UPDATE: Skechers Posts Q4 Profit

Skechers USA

reported a profit in the fourth quarter. Skechers posted a quarterly profit of $3.96 million, or $0.08 per share, versus a year-ago loss of $57.7 million, or $1.18 per share. Its sales surged 40% to $395.6 million. However, analysts expected a loss of $0.11 per share on revenue of $337.6 million. Its gross margin rose to 42.6% from 39.8%. Skechers shares jumped 11.39% to $21.80 in after-hours trading.