By Roshan Fernandez
Skechers withdrew its full-year guidance due to economic uncertainty from global trade policies.
Shares fell 7% post-market trading. The stock was down 25% year-to-date through Thursday's close.
The Manhattan Beach, Calif., shoe company posted higher sales for the first quarter, but said sales in China fell 16% compared with a year earlier.
"We believe Skechers has significant growth opportunities in China, and we will continue to invest in product, marketing and infrastructure to expand and support our presence," said Chief Operating Officer David Weinberg.
Shoe companies like Skechers, Nike and Deckers have taken a hit in recent weeks from President Trump's tariff announcements, which affected countries where they manufacture products.
Skechers, for instance, has previously said it sources about 40% of its shoes from Vietnam. Skechers had also said it was moving manufacturing to other countries outside of China to avoid tariffs.
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(END) Dow Jones Newswires
April 24, 2025 17:11 ET (21:11 GMT)
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