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Fashion Jobs
By
Reuters
Published
Oct 28, 2011
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Skechers Q3 profit beats, shares up

By
Reuters
Published
Oct 28, 2011

Skechers USA Inc posted a much better-than-expected quarterly profit as it carefully managed inventories to counter a sharp decline in demand for its once-popular toning shoes.

SKECHERS
Photo : Skechers

July-September net income fell to $8.3 million, or 17 cents a share, compared with $36.4 million, or 74 cents a share, a year ago.

Sales fell 25 percent to $412.2 million.

On an adjusted basis, the shoemaker earned 8 cents a share, while analysts expected the company to earn 1 cent a share, according to Thomson Reuters I/B/E/S.

"The decrease in revenue is primarily attributable to ... the decline in higher priced toning footwear and lower-than-expected sales across many of other Skechers footwear lines," Chief Financial Officer David Weinberg said in a statement.

Shares of Manhattan Beach, California-based company were trading up at $15.02 in extended trading on Wednesday. They closed at $14.23 on the New York Stock Exchange.

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