Skechers Reports Better-Than-Expected QuarterWednesday, February 12, 2014
Shares of Skechers USA Inc. rose than 13 percent in after-market trading on Wednesday after the trendy shoemaker reported fourth-quarter profit that soared past Wall Street estimates.
After the markets closed, the Manhattan Beach reported net income of $14 million (28 cent a share), 250 percent higher than in the same period a year-earlier. Revenue rose 14 percent to more than $450 million, with double-digit increases at both its company-owned retail and domestic wholesale businesses, and single-digit increases in its international and e-commerce businesses.
Analysts surveyed by Thomson Reuters on average had expected net income of 16 cents a share on revenue of less than $449 million.
The company expects to open 60 to 70 new stores this year.
“We believe 2013, with our second highest annual net sales ever, was the beginning of a growth trend for Skechers that we see continuing through 2014," Chief Operating Officer David Weinberg said in a statement.
Shares had closed down 6 cents, or less than 1 percent, to $29.98 on the New York Stock Exchange. They rose 14 percent in after-hours trading.