April 22 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
"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
Skechers shares closed at $36.87 on the New York Stock
Exchange on Tuesday.
(Reporting by Siddharth Cavale in Bangalore; Editing by Kirti