Skechers net income surges on strong sales

Skechers USA Inc., the Manhattan Beach designer of trendy sneakers, said third-quarter profit surged 76% on strong back-to-school sales and forecast full-year results well above Wall Street estimates.

The company reported earnings of $22.2 million, or 49 cents a share, up from $12.6 million, or 30 cents, a year earlier. A nonrecurring tax gain boosted earnings by 3 cents a share. Sales rose 21% to $331.1 million.

Analysts, on average, were looking for earnings of 40 cents a share on sales of $317.4 million, according to Thomson Financial.

Looking ahead, Skechers forecast fourth-quarter earnings of 22 cents to 27 cents a share on sales of $255 million to $265 million. Analysts are looking for earnings of 17 cents a share on sales of $248 million.

For the full year, the company expects earnings of $1.49 to $1.54 a share and sales of $1.16 billion to $1.17 billion. Wall Street is forecasting profit of $1.35 a share on sales of $1.14 billion.

Skechers shares closed up 35 cents at $27.05.