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MANHATTAN BEACH, Calif. (AP) _ Skechers USA Inc. (SKX) on Thursday reported first-quarter net income of $108.8 million.
The Manhattan Beach, California-based company said it had net income of 71 cents per share. Earnings, adjusted for non-recurring costs, came to 73 cents per share.
The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 72 cents per share.
The shoe company posted revenue of $1.28 billion in the period, which fell short of Street forecasts. Four analysts surveyed by Zacks expected $1.29 billion.
Skechers expects full-year earnings to be 30 cents to 35 cents per share, with revenue in the range of $1.2 billion to $1.23 billion.
Skechers shares have climbed 54 percent since the beginning of the year. The stock has decreased 17 percent in the last 12 months.
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