Skechers revenue misses estimates, stock plummets

Pedestrians pass in front of a Skechers store in New York.
Scott Mlyn | CNBC

Sports footwear retailer Skechers USA reported lower-than-expected rise in quarterly comparable sales and revenue, sending its shares down 35 percent after market.

Revenue rose 27 percent to $856.2 million in the third quarter ended Sept. 30, but missed the average analyst estimate of $876.5 million, according to Thomson Reuters I/B/E/S.

Comparable sales grew 10.4 percent, less than the 10.6 percent rise analysts had expected, according to Consensus Metrix.

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Net income attributable to Skechers rose to $66.6 million, or 43 cents per share in the third quarter, from $51.1 million, or 33 cents per share, a year earlier.

Shares fell to a low of $30 after the bell on Thursday.