Skechers shares rally following fourth-quarter results
Shares of Skechers USA Inc. rose in Thursday’s extended session after the footwear retailer released its fourth-quarter results. Skechers said it swung to a fourth-quarter loss of $66.7 million, or 43 cents a share, from a profit of $6.7 million, or 4 cents a share, a year earlier. The company cited the U.S. tax cuts for its loss but stressed its international wholesale business rose 40.2%. On an adjusted basis, it would have earned 21 cents a share. Revenue rose to $970.6 million from $764.3 million. Analysts surveyed by FactSet had forecast earnings of 13 cents a share on revenue of $881 million. Shares rallied 4.8% in after-hours trading.
Source : MTV
