Skechers USA Inc. shares jumped 18 percent on Thursday morning, a day after the company reported a loss after cutting prices to clear out inventories of its toning shoes. Executives said new versions of the shoes were selling well.

After the markets closed on Wednesday, the Manhattan Beach footwear maker reported a net loss of $30 million (62 cents per share), compared with net income of $40.2 million (82 cents) a year ago. Sales fell 14 percent to $434 million.

Analysts surveyed by Thomson Reuters on average had expected a loss of 34 cents per share on revenue of more than $438 million.

The company said it “aggressively reduced” its excess inventory of original Shape-ups toning shoes by selling 2 million pairs for a loss of $21 million. The shoes feature a distinctive round sole that the company claimed promotes weight loss and tone muscles by making the wearer work harder. But the shoes also generated negative publicity for Skechers from critics who doubted the shoe’s effectiveness and claimed the design’s instability could cause injuries.

Even so, the company has stuck with the concept. Chief Executive Robert Greenberg said revamped models of the shoes were shipped to stores in June and July and appeared to be selling well.

“Every business faces challenges as they grow, and at this time last year we were experiencing record growth and were the leaders in an explosive new category of footwear,” Greenberg said in a statement. “We believe Skechers continues to be a brand in demand globally, and there are many opportunities to grow our business in the coming years.”

Shares were up $2.59, or 18 percent, to $16.89 in Thursday midday trading on the New York Stock Exchange.