SKECHERS USA Projects Q4 Sales Below Analysts' View - Quick Facts

(RTTNews) - SKECHERS USA, Inc. (SKX), a global footwear leader, announced, for the fourth quarter of 2016, the company expects net sales in the range of $710 million and $735 million. The outlook assumes single-digit increases and comps in its international wholesale business and total retail business, respectively, as well as a single-digit decrease in its domestic wholesale business. Analysts polled by Thomson Reuters expect the company to report revenue of $799.91 million, for the quarter.

Third-quarter net earnings decreased 2.2 percent to $65.1 million, while net earnings per share for the third quarter were $0.42, compared with $0.43 in the prior year. The company said its earnings per share for the third quarter of 2016 were negatively impacted by foreign currency translation and exchange losses of approximately $8.1 million, or $0.04 per share. On average, seven analysts polled by Thomson Reuters expected the company to report profit per share of $0.47 for the quarter. Analysts' estimates typically exclude special items.

Third-quarter net sales rose 10.1 percent to $942.4 million compared to third quarter 2015. The company said this increase was the result of an 18.3 percent increase in the international wholesale business and a 16.0 percent increase in its company-owned global retail business with total comp store sales increases of 3.2 percent. Analysts expected revenue of $954.38 million, for the quarter. Domestic wholesale business decreased 3.4 percent, during the quarter.

Shares of SKECHERS USA were down more than 14% after hours.