weinberg said in a statement.

He added: "We believe the momentum we are experiencing will continue this year and in the coming year."

Analysts expected revenue of $1.07 billion, according to Thomson Reuters I/B/E/S.

Skechers also saw a 4.4 percent increase in comparable-store sales.

A slew of analysts upgraded their price targets on the stock in the wake of the report. Wedbush raised its target to $35 from $25, Cowen and Co. boosted its target to $36 from $35, and Morgan Stanley increased its target to $31 from $28.50.

WATCH:  Skechers beats the Street

Skechers beats the Street

Reuters contributed to this report.