(Reuters) – Footwear maker Skechers USA Inc <SKX.N> missed estimates for same-store sales on Thursday, due to a drop in sales at its domestic wholesale business and international distributor unit, sending the company’s shares down nearly 23 percent after market.
Same-store sales in the second quarter was up 4.5 percent, missing analysts’ estimate of 5.20 percent, according to Consensus Metrix.
The company’s forecast for third-quarter sales also missed analysts’ estimates, according to Thomson Reuters I/B/E/S.
Net earnings attributable to Skechers fell to $45.3 million, or 29 cents per share, in the second quarter ended June 30, from $59.5 million, or 38 cents per share, a year earlier.
(Reporting by Nivedita Balu in Bengaluru)