(Bloomberg) -- Skechers USA Inc. gave an earnings and sales forecast that fell below estimates as its wholesale business lags, offsetting growth of its direct-to-consumer revenue.

Direct-to-consumer revenue grew 20% in the fourth quarter, but wholesale business fell 8.3% as retailers “conservatively manage” their inventories, according to the company’s release. 

Skechers opened a net 631 stores in 2023, supporting its direct-to-consumer sales, and it still plans to meet its $10 billion sales target by 2026.

Skechers’ sales in the Asia-Pacific region grew 15% in the quarter, “led by double-digit growth in China,” according to the release. Sales in the Americas eked out a 3% gain, while those in Europe, the Middle East and Africa fell 7%. 

Management forecast capital expenditures of between $350 million and $400 million for the year, including the building of a second distribution center in China.

Apparel retailer Canada Goose Holdings Inc. reported its results Thursday morning, also having strong Asia-Pacific growth but falling behind estimates for wholesale revenue. 

Skechers was the worst-performing stock in the Russell 3000 Index in post-market trading, falling 8.8% as of 5:14 p.m. in New York. The shoemaker was up around 2.3% this year at the close of regular trading Thursday.

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