Skechers Shares Fall as Earnings Trail Forecasts - TheStreet

Shares of Skechers USA (SKX) - Get Report fell after its third-quarter earnings lagged expectations.

The Manhattan Beach, Calif., footwear maker reported net income of $103.1 million, or 67 cents a share, up 14% from $90.7 million, or 58 cents, in the year-earlier quarter.

Sales gained 15% to $1.35 billion from $1.18 billion.

Analysts surveyed by FactSet expected earnings per share of 69 cents on revenue of $1.35 billion.

Looking at the fourth quarter, Skechers estimates earnings per share of 35 cents to 40 cents as sales total $1.23 billion to $1.25 billion. Analysts expect earnings per share of 39 cents on revenue of $1.22 billion.

"Skechers is firing on all cylinders," CEO Robert Greenberg said in a statement. "Our global marketing efforts are creating awareness and generating demand. Our product is innovative, relevant and comfortable. We achieved a new sales record in the third quarter."

Skechers shares on Wednesday traded at $36.43, down 4.1%.

This article is commentary by an independent contributor. At the time of publication, the author held no position in the stocks mentioned.