Skechers USA Inc shares run higher after fourth quarter slips into loss but sales beat market consensus
Skechers USA Inc (NYSE:SKX) shares were on the uptick after the footwear company released its fourth quarter results which saw it slip into a loss.
The company blamed the loss of US$66.7mln, or loss of 43 US cents a share, from a profit of US$6.7mln, or 4 US cents a share, from a year earlier to the recently passed US tax reform.
Revenue beats market expectations
It highlighted that its international wholesale business saw a 40.2% growth during the quarter.
On an adjusted basis, the company earned 21 US cents a share.
Revenue grew to US$970.6mln from US$764.3mln, against the market’s expectations for earnings of 13 US cents a share on revenue of US$881mln.
Monumental year
“2017 was a monumental year for Skechers as we achieved sales of more than $4 billion for the first time in our 25-year history,” said Robert Greenberg, Skechers chief executive officer in a statement on Thursday.
The company now has stores in 2,570 locations at year-end.
Its shares rose 7.88% at US$41.97 in early trade.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/191462/skechers-usa-inc-shares-run-higher-after-fourth-quarter-slips-into-loss-but-sales-beat-market-consensus-191462.html
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