Skechers ranks second only to Nike in preferred casual footwear for Americans.Skechers ranks second only to Nike for US shoppers seeking casual footwear, according to Cowen.Skechers' cheaper shoes are helping lure customers away from Nike and Adidas amid high inflation.on Americans' list of favorite casual sneakers to wear, according to Cowen.
"The company looks to have taken preference from a combination of Nike and Adidas, which appears to indicate that Skechers comfort and value-oriented positioning is resonating with consumers in a macroeconomic environment where discretionary spending is under an increasing amount of pressure," analysts wrote.The company gained most of its market share in casual footwear from consumers earning well over $100,000 last year.
On Monday, Cowen upgraded its rating for Skechers to"outperform" ahead of the company's earnings report on February 2. Argus Research and Williams Trading also upgraded ratings for Skechers this month.In a note last week, Williams Trading equity analyst Sam Poser said demand for Skechers across"merchandise categories, gender, and geographies remains robust." Skechers expects to reach $10 billion in sales by 2026, the company said in October.
People actually wear Skechers? who knew.