Skechers Q1 net sales rise 21 percent

REPORT_ Skechers USA has announced that its net sales were 546.5 million dollars compared to 451.6 million

dollars in the first quarter ended March 31, 2014. Gross profit for the first quarter of 2014 was 240.4 million dollars, or 44 percent of net sales, compared to192.7 million dollars, or 42.7 percent of net sales, in the first quarter of 2013. Earnings from operations for the first quarter of 2014 were 48.2 million dollars compared to earnings from operations of 15.3 million dollars for the first quarter of 2013.

“The demand for Skechers footwear from both our customers and consumers has been above and beyond our expectations,” said David Weinberg, Chief Operating Officer and Chief Financial Officer, adding, “The improvements were achieved despite Easter falling late in April and the extreme cold weather experienced in most of the United States throughout the quarter. The sales results are attributable to double-digit increases in our domestic and international wholesale business, as well as increases in our worldwide company-owned retail business, which achieved a 5.6 percent comparable quarter net sales increase.”

Net earnings in the first quarter of 2014 were 31 million dollars compared to net earnings of 6.7 million dollars for the first quarter of 2013. Net earnings per diluted share in the first quarter 2014 were 0.61 dollars based on 50.8 million weighted average shares outstanding compared to a diluted net earnings per share of 0.13 dollars based on 50.5 million weighted average shares outstanding for the same period in the prior year.

Robert Greenberg, Skechers Chief Executive Officer, said, “The combination of the simultaneous success of multiple product categories in the United States and the broad global acceptance of these same initiatives allowed us to expand our assortment of styles and create a unified product message around the world. We have seen the benefits of leveraging the strength of our brand, product and marketing across international markets as first quarter sales achieved double-digits growth in Europe, Canada, Asia, including China, and many other regions. We believe this positive trend will continue as the demand for our brand remains strong globally.”