Skechers Shares Fall 14% on Missed Forecast

Shares of footwear maker Skechers USA Inc. dropped 14.6% after second-quarter earnings fell short of the company's forecast.

Net income rose 11% to $17.6 million, or 40 cents a share, from $15.9 million, or 38 cents, a year earlier, the Manhattan Beach-based company said. It had previously forecast earnings of 41 cents to 46 cents a share.

Sales increased 11% to $292.2 million, the company said. Skechers had predicted sales of $295 million to $305 million.

Skechers shares fell $3.58 to $20.93.