Skechers USA Inc. said Wednesday that its third quarter earnings fell 13 percent, but the results still exceeded Wall Street expectations.

After the markets closed, the Manhattan Beach shoe maker reported net income of $24.5 million (52 cents per share), compared with $28.3 million (60 cents) a year ago. Net sales fell less than 1 percent to $405 million.

The quarter included income tax expenses of $10.2 million while the year-ago quarter had a $3.6 million tax benefit.

Analysts surveyed by Thomson Reuters on averaged expected the company to report adjusted earnings of 35 cents per share on revenue of nearly $385 million.

The quarter was helped by higher sales at Skechers’ international and retail segments, fewer store close-outs and reduced inventory.

“We believe our ample liquidity, clean inventory and fresh product position us well and will allow us to capitalize on new growth opportunities as they arise,” said Chief Operating Officer David Weinberg in a statement.

Shares closed down 71 cents, or 3 percent, to $21.56 on the New York Stock Exchange.