Skechers Says Research Data on Sales Decline Was MisleadingCraig Giammona
Skechers USA Inc., whose stock dropped almost 10 percent yesterday after analysts raised concern that sales are slowing, said today that independent research data may have been misinterpreted.
The shares had their biggest one-day decline in almost two years yesterday after SportScanInfo data suggested that demand may be ebbing. Sales fell about 3 percent in the week ended Sept. 20, hurt a slowdown in Skechers’ offerings for children.
Skechers Chief Financial Officer David Weinberg said today that the decline didn’t show the total picture. The figures don’t reflect “key accounts,” such as Amazon.com Inc., Zappos.com, Kohl’s Corp. and Finish Line/Macy’s, he said.
“The data can be misinterpreted or skewed,” Weinberg said. “For the week ending Sept. 20, 2014, Skechers sales were down 3 percent, but improved 19 percent for the trailing four weeks and 33 percent for the trailing 13 weeks.”
Skechers gained 3.1 percent to $54.05 at the close in New York, after rising as much as 7.8 percent. The stock has advanced 63 percent this year.
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