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.
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Source:: Business By Insider