Blog: Skechers pushes Adidas off US No.2 spot
Michelle Russell | 19 May 2015
It seems Adidas has been caught napping after Skechers passed the German sporting giant to take its second place in the sports footwear market in the US.
Accounting for 5% of the market, Skechers has pushed Adidas into third place at 4.6%. According to the Wall Street Journal, Nike and the Jordan brand retain the joint number one position with a combined 62% share of the US sports footwear market.
Skechers posted another quarter of record revenues last month, with net profit nearly doubling on last year’s first-quarter.
The fast-growing footwear business said continued strong demand for lifestyle, performance and children’s footwear had driven gains in the first three months of 2015.
Zacks Equity Research said in a note to investors: “Skechers has been gaining momentum following its impressive first-quarter 2015 performance. Shares of this designer, developer, marketer, and distributor of footwear have surged roughly 31% since 22 April, when the company announced its results. We believe that the company's strong fundamentals are capable of providing further impetus to the stock.”
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