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Skechers (SKX) Stock Plummets on Heavy Volume on Q2 Miss

NEW YORK (TheStreet) -- Shares of Skechers (SKX) are down 22.29% to $24.99 on heavy volume in early afternoon trading after the company reported lower than expected 2016 second-quarter earnings and revenue.

So far today, 20.51 million shares have traded hands, compared to the average of 2.30 million.

The company reported earnings of 48 cents per share, below estimates of 52 cents per share, and revenue of $877.8 million, missing analysts' expectations of $886.87 million.

The Manhattan Beach, CA-based footwear company has lost about half its value since August 2015.

A slowdown in sales is the main factor behind the sudden selloff.

"Growth is slowing more...