Shares of footwear maker Skechers tumbled more than 20 percent in aftermarket trading on Thursday after the company reported disappointing quarterly results and forecast a weak outlook for the third quarter.
The company reported earnings per share of 29 cents, well short of the 41 cents expected by analysts. Revenue of $1.12 billion was up 10.6 percent from the same period last year, in line with expectations. Profit of $45 million was down 23.9 percent from last year.
Same-store sales in the U.S. rose 2.2 percent.
The company said it expects to see sales in the range of $1.2 billion to $1.225 billion in the third quarter and EPS of 50 cents to 55 cents a share. But estimates by analysts as tracked by FactSet call for third quarter EPS of 67 cents and sales of $1.26 billion.