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Skechers, VF Miss Estimates as Shaky Economy Hurts Apparel

  • Shares of Skechers plunge after earnings come in short
  • VF, the owner of North Face and Timberland, tempers forecast
Updated on

Skechers USA Inc. and VF Corp. posted weaker second-quarter results than analysts predicted, a sign the shaky global economy prompted shoppers to put off purchases of sneakers and jeans.

Shares of Skechers plunged as much as 23 percent after it posted second-quarter earnings of 48 cents a share. Analysts estimated 53 cents. At VF, which owns the North Face, Lee and Wrangler brands, revenue missed estimates and management tempered the company’s annual forecast.