Skechers' U.S. business weakens

From Times Wire Reports

Casual shoe and sneaker maker Skechers USA Inc. said fourth-quarter net income fell 17%, hurt by weak domestic sales amid a difficult retail environment.

Profit fell to $12.1 million, or 26 cents a share, from $14.6 million, or 33 cents, a year earlier. Revenue fell nearly 1% to $302 million.

Analysts polled by Thomson Financial predicted profit of 29 cents a share on revenue of $310.9 million.

Skechers' international business grew "significantly," but its U.S. business declined as the company closed some underperforming brands and faced a "slow" retail environment, the Manhattan Beach company said.

Skechers shares rose 32 cents to $21.60 in after-hours trading after closing at $21.28.

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