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Skechers Falls After Tripping Up On Another Q3 Report

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Skechers USA Inc (NYSE: SKX) is getting crushed after hours after reporting a Q3 earnings miss.

Skechers has been in decline ever since the company had a disastrous Q3 in fiscal year 2015; on that day, the company's shares lost nearly one third of its value.

Fast forward to the present, and shares are acting in a similar fashion, down 14 percent this time around.

Skechers reported revenue of $942 million against the consensus estimate of $954 million. Earnings also fell $0.05 short of estimates, at $0.42 per share.

"The quarterly sales increase was primarily the result of 18.3 percent growth in our international wholesale business, which now comprises 40.1 percent of our total sales, or 47.9 percent including international retail. We believe that our international business represents the greatest growth opportunity," said Skechers CFO David Weinberg.

While the quarter was a new third quarter sales record for the company, it still fell considerably short of analyst estimates and it's weighing on shares. Q3 was the second highest sales quarter in the company's 24-year history.

The stock traded recently at $19.82, down 13.6 percent in the after-hours session.

Posted-In: Earnings News After-Hours Center Movers

 

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