Skechers Q4 Results Top Estimates - Update

(RTTNews) - Footwear company Skechers USA Inc. (SKX) Wednesday reported a significant increase in fourth-quarter profit that topped estimates on higher revenues. The stock gained over 15 percent in the extended trade.

Net income climbed to $14.17 million or $0.28 per share from $4 million or $0.08 per share last year.

On average, seven analysts polled by Thomson Reuters estimated earnings of $0.16 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues jumped 14 percent to $450.74 million from $395.62 million in the prior year. Analysts expected revenues of $448.58 million.

Gross margin was 44.5 percent compared to 42.6 percent in the fourth quarter of 2012.

David Weinberg, CFO, said, ''The momentum we experienced in the first nine months of 2013 continued in the fourth quarter, which resulted in the second highest fourth quarter sales in the Company's history and a 13.9 percent net sales increase for the period on top of last year's fourth quarter net sales gain of 39.7 percent."

Looking ahead, Skechers expects to open 60 to 70 new company-owned stores this year. The company expects improved international sales and profitability to continue to have a positive impact on its 2014 effective tax rate, which is expected to be between 25 percent and 30 percent.

SKX closed down 0.2 percent on Wednesday at $29.98, but added 15.1 percent in the extended trade.