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Skechers announces record financial results

Aug 4, 2015 United States
Skechers announces record financial results
Record sales registered in the second quarter allied with a previous extraordinary first quarter resulted in 1.57 billion US dollars in total sales for the first semester
“The continued strong demand for our product worldwide led to record quarterly financial results for the second quarter—including net sales, earnings from operations and earnings per share” stated David Weinberg, Chief Operating Officer and Chief Financial Officer, adding: “Driving this growth were double-digit increases in our three main business channels: domestic wholesale with an average price per pair increase of 9%; international wholesale, which includes 665 third-party-owned Skechers retail stores; and Company-owned Skechers domestic and international retail stores with a total comp store sales increase of 12.9% for the quarter. Furthermore, the second quarter benefitted from both pent up demand resulting from US port issues in the first quarter as well as a shift in back-to-school shipments due to increased demand in both domestic and international markets. Our international subsidiary business also remained strong with double-digit increases despite currency headwinds in several key markets.”

Skechers registered second quarter net sales of 800.5 million US dollars, which combined with record sales in the first quarter resulted in the company achieving 1.57 billion US dollars in sales for the first half of 2015.

Net earnings in the second quarter of 2015 totaled 79.8 million US dollars compared to net earnings of 34.8 million US dollars for the second quarter of 2014. Diluted net earnings per share in the second quarter of 2015 were 1.55 US dollars compared to diluted net earnings per share of 0.68 US dollars in similar period last year.

For the six months ended on the 30th of June net earnings totaled 135.9 million US dollars compared to net earnings of 65.8 million US dollars in the same period last year. For the first six months of 2015, diluted net earnings per share were 2.65 US dollars compared to 1.29 US dollars.

Robert Greenberg, Skechers Chief Executive Officer, commented: “Skechers is clearly in the midst of the most exciting time in the company’s 23-year history. The present has never looked as colorful, comfortable and successful thanks to our product and marketing, and resulting record sales, shipments and earnings.”

Mr. Weinberg added: “Our record first half of 2015 follows a record 2014, and is a result of the universal demand for our wide assortment of diverse footwear collections for men, women and kids.”

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