Skechers USA Inc. on Friday raised its fourth-quarter profit and revenue outlook, citing better-than-expected sales growth.
The Manhattan Beach-based footwear maker said it now expects fourth-quarter earnings of 12 cents to 14 cents per share, up from previous guidance of 2 cents to 7 cents per share. Fourth-quarter revenue is expected to be in the range of $220 million $223 million, above the high-end of company's previous outlook of $210 million to $220 million.
For the full year, Skechers anticipates earnings of $1.04 to $1.06 per share on revenue of $1.003 billion to $1.006 billion.
Analysts had forecast fourth-quarter profit of 6 cents per share on revenue of $218.98 million and full-year earnings of 98 cents per share on revenue of $1 billion.
"We believe we will continue this momentum into 2006 based on our key indicators including the great customer reaction during our January pre-line reviews and positive comp sales in our own retail stores last month," said Robert Greenberg, the company's chief executive, in a statement.
The company will release its fourth-quarter and full-year financial results on Feb. 22.
Skechers rose 2.3 percent to settle at $18.80 on Friday, trading at more than four times the average volume. Shares rose as high as $20 just after the company announcement.
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