Improved Skechers Quarter Still DisappointsWednesday, October 23, 2013
Shares of Skechers USA Inc. fell 9 percent in after-hours trading Wednesday after the shoemaker’s third-quarter net income fell short of Wall Street expectations even though it rose 143 percent from last year.
After the markets closed, the Manhattan Beach company reported net income of $26.8 million (53 cents a share), compared with $11 million (22 cents) in the same period a year earlier. The results were impacted both by a higher tax rate and $900,000 in fees related to a re-audit of the company's 2011 and 2012 financial statements.
Revenue rose 20 percent to $516 million. Analysts surveyed by Thomson Reuters on average expected net income of 61 cents a share on revenue of $518 million.
Chief Executive Robert Greenberg said demand was strong across its women's, men's and children's collections.
Shares earlier closed down 21 cents, or 1 percent, to $29.17 on the New York Stock Exchange. They fell 9.2 percent in after-market trading.