Skechers posts better-than-expected results, shares rise

Getty Images

Footwear maker Skechers USA reported better-than-expected quarterly results, helped by strong sales to U.S. and international wholesale customers.

The company's shares rose as much as 14 percent to $41.99 in extended trading.

"The demand for Skechers footwear from both our customers and consumers has been above and beyond our expectations," Chief Financial Officer David Weinberg said in a statement.

Net income attributable to Skechers jumped to $30.9 million, or 61 cents per share, in the first quarter ended March 31 from $6.6 million, or 13 cents per share, a year earlier.

Sales rose 21 percent to $546.5 million.

Analysts on average had expected a profit of 33 cents per share on revenue of $503.1 million, according to Thomson Reuters I/B/E/S.

Skechers shares closed at $36.87 on the New York Stock Exchange on Tuesday.

—By Reuters

Contact Earnings


    Get the best of CNBC in your inbox

    To learn more about how we use your information,
    please read our Privacy Policy.
    › Learn More