1838 ET - Skechers's sales performance in China remained under pressure in the latest quarter as it deals with higher inventory levels in the country. The shoe maker saw a 5.7% decline in sales in China, coming below initial management expectations for the quarter, Operating Chief David Weinberg says on a call with analysts. "We have modest expectations for the balance of the year, including Singles day," the biggest shopping day in China. Still, Skechers opened 20 company-owned stores in China during the third quarter, and has so far opened 4 new locations in the current quarter. Shares rise 5.5%, to $65, in post-market trading. (sabela.ojea@wsj.com; @sabelaojeaguix)
(END) Dow Jones Newswires
October 24, 2024 18:38 ET (22:38 GMT)
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