SKX. Skechers 3rd-qtr earnings rise, cuts 4th-qtr view
October 23, 2002 07:48:00 AM ET
MANHATTAN BEACH, Calif., Oct 23 (Reuters) - Trendy shoemaker Skechers U.S.A. Inc. (SKX) on Wednesday said third-quarter earnings rose despite weak demand and a slow back-to-school selling period.
The company said earnings for the quarter were $14.1 million, or 35 cents per share, compared to $11.4 million, or 30 cents per share last year.
Skechers, which sells fashionable casual and athletic shoes at lower prices than most major brands, lowered its earnings expectations for the quarter in September to a range of 30 cents to 35 cents a share and analyst estimates fell in line. The average analyst estimate, according to Thomson First Call, was 30 cents per share, with a range of 25 cents to 32 cents per share.
Net sales for the quarter fell to $261.1 million from $287.9 million last year.
Manhattan Beach, California-based Skechers said it cut its already lowered fourth-quarter estimate. It now expects earnings per share in the range of 3 cents to 8 cents on sales between $195 million and $205 million. REUTERS
