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Skechers Q1 Profit Down

Skechers U.S.A. Inc. (SKX) Thursday reported first-quarter net earnings of $49.1 million or $0.32 per share, down from $108.8 million or $0.71 per share last year.

First-quarter sales dropped 2.7% to $1.24 billion from $1.28 billion last year.

Analysts polled by Thomson Reuters expected earnings of $0.39 per share on revenues of $1.22 billion for the quarter. Analysts' estimates typically exclude special items.

Sales decreased 2.7 percent as a result of a 6.8 percent decrease in its international business which was partially offset by a 2.9 percent increase in the company's domestic business. On a constant currency basis, the company's total sales decreased 1.2 percent.

Looking forward, the company said it is not providing any further financial guidance at this time given the ongoing business disruption and substantial uncertainty surrounding the impact of the COVID-19 pandemic on its business globally.

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