Home / Knowledge / News / Fashion / SKECHERS registers a new record in first quarter

SKECHERS registers a new record in first quarter

Apr '08
SKECHERS USA Inc, a global leader in lifestyle footwear, announced financial results for the first quarter ended March 31, 2008.

Net sales for the first quarter of 2008 rose 11.6 percent to $384.9 million compared to $344.9 million for the same period in 2007. Net earnings for the quarter were a record $32.8 million versus net earnings of $23.9 million for the first quarter of 2007.

Diluted earnings per share were $0.70 on 46,664,000 weighted average shares outstanding versus diluted earnings per share of $0.52 on 46,803,000 weighted average shares outstanding for the first quarter of 2007.

“Our first quarter sales of $384.9 million represent a new first quarter record and the second highest quarter in the Company's history,” began David Weinberg, chief operating officer of SKECHERS.

“The record revenue and earnings were primarily the result of growth across our international wholesale and retail businesses. Our domestic wholesale, retail and e-commerce divisions also grew year over year in spite of negative comp store sales experienced by our retail stores. We are particularly gratified with our strong and broad-based improvement given the challenging U.S. retail environment.”

Gross profit for the first quarter of 2008 was $172.2 million or 44.7 percent of net sales compared to $149.0 million or 43.2 percent of net sales in the first quarter of last year.

“Our improved margins, record earnings and record quarterly earnings per share of $0.70, which is substantially above our first quarter guidance of $0.57 to $0.62, is primarily due to the high double-digit growth in our international subsidiary business, a lower tax rate resulting from our international growth, as well as the favorable impact of the exchange rates experienced during the quarter,” stated Fred Schneider, SKECHERS chief financial officer.

“Our balance sheet continues to be very strong, enabling us to continue to invest in our growth. While we are cautiously optimistic that the liquidity will be restored for our auction rate securities in the short term, we felt it was prudent to classify them to a long-term asset during the quarter.”

Interviews View All

Headhonchos, Indian fashion industry

Indian fashion industry

Cotton consumption will keep growing in the Indian fashion industry

Rashi Menda, Zapyle

Rashi Menda

Every fifth sale we make on Zapyle is a repeat purchase

Binoy Ravjani, Hero's Fashion

Binoy Ravjani
Hero's Fashion

‘One of the recent trends in hand block printing is the indigo process,...

Awanda Booth,

Awanda Booth

Held every year in New York City, Surtex is a global business-to-business...

Riddhi Jain,

Riddhi Jain

Conceived in Europe and curated in New Delhi, NeceSera is a...

Sarah Perkins,

Sarah Perkins

Fairfax, Virginia-based Specialty Graphic Imaging Association (SGIA) is a...

Tiasha Renganathan, Twinery Innovations by MAS

Tiasha Renganathan
Twinery Innovations by MAS

Twinery-Innovations by MAS is the innovation arm of Sri Lankan company MAS ...

Kazuaki Yazawa, Purdue University

Kazuaki Yazawa
Purdue University

Scientist <b>Kazuaki Yazawa</b> has developed thermoelectric semiconductor ...

Keith McMillen, Bebop Sensors

Keith McMillen
Bebop Sensors

Bebop Sensors' smart fabrics allows for a new level of interaction between ...

Aneeth Arora, Péro

Aneeth Arora

The Woolmark Company has partnered with handmade fashion label Péro and...

Rajesh Pratap Singh, Rajesh Pratap Singh

Rajesh Pratap Singh
Rajesh Pratap Singh

<div>Ace fashion designer <b>Rajesh Pratap Singh</b> has used Tencel to...

Priya Somaiya, Usha Social Services

Priya Somaiya
Usha Social Services

The Usha Silai label from Usha International is all set for a retail...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


Leave your Comments

November 2019

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

Follow us on instagram


Follow Fibre2Fashion On

Advanced Search