Skechers Shares Rise on Sales

Skechers USA Inc. shares rose as the footwear company's chief operating officer said sales got off to a strong start for 2016 and that fourth-quarter revenue rose a better-than-expected 27%.

The Manhattan Beach, Calif., company's shares rose 7.2% to $29.11 in recent after-hours trading.

Looking ahead to the coming year, Chief Operating Officer David Weinberg said in prepared remarks that Skechers company-owned stores are on target with January comparable sales growth in the mid- to high-single digits and that the company is continuing to improve its market share.

The first quarter also got off to a strong start, Mr. Weinberg said, with January sales growth of 35% along with "a strong first week of February."

Over all, Skechers reported a profit of $29.4 million, or 19 cents a share, up from $21.9 million, or 14 cents a share, a year earlier. Revenue increased to $722.7 million from $569.7 million.

Analysts polled by Thomson Reuters expected per-share profit of 20 cents and revenue of $693 million.

Write to Tess Stynes at [e-mail]

(END) Dow Jones Newswires

February 10, 2016 18:35 ET (23:35 GMT)

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