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Skechers Sinks Midday on Sketchy Guidance

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.

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