Skechers Shares Slide 7% After-hours As Company Misses On Profit

By Markets MarketWatch Pulse

Skechers USA Inc. shares fell 7% in after-hours trade, after the company posted slightly weaker-than-expected revenue . The footwear company said it had net income of $29.4 million, or 19 cents a share, in the quarter, compared with $21.9 million, or 14 cents a share, in the year-earlier period. Sales rose to $722.7 million from $569.7 million. The FactSet consensus was for EPS of 20 cents and sales of $693 million. Chief Executive Robert Greenberg said the company was off to a "very strong" start to the new year, with sales up 35% in January. "We remain comfortable with the majority of the analysts' current consensus range of $885 million to $920 million in net sales and $0.50 to $0.55 in earnings per share for the first quarter," he said. The FactSet consensus is for EPS of 52 cents and sales of $896 million. Shares have gained 38% in the last 12 months, while the S&P 500 has lost 10%.

Continue Reading Below

Copyright © 2016 MarketWatch, Inc.