Footwear maker Skechers USA Inc’s shares declined recently after same-store sales missed estimates in the second quarter ended June 30, 2018. Net earnings of the company were reported to be $45.3 million, declining by 24 percent year-over-year. Sales grew 10.6 per cent as a result of a 24.9 per cent increase in the company’s international wholesale business, and 12.8 per cent increase in its company-owned global retail business. Sales reached $1.13 billion.
Comparable same store sales in company-owned stores worldwide grew by 4.5 per cent, including a 2.2 per cent rise in the United States and an 11.3 per cent increase internationally, however the company suffered from a weak domestic wholesale business, which fell 7 per cent, and a 6.1 per cent decrease in the company’s international distributor business.
For the third quarter of 2018, the company expects to reach sales in the range of $1.200 billion to $1.225 billion, and diluted earnings per share of $0.50 to $0.55.