Shares of Skechers (SKX) - Get Skechers U.S.A., Inc. Class A Report  were falling hard Thursday after the footwear maker missed quarterly expectations on both the top and bottom lines. 

The stock was falling 12.9% to $30.74 a share in premarket trading. 

Earnings per share were 71 cents in the first quarter, missing Wall Street estimates of an adjusted 73 cents. A year earlier, the company earned 75 cents a share in the quarter.

Sales were $1.28 billion, below analysts' expectations of $1.29 billion. Sales rose from 2018's first quarter result of $1.25 billion, and were a record high for a quarter.

TheStreet Recommends

"The momentum we experienced in 2018 is continuing as we again achieved a new quarterly sales record in the first quarter of 2019," said Robert Greenberg, CEO.

The company guided for second-quarter sales of between $1.2 billion and $1.225 billion, and EPS of between 30 cents and 35 cents. Analysts estimate earnings of 39 cents a share.

The company bought back $15 million worth of stock in the first quarter, with $35 million available remaining for the share buyback program.

The stock has gained 52% this year.