FMP
Skechers USA Drops 6% on Weak Guidance
Feb 2, 2024 4:31 PM - Davit Kirakosyan
Image credit: FMP
Skechers USA (NYSE:SKX) saw its stock plummet by more than 6% intra-day today following the announcement of its first-quarter sales, which did not meet expectations.
The company reported earnings per share (EPS) of $0.56, marginally surpassing the forecasted $0.55. Nevertheless, Skechers' quarterly revenue of $1.96 billion was below the consensus estimate of $2.04 billion.
For the full year, Skechers USA set its EPS forecast in the range of $3.65 to $3.85, significantly under the consensus of $4.18. The company also anticipates its annual revenue to fall between $8.6 billion and $8.8 billion, which is less than the expected $8.94 billion.
Looking into the first quarter, Skechers expects sales to range from $2.175 billion to $2.225 billion, compared to the consensus of $2.19 billion. The projected EPS for the quarter is between $1.05 and $1.10, below the anticipated $1.20.
Additionally, Skechers USA detailed its capital expenditure forecast for the year, estimating total investments to be between $350 million and $400 million.
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