logo-loader

Skechers crumbles on disappointing Q3 sales

Published: 02:21 24 Oct 2015 AEDT

shutterstock_258183602
Skechers lost one-third of its market value on Wednesday.

Skechers USA (NYSE:SKX) plummeted after currency headwinds and sluggish retail environment prompted the sports footwear maker to post third-quarter sales that fell below Wall Street estimates.

Shares fell 34% to $30.61 at 11:04 a.m. in New York.

Revenue rose 27% to $856.2 million in the September quarter, the Manhattan Beach, California-based company said in a statement on Thursday. That result, however, lagged behind the average analyst estimate of $876.5mln, according to Capital IQ data.

The average value of the dollar rose about 17% against a basket of currencies in the third quarter compared with a year earlier. International sales represented 43% of total revenue in the third quarter.

Same-store sales increased 10.4% in the quarter, less than the 10.6% rise analysts had forecast.

The company reported profit advanced to $66.6mln, or $0.43 per share in the third quarter, from $51.1mln, or $0.33 per share, a year earlier.

Australian Strategic Materials signs US$600 million LoI

Rowena Smith, CEO and managing director of Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF), joins Jonathan Jackson in the Proactive studio to discuss the company’ s Dubbo Project, in Central West New South Wales. This project aims to extract and process critical minerals and rare earth...

8 hours, 7 minutes ago