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Skechers revenue misses estimates, shares plummet 35pc

Sports footwear maker and retailer Skechers USA Inc’s revenue missed analysts’ estimates as a strong dollar reduced the value of international sales, sending its shares down 35 percent after market on Thursday.

International sales, which include retail stores and wholesale, accounted for 43 percent of total revenue in the third quarter ended on 30 Sep.

The average value of the dollar rose about 17 percent against a basket of currencies in the third quarter compared with a year earlier.

(Source: CNBC)