Skechers Shares Slump Following Quarterly Results

Skechers USA Inc. late Wednesday reported its third-quarter earnings rose to $51.1 million, or $1 a share, from $26.8 million, or 53 cents a share, a year ago. The footwear company said its bottom line was hurt by foreign exchange losses and warehousing costs totaling 13 cents a share. Analysts surveyed by FactSet had forecast earnings of 91 cents a share. Revenue increased to $674.3 million versus $515.8 million. Shares of Skechers slumped 5.3% in after hours.