Skechers posts better-than-expected results, shares rise
April 22 (Reuters) - Footwear maker Skechers USA Inc 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. (Reporting by Siddharth Cavale in Bangalore; Editing by Kirti Pandey)
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