In a crowded sneaker market roiled by the stumbles of its longtime king, Manhattan Beach-based Skechers has been climbing its way up the ranks. While Nike, which has dominated the athletic footwear landscape for years, made headlines last month for its plummeting stock price and gloomy outlook, Skechers announced record sales in the first quarter of 2024 of $2.25 billion, a 12.5% increase over last year. Since 2019, it has increased its annual revenue by more than 50%. In June, Bank of America upgraded its rating on Skechers' stock to a strong buy, and this week Morgan Stanley followed suit " notable votes of confidence in the fundamentals of a company that has seen its stock price rise more than 20% over the last year. Shares closed at $65.10 on Tuesday.