Skechers is crashing after blaming its weak earnings on a 'shorter back-to-school period'

Skechers

(Skechers Facebook)

The apparel company Skechers was tanking on Friday after missing on both earnings and revenue in the third quarter.

The firm reported earnings of $0.42 a share, lower than analysts' expectations for $0.46 a share. Revenue also came in light at $942 million against expectations for $954 million.

The company also missed analyst expectations on guidance for the fourth quarter, seeing net sales of $710 million to $740 million, much lower than the estimated $800 million.

"Impacting the Company's domestic wholesale business was the sluggish retail environment in the United States, which resulted in several retailers either closing doors or ceasing operations, wide-spread discounting on other normally full-priced brands, as well as a shorter back-to-school period," the firm said in a press release accompanying earnings.

Following the news, Skechers stock tanked by nearly 17% as of 10:20 a.m. ET on Friday to $19.05 a share, a $3.89 drop.

Screen Shot 2016 10 21 at 10.20.43 AM

(Google Finance)

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