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TV presence peg SKECHERS' Q1 sales

Apr '06
Lifestyle footwear industry SKECHERS USA announced financial results for the first quarter ended March 31, 2006. Net sales for the first quarter of 2006 rose 12.7 percent to $277.6 million as compared to net sales of $246.2 million for the first quarter of 2005. Net earnings for the quarter were $16.6 million versus net earnings of $10.3 million for the first quarter of 2005.

Diluted earnings per share were $0.38 on 45,395,000 weighted average shares outstanding versus diluted earnings per share of $0.25 on 44,317,000 weighted average shares outstanding for the first quarter of 2005.

"Our first quarter 2006 sales of more than $277 million represent the highest first quarter revenues in our 14-year history," stated Fred Schneider, chief financial officer of SKECHERS. "We are very pleased with our results, which continue the momentum of our record $1.0 billion in sales for 2005."

Gross profit for the first quarter of 2006 was $118.4 million compared to $100.4 million for the first quarter of last year. Gross margin was 42.6 percent for the first quarter of 2006 up 180 basis points compared to 40.8 percent for the first quarter of 2005.

"The Company's record first quarter net sales are a result of double digit sales increases in our domestic wholesale and retail divisions as well as improvements in our international wholesale business.”

The strong growth within these channels has come from the continued enthusiasm for our trend-right SKECHERS men's, women's and children's product combined with the broader acceptance of our fashion and street lines,” began David Weinberg, SKECHERS' chief operating officer. "These record sales have been achieved with increased profitably and better gross margins, and they resulted in a stronger financial position for the Company."

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