Sales have really toned down for Skechers USA’s Shape-up shoes that were such a hot ticket with customers for a time last year. The Manhattan Beach company announced last week that net income slid a surprising 77 percent in the most recent quarter compared with the same period last year.

The company’s Shape-ups have a rounded sole that’s supposed to help the wearer get a greater workout just by walking normally. Some analysts a few months ago knocked the company for sticking with the toning product too long after sales skidded.

Indeed, besides the swoon in earnings, Skechers reported that third quarter revenue stumbled nearly 26 percent to $412 million.

The company acknowledged that toning-shoe sales have suffered, but said that it has learned from the experience.

“Last year we were experiencing record sales growth as the leaders of an explosive new category,” Chief Executive Robert Greenberg said in a statement. “This year we are leveraging that learning – both in product development and distribution.”

A company spokeswoman did not respond to a request for comment.

Earnings were announced Oct. 26. The next day, Skechers’ stock dropped 5.3 percent, or 75 cents, to $13.48.

The business will survive without the toning shoes, said Jeffrey Van Sinderen, an analyst with West L.A. investment banking firm B. Riley and Co.

“Last year their toning business was bigger,” he said. “But this is a very diverse business and toning is only a fraction of it.”

The company’s other lines have seen increased sales internationally. To reinvent its fitness segment, Skechers has introduced a lightweight running shoe called GOrun.

Van Sinderen said such fitness shoes and the company’s core business of casual footwear should give Skechers a second wind next year.

“We think next year’s going to be a better year,” said Van Sinderen, who has a “buy” rating on the company’s stock. “They’re in the midst of a turnaround, and they’re redeveloping all their product lines. It’s a process.”