10 Best Sporting Goods Stocks To Invest In Now

3. Skechers U.S.A., Inc. (NYSE:SKX)

Number of Hedge Fund Holders: 42

Established in 1992, Skechers U.S.A., Inc. (NYSE:SKX) is a renowned footwear and apparel company headquartered in the United States. The company is considered among the best sporting goods stocks to invest in by over 40 hedge funds.

Skechers U.S.A., Inc. (NYSE:SKX) reported a strong third quarter of 2024, with record sales reaching $2.35 billion, a 16% year-over-year increase. Earnings per diluted share also increased 35% to $1.26. The company’s growth was driven by a 21% increase in wholesale operations and a 9.6% rise in direct-to-consumer sales.

Skechers U.S.A., Inc. (NYSE:SKX) also experienced growth in international markets, particularly in EMEA, which now accounts for 61% of total revenue. The company now plans to continue its expansion, opening 68 new stores in Q3 and targeting 55 to 60 more in Q4. With a strong liquidity position of $1.6 billion in cash and $2.42 billion in total liquidity, Skechers U.S.A., Inc. (NYSE:SKX) is well-positioned to capitalize on future growth opportunities.

In India, the company experienced a strong rebound during the quarter, achieving 24% growth. This year, Skechers U.S.A., Inc. (NYSE:SKX) became the kit sponsor for the All India Pickleball Association and signed several players. For the launch of cricket footwear, they also became the kit sponsor for the Mumbai Indians, signing numerous players from the Indian national team. In September, Skechers U.S.A., Inc. (NYSE:SKX) also announced a partnership with NBA India to sponsor the youth basketball team. The demand for products in India is strong and the company plans to keep investing in this important market.

As of Q3 2024, 42 hedge funds reported owning a stake in Skechers U.S.A., Inc. (NYSE:SKX). Point72 Asset Management was the leading hedge fund investor in the company, with a stake worth over $157 million.