SKECHERS USA Inc, a global leader in lifestyle footwear, announced financial results for the third quarter ended September 30, 2006.
Net sales for the third quarter of 2006 rose 21.4 percent to $331.1 million compared to $272.8 million for the same period in 2005.
Third quarter 2006 net earnings were $22.2 million versus net earnings of $12.6 million in the third quarter of the prior year, an increase of 75.7 percent.
Third quarter 2006 diluted earnings per share were $0.49 on 46,199,000 diluted shares outstanding, compared to $0.30 on 44,845,000 diluted shares outstanding in the prior year.
For the nine-month period ended September 30, 2006, net sales rose 15.1 percent to $900.9 million compared to net sales of $783.0 million in the first nine months of 2005.
Net earnings for the first nine months of 2006 were $56.4 million versus $38.8 million in the first nine months of 2005, an increase of 45.3 percent.
Diluted earnings per share for the first nine months of 2006 were $1.27 per share on 45,936,000 diluted shares outstanding versus $0.92 per share on 44,459,000 diluted shares outstanding.
Net earnings were also positively impacted by the non-recurring reversal of a reserve for a discrete income tax exposure item for which the statute of limitations expired during the quarter.
This reversal increased net earnings by approximately $1.3 million, or approximately $0.03 per diluted earnings per share for the quarter and nine-month periods.
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