Shares of footwear provider Skechers (NYSE:SKX) are tumbling in the pre-market session today after the company’s third-quarter bottom line fell short of estimates and guidance numbers failed to cheer investors.
Revenue increased by 21.3% year-over-year to $1.88 billion, outperforming estimates by $70 million. EPS at $0.64, on the other hand, missed the cut by $0.06.
While the company saw robust growth domestically as well as internationally, rising transportation costs impacted gross margins.
Looking ahead, for the fourth quarter, Skechers sees top-line ranging between $1.725 billion and $1.775 billion. EPS is expected to hover between $0.30 and $0.40.
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