NEW YORK (TheStreet) -- Shares of footwear maker Skechers (SKX) are falling after research firm SportscanInfo reported that the company's sales had fallen 3% last week. However, Sterne Agee recommended buying the stock on any weakness.
WHAT'S NEW: Skechers' sales fell 3% last week, SportscanInfo reported, according to Sterne Agee analyst Sam Poser. However, average selling prices for Skechers' footwear jumped 16% last week, Poser stated. Additionally, retailers' feedback on Skechers continues to be positive, as most expect their sales of the footwear maker's products to rise by double digit percentage levels, Poser added. He blames last week's sales decline on depleted inventories after strong back to school sales and weak demand for the company's children's shoes after schools reopened earlier this month. Poser kept a $70 price target and Buy rating on Skechers.
PRICE ACTION: In mid-morning trading, Skechers shares fell 9.6% to $52.53.
Reporting by Larry Ramer.