Skechers gives 1Q outlook, hires new auditor

Skechers gives 1st-quarter outlook, names BDO its new auditing firm

Associated Press

MANHATTAN BEACH, Calif. (AP) -- Casual shoe maker Skechers Inc. on Wednesday gave guidance for its first quarter said it hired a new auditing firm.

The Manhattan Beach, Calif.-based company said it expects first-quarter net income of 8 to 12 cents per share on revenue of $3.51 million. It expects to post net income of 15 to 19 cents per share excluding a foreign currency translation loss and a $2.5 million credit to an account that bought some of its excess inventory of toning shoes in 2011.

Analysts on average were expecting adjusted earnings of 19 cents per share, according to FactSet.

Skechers expects first-quarter revenue of $440 million to $450 million. Analysts expect $433.2 million.

Skechers expects to file its quarterly report between May 10 and May 15.

The company also said it hired BDO USA as its new auditing firm.

Earlier this month accounting firm KPMG resigned as the auditor for Skechers and nutrition company Herbalife after a rogue partner allegedly leaked information about the companies to someone who used it to trade stocks.

KPMG fired the partner and has said it has no reason to believe there were any problems with the financial reports of Herbalife or Skechers.

Skechers's shares were up 6 cents in extended trading after the release of the earnings outlook. They had ended the regular trading session up 3 cents at $22.74.

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