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.
