Corp 1000

: Skechers stock drops after profit warning

Skechers USA Inc. SKX stock fell 2.5% in after-market trades Thursday after the footwear company projected it would fall short of first-quarter and full-year 2023 profit estimates. For the first quarter, Skechers expects earnings of 55 cents to 60 cents a share, below the analyst estimate of 86 cents a share, according to data compiled by FactSet. For 2023, Skechers expects earnings of $2.80 to $3.00 a share, below the analyst forecast of $3.09 a share. Skechers reported fourth-quarter net income of $75.5 million, or 48 cents a share, down 81% from $402.4 million, or $2.56 a share, in the year-ago quarter. Adjusted earnings in the latest quarter totaled 48 cents a share, ahead of the estimate of 37 cents a share. Sales rose 13.5% to $1.88 billion, ahead of the analyst target of $1.77 billion.

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