Footwear company Skechers USA Inc. (SKX) on Friday said its board approved a three-for-one stock split, as shares sit near all-time highs.
The split, subject to shareholder approval, will be distributed in the form of a stock dividend to holders of record on Oct. 2 .
Chief Executive Robert Greenberg called the decision to adopt the split is an "indication of our confidence in our business model worldwide."
Shares in the Manhattan Beach, Calif. -based company have surged 166% this year amid growing demand for casual, less expensive sport shoes that may not actually be used for running. Sketchers earlier this year moved into the second-place spot, behind Nike Inc. , in the sports-footwear market.
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