World Footwear

Companies

Skechers with record quarterly results

Apr 27, 2015 United States
Skechers with record quarterly results
The US-based company announced net sales for the first quarter of 768.0 million US dollars, an increase of 40.5% from similar period in 2014

Skechers' gross profit for the first quarter of 2015 reached 332.5 million US dollars, or 43.3% of net sales, compared to 240.4 million US dollars, or 44.0% of net sales in similar period of the previous year.

Earnings from operations for the first quarter of 2015 were 88.2 million US dollars, or 11.5% of net sales, compared to net earnings from operations of 48.2 million US dollars, or 8.8% of net sales in similar period in 2014.

Net earnings in the first quarter of 2015 totaled 56.1 million US dollars compared to net earnings of 31.0 million US dollars in similar period in 2014. Net earnings per diluted share in the first quarter 2015 were 1.10 US dollars.

“Skechers’ first quarter net sales of 768.0 million US dollars mark the highest quarterly revenues in the company’s history. The net sales growth of 40.5%, which was against a previous record first quarter net sales in 2014, is attributable to the continued strong demand for our lifestyle, performance and kids’ footwear from both our customers and consumers around the world”, stated David Weinberg, Skechers' Chief Operating Officer and Chief Financial Officer”.



According to the same source this performance results from double-digit increases in the domestic and international wholesale businesses, and the worldwide company-owned retail business. Single-digit increases in the ecommerce business also contributed to the performance now announced.

Mr Weinberg continued: “We achieved this growth despite significant headwinds, which included the strengthening US dollar, unseasonably cold weather in many markets, and the slowdown at the West Coast ports. Further, our European Distribution Center was operating less efficiently than we had originally anticipated due to the transition to a new automation system combined with stronger than expected sales in the region. Additionally, to manage the increased demand and shipments, we are expanding our European Distribution Center by over 500 000 square feet, increasing it to more than one million square feet by the first quarter 2016.”

Skechers is confident the accelerated growth trend will continue through the second quarter and into the back half of 2015. The management expectation is that an additional 155 to 175 Skechers distributor, joint venture, franchisee and Company-owned stores are added to its distribution network later in the year in addition to the 39 opened in the first quarter.

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