Bolstered by stronger-than-expected sales during the holiday season, Skechers USA Inc. raised its fourth quarter and year-end guidance Monday.
The Manhattan Beach-based shoe maker and retailer raised its fourth quarter revenue projections to between $295 million to $300 million, from between $255 million to $265 million and subsequently raised its earnings per share forecast to between 28 to 31 cents per share, up from 22 to 27 cents.
The company also increased its annual forecasts for revenues and earnings to $1.2 billion, up from $1.16 billion, and earnings per share forecast to between $1.55 and $1.58, up from $1.49 to $1.54.
"We are very pleased with our continued strong sales performance in the fourth quarter, which represents a strong end to a record year, and more than a 30 percent increase over the fourth quarter 2005," Robert Greenberg, Skechers' chairman and chief executive said. "All 10 of our brands are performing well. The strong reception to our brands drove sales across all of our business channels -- wholesale, retail, international and e-commerce."
Shares in Skechers shot up $1.38 in midday trading to $33.91.
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