Skechers U.S.A. Inc (NYSE:SKX) shares are tumbling in Thursday’s after-hours session on the heels of the company’s fourth-quarter results. Here’s a rundown of the report.
Q4 Earnings: Skechers said fourth-quarter revenue increased 4.4% year-over-year to $1.96 billion, which missed the consensus estimate of $2.03 billion, according to Benzinga Pro. The company reported quarterly earnings of 56 cents per share, which beat analyst estimates of 54 cents per share.
The 4.4% sales increase was driven by a 6.9% increase internationally and a 0.3% increase domestically. Wholesale sales declined by 8.3% in the quarter, while direct-to-consumer sales grew 20.3%.
“2023 was a dynamic year full of challenges, which the Skechers team faced with outstanding determination and agility. We are optimistic about 2024, where we will continue to execute against our long-term growth strategy of expanding internationally and deepening our Direct-to-Consumer relationships, and we remain confident in our sales goal of $10 billion by 2026,” said John Vandemore, CFO of Skechers.
Outlook: Skechers sees first-quarter revenue in the range of $2.175 billion and $2.225 billion versus $2.20 billion consensus. The company expects first-quarter earnings to be between $1.05 and $1.10 per share versus the consensus of $1.20 per share.
Skechers also guided for full-year 2024 sales of $8.6 billion to $8.8 billion versus the consensus of $8.93 billion, and full-year earnings of $3.65 to $3.85 per share, falling short of $4.18 consensus.
Management will hold a conference call to discuss these results at 4:30 p.m. ET.
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SKX Price Action: Skechers shares were down 13.3% after hours at $55.16 at the time of publication, according to Benzinga Pro.
Photo: modi74 from Pixabay.
