Skechers USA Inc. (SKX) saw its stock plunge over 12% in pre-market trading on Friday, February 7th, after the popular shoe company reported disappointing fourth-quarter earnings and provided a weaker-than-expected outlook for the current quarter and full year on Thursday.
The sharp decline was primarily driven by uncertainty around the impact of higher tariffs on goods imported from China. During the earnings call, Chief Financial Officer John Vandemore stated that the recently announced incremental U.S. tariffs on Chinese imports have impacted the company's visibility, and Skechers may need to raise prices or reallocate some production to mitigate the impact.
For the fourth quarter ended December 31, 2024, Skechers reported earnings per share of $0.65, missing analyst expectations of $0.75. Revenue of $2.21 billion also fell slightly short of estimates. While the company saw strong sales growth in the Americas and Europe, its performance in China was dampened by the difficult macroeconomic environment in the country.
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