General

Manhattan Beach-based Skechers Experiences Positive Growth

One of the many signs that the recession may be ending in the South Bay is the fact that analysts are seeing great potential for Skechers, one of Manhattan’s largest employers, in the near future. 

The Associated Press reported that analytical firms such as Sterne Agee had upgraded their ratings of the shoe giant based on its new product line. In light of the economic downturn, which as hit the retail sector relatively hard, Sterne Agee previously gave Skechers a “Neutral” rating. It recently upgraded that status to “Buy,” however, after the company had posted increasing margins in June. Researchers attributed this increase to Skechers’ new Shape-Up line, which claims to give people a workout every time they wear them. 

With this new insight and positive growth in mind, Sterne Agee also changed its revenue estimates for Skechers from $1.29 million to $1.34 million in 2009, and from $1.38 million to $1.46 million in 2010. Being a billion-dollar company, Skechers has had a great impact on the local economy, especially in Manhattan Beach.