Skechers Execs Taking Profits

0

Apparently, simply walking around doesn’t do enough to tone people’s bodies anymore, and that’s good news for Skechers. The shoe company has created a bonanza product called Shape-ups that it claims works muscles more than traditional shoes. Demand for the product has helped the company’s share price quintuple in the past year. Now, insiders are walking away from some of their shares.

Michael Greenberg, the president and co-founder of the company, sold 147,493 class A shares on March 23 for $5.2 million, or about $35.24 each on average. Greenberg acquired his shares by exercising options and by converting 109,650 class B shares into class A shares.

Skechers’ stock has had a remarkable run over the past year, as its shape-up sneakers have become increasingly popular. The shoes have various fitness benefits, according to the company, including helping people lose weight and tone their muscles. The company has raised their average prices from $100 to $110 in recent months, but consumers continue to flock to their stores, according to a recent report from Wedbush, which does not currently have an analyst following the company.

• Read the full Los Angeles Times story.

No posts to display