Investing.com - Shoe company Skechers fell sharply midday following disappointing profit and sales guidance.
Skechers (NYSE:SKX) fell 11%, while the S&P 500 consumer discretionary index rose 0.5%.
The company met first-quarter earnings and sales forecasts of analysts surveyed by Investing.com. But looking ahead the company’s numbers were below what Wall Street analysts are expecting.
Skechers predicted a second-quarter profit between 30 and 35 cents per share, shy of the S&P Capital IQ consensus of 39 cents per share.
Sales are seen between $1.2 billion and $1.225 billion, below the consensus of $1.24 billion.
Even with today’s plunge the stock is still up about 38% year to date.