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By
Reuters
Published
Jan 12, 2010
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Skechers sees fourth quarter well ahead of Wall Street estimates

By
Reuters
Published
Jan 12, 2010

Jan 12 (Reuters) - Skechers USA Inc (SKX.N) on Tuesday 12 January forecast fourth-quarter results way ahead of market expectations and said it expects this momentum to continue into 2010, sending shares up 3 percent.



For the fourth quarter, Skechers, which is scheduled to report results in February, expects to earn 50 cents a share, compared with a net loss of 44 cents in the fourth quarter of 2008.

The Manhattan Beach, California-based company also expects revenue to be more than $385 million.

Analysts, on average, were looking at earnings of 19 cents a share, on revenue of $321.6 million.

"Key indicators, including our backlog and comp store sales, lead us to believe the strong demand for our footwear will continue in 2010," CFO David Weinberg said in a statement.

Shares were up at $30.32 in opening trade on Tuesday 12 January. They had closed at 29.43 Monday 11 January on the New York Stock Exchange. (Reporting by Nivedita Bhattacharjee in Bangalore; Editing by Anthony Kurian)

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