Bloomberg the Company

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Follow Us

Industry Products

Markets & Finance

CIBC World Cuts Skechers to 'Sector Perform'


CIBC World downgraded Skechers USA (SKX) to sector perform from outperform.

Analyst Dorothy Lakner says while the retail environment has been difficult, sneaker and shoe company Skechers also is seeing increased competition. Lakner notes lower sales mainly are due to a lower level of reorders as well as lower sales from international. She says the company's relatively fixed expense base, and the costs of moving to a new Belgian warehouse, as well as reserves related to pending disputes caused the quarter to swing to a big loss.

Lakner cut the five cents fourth quarter earnings per share estimate to a 32 cents loss, and trimmed the $1.44 2002 earnings per share estimate to $1.06 earnings per share. Also, she cut the $1.53 2003 earnings per share to $1.26 earnings per share on basically flat sales. She has a new $10 target.


LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus