Skechers 3Q net jumps but short of expectations

Skechers 3rd-quarter net income jumps, but results miss expectations; stock falls

Associated Press

MANHATTAN BEACH, Calif. (AP) -- NEWS: Skechers USA Inc. said Wednesday its net income doubled on better demand for its shoes at home and abroad, but the results fell short of analyst expectations. Skechers' shares dropped in after-hours trading.

DETAILS: Chief Financial Officer and Chief Operating Officer David Weinberg said demand was strong across all collections, women's, men's and children's. The company faced a higher tax rate and $900,000 in fees related to a re-audit of the company's 2011 and 2012 financial statements.

NUMBERS: Net income after paying preferred dividends for the three months that ended Sept. 30 more than doubled to $26.8 million, or 53 cents per share. That compares with net income of $11 million, or 22 cents per share, last year. Analysts expected 61 cents per share, according to FactSet. Revenue rose 20 percent to $515.8 million from $429.4 million last year. Analysts expected $518.2 million. Revenue at stores open at least a year, a key retail metric, rose 16.9 percent.

FUTURE: Weinberg said this month has been one of the strongest Octobers for incoming orders. "We believe the strong demand for our many product categories will continue into the foreseeable future," he said.

STOCK: Shares fell $2.67, or 9.2 percent, to $26.50 in aftermarket trading. The stock fell 21 cents in regular trading to close at $29.17 before the earnings were released. It is up 58 percent so far this year.

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