Skechers Shares Rise on Sales
11 February 2016 - 10:50AM
Dow Jones News
Skechers USA Inc. shares rose as the footwear company's chief
operating officer said sales got off to a strong start for 2016 and
that fourth-quarter revenue rose a better-than-expected 27%.
The Manhattan Beach, Calif., company's shares rose 7.2% to
$29.11 in recent after-hours trading.
Looking ahead to the coming year, Chief Operating Officer David
Weinberg said in prepared remarks that Skechers company-owned
stores are on target with January comparable sales growth in the
mid- to high-single digits and that the company is continuing to
improve its market share.
The first quarter also got off to a strong start, Mr. Weinberg
said, with January sales growth of 35% along with "a strong first
week of February."
Over all, Skechers reported a profit of $29.4 million, or 19
cents a share, up from $21.9 million, or 14 cents a share, a year
earlier. Revenue increased to $722.7 million from $569.7
million.
Analysts polled by Thomson Reuters expected per-share profit of
20 cents and revenue of $693 million.
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
February 10, 2016 18:35 ET (23:35 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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