Shares in sneaker maker and retailer Skechers USA Inc. gained more than 5 percent Wednesday thanks to record profits and sales for the Manhattan Beach-based company.
Skechers reported fourth quarter net income of $14.6 million (33 cents per share), a 147 percent leap from $5.9 million (14 cents) for the same period a year earlier. Analysts polled by Thomson Financial expected earnings of 31 cents.
Sales also hit record levels, improving 36 percent to $304 million, beating analysts’ expectations of $298 million. The company credited improved margins and increased profitability for the jump in profit and sales.
For the year, net income spiked 49 percent to $71 million ($1.59) while sales surged 20 percent to $1.2 billion.
Shares in Skechers rose 93 cents to close Wednesday at $36.43, and added another 87 cents in after-hours trading.