Shares in Skechers USA Inc. fell sharply in after-market trading Wednesday when the shoemaker reported record first quarter sales that failed to meet Wall Street expectations and lowered its second quarter forecast.

Skechers reported first-quarter net income of $24 million (52 cents per share), up 41 percent from $17 million (38 cents) a share from a year ago, though that was short of analysts’ predictions of 53 cents, according to a Thomson Financial poll.

The Manhattan Beach-based footwear company said sales also jumped 24 percent to $345 million, beating analysts’ forecast of $334 million.

Skechers lowered second quarter forecast calls for earnings of 41 cents to 46 cents per share on sales of $350 million to $360 million. Analysts were expecting per-share earnings of 49 cents on revenue of $346 million.

Shares in Skechers closed up 50 cents to $35.75 but quickly retreated 9 percent, or $3.25, after the earnings announcement.