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Skechers posts better-than-expected results, shares rise

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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

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