Skechers shares plunge after lower second-quarter guidance
Shares of Skechers USA Inc. fell more than 16% late Thursday after the retailer missed first-quarter per-share earnings expectations by one penny and predicted second-quarter earnings and sales below Wall Street forecasts. Skechers said it earned $117.7 million, or 75 cents a share, in the first quarter, compared with $94 million, or 60 cents a share, in the year-ago period. Sales rose 17% to $1.25 billion, compared with $1.07 billion a year ago, the company said. Analysts polled by FactSet had expected earnings of 76 cents a share on sales of $1.20 billion. Skechers said it expects sales in the range of $1.120 billion to $1.145 billion in the second quarter, and diluted per-share earnings of 38 cents to 43 cents. The analysts surveyed by FactSet expect second-quarter per-share earnings of 55 cents on sales of $1.16 billion. Shares of Skechers ended the regular trading day down 0.3%.