Skechers drops after guidance disappoints

|About: Skechers USA Inc. (SKX)|By:, SA News Editor

Skechers (NYSE:SKX) reports sales increased 16.5% in Q4 to $1.25B.

Comparable same store sales in company-owned stores increased 9.5% vs. 9.3% expected. The comp included a 7.0% rise in the U.S. and 17.6 % internationally.

Total international wholesale sales were up 17.9% to rep 54% of total sales. Domestic wholesale sales rose 8.5% during the quarter.

Gross margin rose 230 bps to 46.7% of sales as costs were levered down.

Looking ahead, Skechers sees Q2 sales of $1.120B to $1.145B vs. $1.16B consensus and EPS of $0.38 to $0.43 vs. $0.54 consensus.

The weak guidance is hitting shares. Skechers is down 17.44% in AH trading.

Previously: Skechers EPS in-line, beats on revenue (April 19)

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