From Investing.com:

Skechers USA stock fell 13% after hours due to disappointing Q1 sales. EPS came in at $0.56, slightly higher than the estimate of $0.55, but revenue was just $1.96 billion, missing the $2.04 billion consensus. For 2024, the company forecasts EPS of $3.65 to $3.85 and revenue between $8.6 and $8.8 billion, below the $4.18 billion and $8.94 billion consensus estimates, respectively.

Moreover, Skechers expects Q1 sales of $2.175 to $2.225 billion, compared to the expected $2.19 billion, with earnings per share between $1.05 and $1.10, below the expected $1.20. The company also projects total capital expenditures of $350 to $400 million for the year.

Despite the disappointing outlook, Skechers CFO, John Vandemore, remains optimistic, citing the company’s global brand position, product assortment, and worldwide execution capabilities. He expressed confidence in achieving the sales goal of $10 billion by 2026. Skechers remains focused on expanding internationally and deepening Direct-to-Consumer relationships in the face of ongoing challenges.



Read more: Skechers USA stock plunges on soft 2024 outlook By Investing.com