Skechers Shares Tumble More Than 12% After-hours As Earnings And Outlook Lag Estimates

Skechers USA Inc. shares tumbled more than 12% in after-hours trade Thursday, after the athletic shoe company missed third-quarter profit and sales estimates and offered a below-consensus outlook for the fourth quarter. Skechers said it had net income of $65.1 million, or 42 cents a share, in the quarter, down from $66.6 million, or 43 cents a share, in the year-earlier period. Sales rose to $942.4 million from $856.2 million. The FactSet consensus was for EPS of 48 cents and sales of $954 million. The company said it now expects sales of $710 million to $735 million for the fourth quarter, also below the current FactSet consensus of $800 million. Shares have fallen 24% in the year so far, while the S&P 500 has gained about 5%.