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Skechers drops more than 20 percent after earnings miss

Shares of footwear maker Skechers tumbled more than 20 percent in aftermarket trading on Thursday after the company reported disappointing quarterly results and forecast a weak outlook for the third quarter.

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The company reported earnings per share of 29 cents, well short of the 41 cents expected by analysts. Revenue of $1.12 billion was up 10.6 percent from the same period last year, in line with expectations. Profit of $45 million was down 23.9 percent from last year.

Same-store sales in the U.S. rose 2.2 percent.

The company said it expects to see sales in the range of $1.2 billion to $1.225 billion in the third quarter and EPS of 50 cents to 55 cents a share. But estimates by analysts as tracked by FactSet call for third quarter EPS of 67 cents and sales of $1.26 billion.

CNBC

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