Skechers Q3 Results Miss Estimates; Stock Plunges - Quick Facts

(RTTNews) - Skechers U.S.A., Inc. (SKX) reported third quarter earnings and sales that missed Wall Street view and as a result, the company's stock plunged over 32 percent to $31.25 in the after-hours trading.

The company's net earnings for the third quarter improved 30.3 percent to $66.6 million from $51.1 million in the same period last year. Earnings per share were $0.43, compared to $0.33 in the prior year quarter.

On average, 8 analysts polled by Thomson Reuters expected the company to report profit per share of $0.55 for the quarter. Analysts' estimates typically exclude special items.

Third quarter net sales increased to $856.2 million from $674.3 million in the year-ago quarter. Analysts had a consensus revenue estimate of $876.54 million for the quarter. The company noted that the sluggish macro domestic retail environment and declining currency in several key markets had an impact on its net sales.

Looking ahead, Skechers said it is comfortable with the analysts' current consensus for fourth quarter revenue and earningsa and also sees the significant potential in the first quarter of 2016 and the entire year by investing in its product, marketing and infrastructure.