The apparel company Skechers is tanking on Friday after missing on both earnings and revenue in the third quarter.
The firm reported earnings of $0.42 a share, lower than analysts’ expectations for $0.46 a share. Revenue also came in light at $942 million against expectations for $954 million.
The company also missed analyst expectations on guidance for the fourth quarter, seeing net sales of $710 million to $740 million, much lower than the estimated $800 million.
“Impacting the Company’s domestic wholesale business was the sluggish retail environment in the United States, which resulted in several retailers either closing doors or ceasing operations, wide-spread discounting on other normally full-priced brands, as well as a shorter back-to-school period,” the firm said in a press release accompanying earnings.
Following the news, Skechers stock tanked by nearly 17% as of 10:20 a.m. ET on Friday to $19.05 a share, a $3.89 drop.
