Skechers USA (SKX) Misses Q3 EPS by 5c; Guides Lower
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Skechers USA (NYSE: SKX) reported Q3 EPS of $0.42, $0.05 worse than the analyst estimate of $0.47. Revenue for the quarter came in at $942.4 million versus the consensus estimate of $954.38 million.
Skechers USA sees Q4 2016 revenue of $710-735 million, versus the consensus of $799.9 million.
“Skechers achieved a new third quarter sales record for the period, and the second highest sales quarter in our 24-year history. This also resulted in a new nine-month sales record of $2.8 billion,” began David Weinberg, chief operating officer and chief financial officer. “The quarterly sales increase was primarily the result of 18.3 percent growth in our international wholesale business, which now comprises 40.1 percent of our total sales, or 47.9 percent including international retail. We believe that our international business represents the greatest growth opportunity with many countries continuing to show strong growth in the quarter, including China at just over 50 percent in net sales. To further grow our business internationally, we have transitioned certain international distributors to our subsidiary or joint venture model, including Israel most recently to a joint venture, and we are in the final stages of South Korea moving to a joint venture as well. We are also pleased with the 16.0 percent sales growth in our global retail business with 556 Company-owned Skechers retail stores, including 150 international locations, at quarter end. Including third-party-owned stores, there are now 1,716 Skechers stores worldwide.”
For earnings history and earnings-related data on Skechers USA (SKX) click here.
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