Skechers USA (NYSE:SKX) plummeted after currency headwinds and sluggish retail environment prompted the sports footwear maker to post third-quarter sales that fell below Wall Street estimates.
Shares fell 34% to $30.61 at 11:04 a.m. in New York.
Revenue rose 27% to $856.2 million in the September quarter, the Manhattan Beach, California-based company said in a statement on Thursday. That result, however, lagged behind the average analyst estimate of $876.5mln, according to Capital IQ data.
The average value of the dollar rose about 17% against a basket of currencies in the third quarter compared with a year earlier. International sales represented 43% of total revenue in the third quarter.
Same-store sales increased 10.4% in the quarter, less than the 10.6% rise analysts had forecast.
The company reported profit advanced to $66.6mln, or $0.43 per share in the third quarter, from $51.1mln, or $0.33 per share, a year earlier.