SKECHERS brand continues to grow at steady, strong rate
25 Oct '07
3 min read
SKECHERS USA Inc, a global leader in lifestyle footwear announced financial results for the third quarter ended September 30, 2007.
Net sales for the third quarter of 2007 rose 19.3 percent to $395.0 million compared to $331.1 million for the same period in 2006. Third quarter 2007 net earnings were $24.7 million versus net earnings of $22.2 million in the third quarter of the prior year, an increase of 11.5 percent.
Third quarter 2007 diluted earnings per share were $0.53 on 46,654,000 diluted shares outstanding, compared to $0.49 on 46,199,000 diluted shares outstanding in the prior year.
“We are again pleased to report record quarterly and nine-month sales. Our third quarter sales of $395 million were the highest quarterly sales in the Company's 15 year history, resulting in the Company surpassing $1 billion in sales in the first nine-months of our fiscal year,” began David Weinberg, chief operating officer of SKECHERS.
“The improvement in our sales was the result of growth across all channels of distribution – domestic and international wholesale and retail, and our e-commerce business – a testament to the strength of our brand around the world.”
Fred Schneider, chief financial officer, added: “We are pleased that, in spite of a difficult retail and consumer environment and our incurring of costs associated with refocusing some of our fashion brand initiatives, the Company was able to achieve better than forecasted bottom line results.”
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