American fashion footwear company Skechers reported second quarter earnings up 40% on Thursday (02 August), in line with the high end of Wall Street's expectations. The company designs and markets shoes and handbags for the upper end of the market.

Shares are up 29 percent this year which is better than industry leader Nike (down almost 17 percent). Footwear industry analyst Joseph Teklits from First Union said that the company's lower-end products were stealing market share from companies such as Nike and Timberland.

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