Dive Brief:

• Footwear company Skechers Wednesday reported Q4 net income of $29.4 million, compared to $21.9 million year over year, missing estimates. The revenue miss sent shares down 7% in after-hours trade.

• Skechers also says it plans to open some 330 to 340 stores worldwide this year. By the end of the year that will give the retailer 1,650 stores globally; 575 of those will be company-owned, and about 500 will be in the U.S.

• Q4 sales rose to $723 million from $570 million year over year, and full year sales rose to a record $3.14 billion, compared to $2.37 billion year over year.

Dive Insight:

While Skechers saw a revenue miss in its fourth quarter, sales are up significantly, as the company appears to be successfully adding some performance shoes to its lifestyle approach.

Skechers CEO Robert Greenberg said the sales bump was thanks to growth in performance gear and sales among runners as well as strong appeal among teenagers.

The company also sees a lot of potential in expansion overseas, particularly in Eastern Europe, according to a press release. 

“The record net sales growth we achieved for 2015—both the gains of 22% in our domestic wholesale channel and 59% in our international distributor and subsidiary business channel over 2014—is very significant given the sluggish domestic retail environment in the back half of 2015, as well as declining currencies in several key countries,” noted Skechers COO and CFO David Weinberg in a statement.