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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.”

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