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Skechers profit misses consensus by 27.3% in Q3

Skechers U.S.A. Inc. said its normalized net income for the third quarter was 33 cents per share, compared with the S&P Capital IQ consensus estimate of 46 cents per share.

EPS increased 5.3% year over year from 32 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $51.6 million, a gain of 5.8% from $48.8 million in the year-earlier period.

The normalized profit margin dropped to 5.5% from 5.7% in the year-earlier period.

Total revenue increased 10.1% on an annual basis to $945.4 million from $858.5 million, and total operating expenses climbed 10.4% from the prior-year period to $842.0 million from $762.9 million.

Reported net income declined year over year to $65.2 million, or 42 cents per share, from $66.4 million, or 43 cents per share.