Shoo-In: Skechers Bests Earnings Estimates on Big Sales Jump

Skechers U.S.A.

(SKX) - Get Report

saw an 8% increase in sales and an 19% increase in earnings, beating analyst estimates by 10 cents.

The shoe company said its first-quarter net income was $20.3 million, or 53 cents a share, 18.6% above the year-ago quarter's $17.1 million, or 45 cents a share. Analysts polled by Thomson Financial/First Call had been expecting 43 cents a share.

Net sales grew almost 8% to $244.9 million from $227.5 million a year ago.

The company said that its strong bottom-line growth in the quarter was due in part to expense control and inventory management improvements.

Without providing specific guidance, the company said it expects to achieve near-term financial targets and long-term strategic goals.

Shares of Skechers closed at $22.24 Tuesday.