By Bob Bryan

Apparel company Skechers is tanking on Friday after missing on both earnings and revenue in the third quarter.

The firm reported earnings of $0.42 per share, lower than analysts’ expectations for $0.46 per share. Revenue also came in light at $942 million against expectations of $954 million.

The company also had lower guidance for the fourth quarter, seeing net sales of $710 million to $740 million, much lower than estimates of $800 million.

Impacting the Company’s domestic wholesale business was the sluggish retail environment in the United States, which resulted in several retailers either closing doors or ceasing operations, wide-spread discounting on other normally full-priced brands, as well as a shorter back-to-school period,” said the firm in a press release accompanying earnings.

Following the news, Skechers stock tanked nearly 17% as of 10:20 a.m. ET to $19.05 a share, a $3.89 drop.

Google Finance

NOW WATCH: FEMA is tracking Hurricane Matthew using the ‘Waffle House Index’

Please enable Javascript to watch this video

Read more stories on Business Insider, Malaysian edition of the world’s fastest-growing business and technology news website.

Source:: Business By Insider