Skechers tripped up in overnight trading as the trainer maker missed Wall Street forecasts in its latest quarter even though sales hit a new record.
Revenue in the three months to end December rose to US$1.96 billion, with gross margin also hitting a record at 53.1%, driven by the direct-to-consumer segment, said David Weinberg, chief operating officer.
International sales were especially strong in the quarter, said Weinberg, rising by 6.9% compared to a 4.4% rise overall.
Total sales for the year hit US$8 billion for the first time, up by 7.5%, with earnings per share of US$3.49, up 47%, though the fourth quarter’s US$0.55 was below estimates.
For 2024, the shoewear group has guided to revenues of between US$8.6-US$8.8 billion and EPS of US$3.65-US$3.85, both of which again were shy of market forecasts beforehand.
Shares fell 10% in overnight trading to US$63.36.