SKECHERS USA Inc, a global leader in lifestyle footwear, today announced financial results for the second quarter ended June 30, 2007.
Net sales for the second quarter of 2007 rose 20.5 percent to $352.2 million compared to $292.2 million in the second quarter of 2006. Net earnings for the quarter were $14.9 million versus net earnings of $17.6 million in the second quarter of 2006. Net earnings per diluted share were $0.32 on 46.8 million diluted shares outstanding versus diluted earnings per share of $0.40 on 46.1 million diluted shares outstanding for the second quarter of 2006.
“Our second quarter revenues of more than $352 million represent the highest quarterly revenues in the Company's history,” stated David Weinberg, chief operating officer of SKECHERS. “We believe this growth is a validation of the continued demand for our brands in the U.S. as well as in the global marketplace where we experienced significant increases.”
“While we are pleased with our top-line increases, our profitability was below our previous guidance,” stated Fred Schneider, chief financial officer. “This is due to a combination of several factors: including an increase in sales support merchandise incurred in connection with the launch of the new Cali Gear by SKECHERS product; increased general and administrative expenses incurred to develop the new Cali Gear by SKECHERS product as well as some of our newer brands; increased warehousing, distribution and personnel costs associated with both our international and domestic wholesale and retail growth and the need to add the additional domestic distribution facility; and the acceleration of our new store growth. We believe that many of the expenses we are incurring now will benefit us in the short and long term as we build for growth.”
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