World Footwear

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Skechers announces record net sales

Oct 23, 2015 United States
Skechers announces record net sales
The US-based athletic footwear brand announced financial results for the third quarter ended on the 30th of September. Record net sales of 856.2 million US dollars were registered, an increase of 27.0%

“With product and marketing initiatives that continue to resonate with our consumers worldwide, we achieved a new quarterly sales record of 56.2 million US dollars in the third quarter of 2015. These results followed record first and second quarter revenues, resulting in a 34.1% net sales increase for the first nine months of 2015 as compared to the same period last year”, stated David Weinberg, Chief Operating Officer and Chief Financial Officer, adding: “Driving the quarterly revenue were net sales increases of 11.8% in our domestic wholesale business, 52.9% in our international wholesale business, and 20.9% in our company-owned global retail business, which includes a 10.4 percent increase in comparable sales for the quarter. Of note, the gains in our business came despite the impact of negative foreign currency exchange rates in Brazil, Canada and Chile, and a rather sluggish domestic retail environment where we still achieved an increase in average price per pair of 6.8 percent during the third quarter in our domestic wholesale business.”

Net earnings for the third quarter totaled 66.6 million US dollars compared to net earnings of 51.1 million US dollars in the third quarter of 2014, an increase of 30.3%.

The company highlighted the negative impact of several factors including foreign currency translation and exchange losses of 13.5 million US dollars, and increased deferred rent expenses of 3.5 million US dollars related to the new Fifth Avenue Skechers retail store and a second Skechers location in Times Square, which just opened. Additionally, during the third quarter of 2015 diluted earnings per share were impacted by increased legal expenses related to the settlement of personal injury lawsuits and legal fees and associated costs primarily related to intellectual property litigation cases.

For the nine months ended on the 30th of September net sales totaled 2.425 billion US dollars compared to net sales of 1.808 billion US dollars in the first nine months of 2014. Net earnings for first nine months of 2015 reached 202.5 million US dollars compared to net earnings of 116.9 million US dollars in the same period last year, an increase of 73.2%.

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