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

The company’s shares jumped more than 22 percent prior to the opening bell.

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.

—Reuters contributed to this report.

Source: Investment Cnbc
Skechers shares soar after big earnings beat on record sales