Skechers Misses 4Q Profit Forecasts

MANHATTAN BEACH, United States – Skechers USA Inc on Wednesday reported fourth-quarter profit of $21.9 million.

On a per-share basis, the Manhattan Beach, California-based company said it had profit of 43 cents.

The results fell short of Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 44 cents per share.

The shoe company posted revenue of $569.7 million in the period.

For the year, the company reported profit of $138.8 million, or $2.72 per share. Revenue was reported as $2.38 billion.

For the current quarter ending in March, Skechers said it expects revenue in the range of $690 million to $710 million. Analysts surveyed by Zacks had expected revenue of $637.4 million.

Skechers shares have climbed 12 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $62.04, more than doubling in the last 12 months.