Skechers USA Inc. said its third-quarter net earnings jumped 15 percent, but its shares fell after the shoemaker forecast a fourth quarter below Wall Street projections.
The Manhattan Beach company said after Wednesday's market close that it earned $28.3 million (60 cents a share) compared with $24.7 million (53 cents) a year ago. Analysts had expected earnings of 56 cents.
Net sales grew 2 percent to a record $403 million. The company attributed strong showing to its new back-to-school product lines and advertising efforts. It also recorded a tax benefit.
"Although we achieved record revenues, we did not grow quite to the degree that we had expected in our domestic, international and retail businesses due to the economic climate," said Chief Financial Officer Fred Schneider in a statement.
Shares on Thursday closed down 77 cents, or 6 percent, to $11.40 on the New York Stock Exchange.
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